Zhipu (02513) has initiated its initial public offering from December 30, 2025, to January 5, 2026. The company plans a global offering of 37.42 million H shares, with the Hong Kong public offering comprising 5% and the international offering making up 95% of the total. An additional 15% over-allotment option is also available. The final offer price has been set at HK$116.20 per share. H shares will be traded in board lots of 100 shares each. Trading of the H shares on the Main Board of The Stock Exchange of Hong Kong Limited is expected to commence at 9:00 a.m. on Thursday, January 8, 2026.
We are a leading artificial intelligence company in China, dedicated to the development of general-purpose large models. Founded in 2019, the company was established with the bold vision of pursuing innovation in Artificial General Intelligence (AGI) within China. We have consistently delivered advanced technologies through comprehensive AI research and steadily expanded their commercial applications to achieve rapid revenue growth.
In 2021, we launched China's first proprietary pre-trained large model framework, the GLM framework, and introduced our Model-as-a-Service (MaaS) platform for product development and commercialization, through which we provide our large model services. In 2022, we open-sourced the first 100-billion-scale model, GLM-130B. We operate in the large language model (LLM) market, a segment of the broader AI market.
We provide general-purpose large model services to institutional clients, including private enterprises and public sector entities, as well as to individual users, encompassing end-users and independent developers. As of June 30, 2025, our models had empowered over 8,000 institutional clients. As of the latest practicable date, our models have supported approximately 80 million devices. According to Frost & Sullivan, based on 2024 revenue, we ranked first among independent general-purpose large model developers in China and second among all general-purpose large model developers, with a market share of 6.6%.
During the track record period, we achieved significant revenue growth. Our revenues for 2022, 2023, and 2024 were RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million, respectively, representing a compound annual growth rate of over 130%. For the six months ended June 30, 2024, and 2025, our revenues were RMB 44.9 million and RMB 190.9 million, respectively.
The company has entered into cornerstone investment agreements with several cornerstone investors. These investors have agreed to subscribe for an aggregate amount of approximately HK$2.984 billion worth of offer shares at the final offer price. The cornerstone investors include JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC Ltd., Perseverance Asset Management, Shanghai GaoYi, CICC Financial Trading Limited, WT Asset Management, Taikang Life Insurance, GF Fund Management, 3W Fund, Wusong, Optimas Capital Limited, and Lingyun Guangzhi Technology International Ltd.
We believe that the cornerstone placement, supported by the investment experience and market standing of the cornerstone investors, will enhance the company's profile and demonstrate their confidence in our business and prospects. The company became acquainted with the cornerstone investors through our business network, or introductions by existing shareholders or the overall coordinators of the global offering, in the ordinary course of business.
Assuming the over-allotment option is not exercised, the company estimates net proceeds of approximately HK$4.173 billion from the global offering at the final offer price of HK$116.20 per share. The intended use of proceeds is allocated as follows: approximately 70.0% will be used to continuously enhance our R&D capabilities in general AI large models; approximately 10.0% will be used to continually optimize our MaaS platform by providing the latest foundation models and training/inference tools and infrastructure; approximately 10.0% will be used to develop our business partner network and for strategic investments; and the remaining approximately 10.0% will be allocated for working capital and other general corporate purposes.
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