Zhipu has made its public debut on the Hong Kong Stock Exchange, proudly claiming the title of the "world's first listed large AI model company." With an issue price set at HK$116.2 per share, its market capitalization has soared beyond HK$51.1 billion. The state-owned capital institutions that participated in its latest funding round have reaped an approximate paper gain of 89%.

Established in 2019, Zhipu is an enterprise born out of a university's technological transformation. Before the industry boom took hold, Zhongke Chuangxing invested RMB 40 million in 2019 to kickstart Zhipu's journey. Following the launch of GPT-3 in May 2020, Zhipu seized the opportunity to dive into the large AI model sector. Prior to the release of ChatGPT, the company successfully completed three rounds of financing, attracting participation from institutions like Fortune Capital.

After ChatGPT's debut in December 2022, Zhipu witnessed a surge in financing, with industrial capital and state-owned capital institutions emerging as the primary investors. Industrial giants such as Ant Group, Meituan, and Tencent all joined the fray. In the latest funding round, state-owned capital institutions injected over RMB 2 billion and secured industrial orders for Zhipu.

However, Zhipu also confronts several challenges. Its expenditure on computing power service fees has skyrocketed, yet its revenue remains constrained. Moreover, most of its collaborations with major clients are one-time engagements. Looking ahead, Zhipu will need to strike a delicate balance between investing in computing power and fostering revenue growth. It must transform its resource advantages into a sustainable business model and determine the optimal focus between overseas expansion and catering to domestic government and enterprise services. These factors will be pivotal in determining the success of Zhipu's capital journey.