On July 13th, Zhipu announced the completion of the placement. Zhipu issued 19780000 shares at a price of HKD 1588, raising a total of HKD 31.4 billion. After deducting the listing fees payable, the net amount raised was HKD 31.375 billion.
The total number of shares allocated under the allocation item is up to 19780000 new H shares, accounting for approximately 4.44% of the number of issued shares as of the date of this announcement (i.e. 445843090 shares, excluding treasury shares) and approximately 4.25% of the number of issued shares expanded by the allocation and issuance of allocation shares.
Stock prices jump up and down, investors ride a roller coaster every day
Zhipu will be listed on the Hong Kong Stock Exchange on January 8, 2026, issuing 37.4195 million shares at a price of HKD 116.2 and raising a total of HKD 4.3 billion; After deducting the listing payable expenses of HKD 175 million, the net fundraising amount was HKD 4.173 billion. Zhipu thus became the world's first stock of large-scale models.
During the listing process of Zhipu, including subsidiaries of Beijing Financial Holding Group Co., Ltd JSC International Investment Fund SPC，JinYi Capital Multi-Strategy Fund SPC、PerseverancAsset Management、 Shanghai Gaoyi WT Asset Management、 Eleven investment institutions including Taikang Life Insurance, Guangfa Fund, and 3W Fund Management are cornerstone investors, subscribing a total of HKD 2.98 billion, with cornerstone accounting for nearly 70%.
Among them, JSC International Investment Fund SPC subscribed for $179 million, JinYi Capital Multi Strategy Fund SPC Ltd subscribed for $7 million, Perseverance Asset Management subscribed for $29 million, Shanghai Gaoyi subscribed for $9 million, WT Asset Management subscribed for $44.9 million, Taikang Life Insurance subscribed for $30 million, Guangfa Fund subscribed for $42 million, 3W Fund subscribed for $18 million, Wusong subscribed for $75 million, Optimas Capital Limited subscribed for $10 million, and Lingyun Guang Technology International Co., Ltd. subscribed for $5 million.
Zhipu has entered the unlocking period, and its stock price has been fluctuating in recent times. Investors participating in Zhipu stock trading can be described as experiencing a rollercoaster ride of emotions every day.
As of today's close, the stock price of Zhipu is HKD 1645, with a market value of HKD 765.9 billion.
Tang Jie's internal letter: The true mountaineer will turn the mountain into a road
Recently, Tang Jie, the founder of Zhipu, released an internal letter stating that Zhipu has never been a company chasing trends. It grew out of a laboratory, carrying the methodology of this laboratory for twenty years. This methodology can be summarized in three words: essence, counterintuition, and focus - thinking deeply enough is enough to choose counterintuitively; If you choose the opposite, you must hold on long enough.
Looking back, almost every key choice made by Zhipu has appeared counterintuitive. In 2006, Zhipu sat on the bench guarding an academic search system on a desktop computer, because Zhipu had figured out that behind it was the "exploration of disciplinary evolution mechanisms" that was worth answering in ten years; In 2021-2022, when "making machines think like humans" was seen by the vast majority as a crazy plan to land on the moon, Zhipu drew resources and bet billions of parameters to create GLM-130B - exactly a year and a half before ChatGPT ignited the world; On the day of Zhipu's H-share listing on January 8, 2026, Zhipu regarded it as a brand new starting point, firmly returning to the research of basic models and making every effort to impact the next generation of models.
" Others ring the bell, we return to zero. This is not posture, this is belief - since the endpoint is AGI, short-term benefits or industry trends are just scenery along the way to the end. "
Tang Jie said that in the past twenty years, Zhipu has learned one thing, which is that real business opportunities are never in the fine-tuning of products and models, but in the transition of upper bounds. This is Zhipu's most fundamental judgment on the current AI revolution, and it is also the cognition we most want to convey to everyone.
After recognizing the trend, the rest is to make choices. And Zhipu's choice, as always, is counterintuitive - 'In the current industry where commercial monetization is generally accelerating, we have decided to break through upwards'.
Zhipu named this strategy the "Touch High Plan". At the historical node where artificial intelligence has crossed from perception and cognition to fully universal intelligence, Zhipu stated that it will challenge the physical and algorithmic limits of current technology with a "touch high" attitude. In the next two years, Zhipu plans to strategically invest - not pursuing short-term application monetization, but directly targeting the next high ground of AGI.
Tang Jie said that he believes in a simple truth: the true mountaineer will turn the mountain into a road. The huge waves have arrived, and the trend is irreversible. Zhipu wants to be the person who faces the waves and rises high. Not reaching the summit is a failure. This time, what Zhipu wants to touch is the height that belongs to all humanity.
