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2026 IPO bonanza! Over 90% of new stocks rose on their debut
牛牛新股君
joined discussion · Jan 8 07:43

IPO Pricing | Zhipu goes public today with 1,159.46 times subscription, priced at HK$116.2 per share, earning HK$700 per lot in the grey market

Futu Information, January 8th update, $KNOWLEDGE ATLAS (02513.HK)$ The allotment results were announced, with shares priced at HK$116.2 per share, issuing a total of 37,419,500 shares, 100 shares per lot, and officially listed today.
On the previous trading day, Zhipu's grey market closed up 6.02% at HK$123.2 per share. With each lot containing 100 shares and excluding handling fees, one lot yielded a profit of HK$700.
During the public offering phase, Zhipu received subscriptions 1,159.46 times the offering size. The final number of shares allocated in the public offering was 7.4839 million shares, accounting for approximately 20% of the total shares offered. A total of about 204,900 valid applications were received, with 50,907 processed applications. The approximate percentage of total applied shares allocated to applicants subscribing for one lot was 5%.
Additionally, during the international placement phase, Zhipu received subscriptions 15.28 times the offering size. The final number of international placement shares was 29.9356 million shares, representing 80% of the total shares offered. Futu Info has compiled the relevant data into the following table:
Futu Information, January 8th update, $KNOWLEDGE ATLAS (02513.HK)$ The allotment results were announced, with shares priced at HK$116.2 per share, issuing a total of 37,419,500 shares, 100 shares per lot, and officially listed today. On the last trading day, Zhipu's grey market closed up 6.02% at HK$123.2 per share, with 100 shares per lot. Without considering handling fees, one lot earned HK$700. During the public offering phase, Zhipu received 1,159.46 times subscription. The final number of shares offered to the public was 7,483,900, accounting for approximately 20% of the total offering shares. A total of about 204,900 valid applications were received, with 50,907 accepted applications. The percentage of allotted shares for one-lot applicants relative to the total applied shares is approximately 5%. In addition, during the international placement phase, Zhipu received 15.28 times subscription, with the final number of international placement shares being 29,935,600, representing 80% of the total offering shares. Futu Information has compiled relevant data in the table below: Company Profile Zhipu is a leading artificial intelligence company in China, dedicated to developing advanced general-purpose large models. Founded in 2019 with the bold vision of pursuing Artificial General Intelligence (AGI) innovation in China, the company has consistently delivered advanced technologies through comprehensive AI research and steadily expanded its commercial applications, achieving rapid revenue growth. In 2021, the company released China’s first proprietary pre-trained...
Futu Information, January 8th update, $KNOWLEDGE ATLAS (02513.HK)$ The allotment results were announced, with shares priced at HK$116.2 per share, issuing a total of 37,419,500 shares, 100 shares per lot, and officially listed today. On the last trading day, Zhipu's grey market closed up 6.02% at HK$123.2 per share, with 100 shares per lot. Without considering handling fees, one lot earned HK$700. During the public offering phase, Zhipu received 1,159.46 times subscription. The final number of shares offered to the public was 7,483,900, accounting for approximately 20% of the total offering shares. A total of about 204,900 valid applications were received, with 50,907 accepted applications. The percentage of allotted shares for one-lot applicants relative to the total applied shares is approximately 5%. In addition, during the international placement phase, Zhipu received 15.28 times subscription, with the final number of international placement shares being 29,935,600, representing 80% of the total offering shares. Futu Information has compiled relevant data in the table below: Company Profile Zhipu is a leading artificial intelligence company in China, dedicated to developing advanced general-purpose large models. Founded in 2019 with the bold vision of pursuing Artificial General Intelligence (AGI) innovation in China, the company has consistently delivered advanced technologies through comprehensive AI research and steadily expanded its commercial applications, achieving rapid revenue growth. In 2021, the company released China’s first proprietary pre-trained...
Company Profile
Zhipu is a leading artificial intelligence company in China, dedicated to developing advanced general-purpose large models. Founded in 2019, the company embraces the bold vision of pursuing Artificial General Intelligence (AGI) innovation in China. It consistently delivers cutting-edge technology across all aspects of AI research while steadily expanding its commercial applications to achieve rapid revenue growth. In 2021, the company launched China’s first proprietary pre-trained large model framework, the GLM framework, and introduced its Model-as-a-Service (MaaS) product development and commercialization platform, through which it provides its large model services.
In 2022, the company open-sourced its first model with a scale of 100 billion parameters (GLM-130B). According to Frost & Sullivan, as of 2024, Zhipu ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers.
Futu Information, January 8th update, $KNOWLEDGE ATLAS (02513.HK)$ The allotment results were announced, with shares priced at HK$116.2 per share, issuing a total of 37,419,500 shares, 100 shares per lot, and officially listed today. On the last trading day, Zhipu's grey market closed up 6.02% at HK$123.2 per share, with 100 shares per lot. Without considering handling fees, one lot earned HK$700. During the public offering phase, Zhipu received 1,159.46 times subscription. The final number of shares offered to the public was 7,483,900, accounting for approximately 20% of the total offering shares. A total of about 204,900 valid applications were received, with 50,907 accepted applications. The percentage of allotted shares for one-lot applicants relative to the total applied shares is approximately 5%. In addition, during the international placement phase, Zhipu received 15.28 times subscription, with the final number of international placement shares being 29,935,600, representing 80% of the total offering shares. Futu Information has compiled relevant data in the table below: Company Profile Zhipu is a leading artificial intelligence company in China, dedicated to developing advanced general-purpose large models. Founded in 2019 with the bold vision of pursuing Artificial General Intelligence (AGI) innovation in China, the company has consistently delivered advanced technologies through comprehensive AI research and steadily expanded its commercial applications, achieving rapid revenue growth. In 2021, the company released China’s first proprietary pre-trained...
Zhipu has developed large models and agents in the first three stages: China’s first large model with 100 billion parameters, GLM-130B (pre-training stage); China’s first open-source large chat model, ChatGLM (alignment and reasoning stage); and China’s first AI agent with reflective capabilities, AutoGLM–Rumination (self-learning stage). The company stands at the forefront of AGI innovation, moving towards the self-awareness stage and conscious intelligence stage.
The company has fostered an ecosystem based on three pillars: open-source collaboration, robust computing infrastructure, and diversified industry partnerships. Participants within the company’s ecosystem, from fundamental research to practical applications, have developed dynamic and interdependent relationships, creating an environment of continuous innovation, empowerment, and cross-industry expansion.
Financial Overview
In 2022, 2023, and 2024, as well as for the six months ended June 30, 2024, and June 30, 2025, Zhipu's revenues were RMB 57.4 million, RMB 124.5 million, RMB 312.4 million, RMB 44.9 million, and RMB 190.9 million respectively. The company's gross profit increased from RMB 31.4 million in 2022 to RMB 80.5 million in 2023, and further to RMB 175.9 million in 2024, representing a compound annual growth rate of over 100%. The company's R&D expenses surged significantly from RMB 84.4 million in 2022 to RMB 528.9 million in 2023, and further to RMB 2,195.4 million in 2024.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding fundraising purposes, Zhipu expects net proceeds from the global offering to amount to approximately HK$4.173 billion (based on an offer price of HK$116.2 per share). According to the prospectus, Zhipu plans to allocate the proceeds from the global offering as follows:
Approximately 70% will be used to continuously enhance the company’s R&D capabilities in general-purpose AI large models; about 10% will be allocated to continuously optimize the company’s MaaS platform by providing the latest base models as well as training/inference tools and infrastructure; around 10% will be used to develop business partner networks and make strategic investments; and roughly 10% will be utilized for working capital and other general corporate purposes.
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Futu Information, January 8th update, $KNOWLEDGE ATLAS (02513.HK)$ The allotment results were announced, with shares priced at HK$116.2 per share, issuing a total of 37,419,500 shares, 100 shares per lot, and officially listed today. On the last trading day, Zhipu's grey market closed up 6.02% at HK$123.2 per share, with 100 shares per lot. Without considering handling fees, one lot earned HK$700. During the public offering phase, Zhipu received 1,159.46 times subscription. The final number of shares offered to the public was 7,483,900, accounting for approximately 20% of the total offering shares. A total of about 204,900 valid applications were received, with 50,907 accepted applications. The percentage of allotted shares for one-lot applicants relative to the total applied shares is approximately 5%. In addition, during the international placement phase, Zhipu received 15.28 times subscription, with the final number of international placement shares being 29,935,600, representing 80% of the total offering shares. Futu Information has compiled relevant data in the table below: Company Profile Zhipu is a leading artificial intelligence company in China, dedicated to developing advanced general-purpose large models. Founded in 2019 with the bold vision of pursuing Artificial General Intelligence (AGI) innovation in China, the company has consistently delivered advanced technologies through comprehensive AI research and steadily expanded its commercial applications, achieving rapid revenue growth. In 2021, the company released China’s first proprietary pre-trained...
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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