Amid the global acceleration of capitalization in the AI industry, leading Chinese large model company Zhipu Hua Zhang has officially launched its listing process in Hong Kong. According to the latest prospectus, Zhipu Hua Zhang is offering a total of 37.4195 million shares, with 1.871 million shares allocated for the Hong Kong public offering and 35.5485 million shares for the international offering.
The company's stock code will be "2513," and the subscription process will continue until January 5, 2026, with plans to officially list on the main board of the Hong Kong Stock Exchange on January 8, 2026. This marks the first time that a unicorn company in the large model sector is undergoing scrutiny by the secondary market.
The issue price for this IPO is set at HKD 116.20 per share, and after deducting related fees, the expected fundraising amount is estimated to reach HKD 4.3 billion. The IPO valuation corresponding to this issue price exceeds HKD 51.1 billion, fully reflecting the high expectations of the market regarding its strong technical background from Tsinghua University and its commercial potential. As a top-tier general artificial intelligence company in China, Zhipu Hua Zhang's listing is not only a milestone in its own development but also provides an important reference for the valuation logic in the entire AI industry.
Notably, Zhipu Hua Zhang's listing has attracted an extremely impressive group of cornerstone investors. Eleven top investment institutions, including JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC, Shanghai Gaoyi, Taikang Life Insurance, and Everbright Fund, have participated, with a total subscription amount reaching HKD 2.98 billion.
The collective endorsement from these cornerstone investors not only provides strong financial support for the prospectus but also, in the current volatile market environment, sends a firm confidence to global investors about the long-term value of China's self-developed large models.
