On January 8, Beijing Zhipu Huazhang Technology Co., Ltd. (hereinafter referred to as "Zhipu") successfully listed on the Hong Kong Stock Exchange, becoming the "first large model stock." This marks not only a milestone for its own development but also serves as a typical case of LEGEND HOLDING (03396) empowering AI startups through its ecosystem. Following its IPO, Zhipu's stock price continued to climb, with its market capitalization briefly surpassing the 100-billion-yuan mark during trading. Based on long-term focus on the artificial intelligence industry, entities within the LEGEND HOLDING system (Lianrong Zhidao Fund, Junlian Capital, Legend Capital) participated in multiple rounds of investment in Zhipu and actively promoted deep collaboration between its industrial portfolio companies and Zhipu, accelerating the technology industrialization process.
Beyond Zhipu, several other AI-related companies that successfully accessed capital markets over the past year, such as Moore Threads, MetaX, Pony.ai, CIDI, and Jingfeng Medical, also received early-stage investment support from the LEGEND HOLDING system. The concentrated IPOs of these companies signify that LEGEND HOLDING's forward-looking deployment in the AI field is now entering a phase of further value growth. Through multi-level and systematic technological innovation, LEGEND HOLDING has established a deep presence in the artificial intelligence sector.
Among its holdings, Lenovo Group, under LEGEND HOLDING, has positioned AI business as a core growth driver, achieving global leadership in PCs, high-performance computers, and ranking third globally in servers. It has also launched a full-scenario super intelligent agent matrix, which has become a standard feature in its AI PC and other smart device products. Furthermore, member companies like Lianhong New Materials and Fullhan Microelectronics are fully advancing AI-enabled business development, further facilitating the accelerated adoption of AI across various industries.
On another front, LEGEND HOLDING is committed to building an "AI+" application ecosystem. Cumulatively, the entire system has invested in over 270 AI enterprises, making it one of the investment institutions in this field with the most complete system, the largest number of portfolio companies, and the longest sustained duration of activity. Within the "star" investor team behind Zhipu's growth, the LEGEND HOLDING system plays a pivotal role. As early as before OpenAI released ChatGPT in 2022, Junlian Capital, under LEGEND HOLDING, had already become a significant early shareholder of Zhipu, deeply involved in its strategic planning and ecosystem development.
In early 2023, LEGEND HOLDING's headquarters investment team conducted a comparative analysis of dozens of foundational large model companies' technologies and products, engaging in in-depth discussions with Zhipu's core team during the process. Subsequently, after multiple rounds of cross-validation of Zhipu's products with some related enterprises, LEGEND HOLDING made follow-on investments in Zhipu through its Lianrong Zhidao Fund. Following this, Junlian Capital (including the Zhongguancun Independent Innovation Special Fund under its management for the National Social Security Fund) invested in Zhipu nine consecutive times, becoming its largest institutional investor. In early 2025, Legend Capital also participated in a financing round related to Zhipu, becoming an industrial investor.
Post-investment, beyond providing assistance in strategic planning and talent development, LEGEND HOLDING leveraged its industrial resources and ecosystem advantages to promote deep integration between Zhipu's large model and Lenovo Group's full product line, including PCs, servers, and edge computing. This collaboration formed a combined "hardware + large model" solution, which was rapidly deployed in scenarios such as manufacturing, education, and urban governance. The cooperation also accelerated Zhipu's commercialization process. According to its prospectus, Zhipu's revenue for 2022-2024 was 57.4 million yuan, 124.5 million yuan, and 312.4 million yuan respectively, achieving a compound annual growth rate of 130%, making it one of the few independent large model vendors to achieve scaled revenue and sustained high growth.
Apart from Zhipu, over the past year, several other AI-related companies within LEGEND HOLDING's portfolio have successfully accessed capital markets, including Moore Threads, MetaX, Pony.ai, CIDI, Jingfeng Medical, and Yunji Technology. Gaining recognition from the capital market is attributable to the continuous exploration and breakthroughs by these companies themselves. As leaders in their respective fields, these enterprises are also accelerating the integration of AI technology with various industries, collectively facilitating the implementation of "AI+" applications.
For instance, in the AI chip sector, Moore Threads and MetaX, regarded as the "twin stars" of domestic high-end GPUs, have achieved technological攻坚 and breakthroughs in core hardware for intelligent computing, solidifying the computational foundation for the independent development of the digital economy. Moore Threads, based on its self-developed MUSA unified system architecture, enables a single chip to support multiple tasks like AI computing acceleration, graphics rendering, and physical simulation simultaneously, setting a key technological benchmark for domestic high-end GPUs. MetaX's products have achieved systemic breakthroughs in single-card computing power, memory bandwidth, high-speed chip interconnects, and software ecosystem, with overall performance reaching the level of international high-end processors of the same type.
In the autonomous driving field, Pony.ai is not only the first company to obtain unmanned driving service permits in all four first-tier cities—Beijing, Shanghai, Guangzhou, and Shenzhen—but also the only company conducting comprehensive commercial Robotaxi operations without safety drivers in these cities. CIDI, through its integrated "vehicle, road, cloud" technology, has率先 achieved commercial deployment in specific scenarios like smart public transport, trunk logistics, and mining/ports, providing a successful model for the diversified application of autonomous driving technology.
In the robotics sector, Jingfeng Medical is the first company in China and the second globally to simultaneously obtain regulatory approval for multi-port laparoscopic surgical robots, single-port laparoscopic surgical robots, and natural orifice surgical robots. According to Frost & Sullivan data, Jingfeng Medical sold 20 multi-port laparoscopic surgical robots in China in 2024, ranking first in sales among domestic manufacturers. As of June 30, 2025, Jingfeng Medical had completed over 14,000 robot-assisted clinical surgeries, with its product performance and reliability validated by the market. Yunji Technology, addressing pain points in the hotel industry such as high labor costs and strong demand for service standardization, effectively promotes the digital transformation of the hotel industry by linking robots with hotel facilities through its intelligent service platform. As of the end of May 2025, Yunji Technology's service robots had been deployed in over 34,000 hotels globally, capturing a market share of 13.9%, exceeding the combined share of the second to fifth players.
Artificial intelligence is the technological cornerstone of the fourth technological revolution. However, accelerating its commercial implementation requires not only guidance from top-level design but also the empowerment of "patient capital"—providing sustained financial support, resource integration, and ecosystem building to help technology navigate cycles and achieve commercial closure. LEGEND HOLDING's practice in the AI field precisely embodies the characteristics of such "patient capital." Judging from its investment layout in AI, it demonstrates significant foresight, broad industry coverage, and internal synergies, highly aligned with the state-advocated philosophy of long-term, focused, value-creating investment.
First is foresight and early positioning in core sectors. Based on judgments of technological waves and insights into industrial transformation, LEGEND HOLDING achieved超前布局 in key AI tracks. As early as 2001, leveraging its experience in the IT sector, LEGEND HOLDING, through its then-Legend Capital (the predecessor of Junlian Capital), invested in the newly established iFlytek, initiating its布局 in artificial intelligence. In the process of investing in Zhipu, Junlian Capital similarly率先洞察 the general potential of large model technology, laying the groundwork for co-investment within the LEGEND HOLDING system. This early "positioning" allows the LEGEND HOLDING system to deeply accompany hard-tech companies through their growth, jointly witnessing the value growth brought by technological change.
Second is broad coverage, building a robust ecosystem matrix. As a general-purpose technology of the fourth industrial revolution, building an AI ecosystem requires spanning the entire industry chain. Addressing this, the LEGEND HOLDING system, focusing on both "breadth" and "depth," continuously enhances its认知积累 and strategic布局: horizontally, its investment scope widely covers various AI application fields; vertically, it has completed a full-stack layout of core technologies from the foundational layer (computing power/chips), model layer (large models), platform layer (tools/frameworks) to the application layer (industry solutions). Currently, the LEGEND HOLDING system has cumulatively invested in over 270 AI enterprises, making it one of the investment institutions in this field with the most complete system, the largest number of portfolio companies, and the longest sustained activity.
Third is industrial empowerment, activating synergistic ecosystem value. The industrial ecosystem resources inherent to LEGEND HOLDING itself can provide portfolio companies with empowerment that goes beyond capital, accelerating the integration of technological innovation with industrial innovation to better form synergies. This empowering service, distinct from pure financial investment, can effectively shorten the market validation cycle for technologies and accelerate the scaled deployment of products. For example, portfolio company Moore Threads' GPU products are being adapted for Lenovo Group's "gaming laptops" and workstations, creating a "China solution" for advanced computing power. Facing the large model wave, portfolio company MetaX and Lenovo Group jointly launched the "DeepSeek Domestic AI All-in-One Machine." To address challenges in embodied intelligence mass production, LEGEND HOLDING's Southern Intelligent Manufacturing Base empowered portfolio companies Daimeng Robot and Zhuji Power to achieve the first batch of humanoid robot product roll-offs.
Beyond promoting interaction and synergy in technology, products, and ecosystems between its member companies and portfolio enterprises, LEGEND HOLDING also actively empowers externally, practicing AI for inclusivity, AI for the real economy, and AI for good. Looking ahead, as artificial intelligence technology continues to deepen and permeate, LEGEND HOLDING will further leverage its advantages in AI ecosystem布局. While continuously increasing its own R&D investment in the AI field, it will also better utilize its "chain master" advantage to explore the construction of an enterprise-led collaborative innovation system integrating "industry, academia, research, and application," collectively contributing to the in-depth implementation of the "AI+" initiative.
