IPO Timeline
Broker Deadline
2026-01-05
Morning deadline
HKEX Deadline
2026-01-05
Noon deadline
Broker Results (T-2)
2026-01-06
Some brokers release in afternoon
Grey Market (T-1)
2026-01-07
Afternoon
HKEX Allotment (T-1)
2026-01-07
Evening
Registrar Allotment (T-1)
2026-01-07
Evening
Listing Day (T)
2026-01-08
First day of trading
Company Overview
| Stock Name | 智谱 |
|---|---|
| Stock Code | 02513 |
| Company Full Name | 智谱 |
| Industry | Information Technology |
| Principal Activities | 我們是中國領先的人工智能公司，致力於開發通用大模型。我們為機構客戶及個人用戶提供通用大模型服務，通過MaaS平台提供語言模型、多模態模型、智能體模型及代碼模型等。 |
| Listing Date | 2026-01-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18C特专科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京市海淀區中關村東路1號院9號樓10層 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | zhipuai.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C特专科技 |
|---|---|
| Offer Price | HK$ 116.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 11,620 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2025-12-30 to 2026-01-05 |
| Global Offering Shares | 37,419,500 shares |
| HK Public Offer Shares (Initial) | 1,871,000 shares (5.0%) |
| Public Offer Lots (Initial) | 18,710lots (9,355lots, 9,355lots) |
| International Placing Shares (Initial) | 35,548,500 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 440,230,190 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 18C回拨：<10倍→酌情增至10%，10倍至<50倍→10%，≥50倍→20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,348,145,900 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 11,620 |
| 2 lots | 200 | HK$ 23,240 |
| 3 lots | 300 | HK$ 34,860 |
| 4 lots | 400 | HK$ 46,480 |
| 5 lots | 500 | HK$ 58,100 |
| 6 lots | 600 | HK$ 69,720 |
| 7 lots | 700 | HK$ 81,340 |
| 8 lots | 800 | HK$ 92,960 |
| 9 lots | 900 | HK$ 104,580 |
| 10 lots | 1,000 | HK$ 116,200 |
| 15 lots | 1,500 | HK$ 174,300 |
| 20 lots | 2,000 | HK$ 232,400 |
| 25 lots | 2,500 | HK$ 290,500 |
| 30 lots | 3,000 | HK$ 348,600 |
| 35 lots | 3,500 | HK$ 406,700 |
| 40 lots | 4,000 | HK$ 464,800 |
| 45 lots | 4,500 | HK$ 522,900 |
| 50 lots | 5,000 | HK$ 581,000 |
| 60 lots | 6,000 | HK$ 697,200 |
| 70 lots | 7,000 | HK$ 813,400 |
| 80 lots | 8,000 | HK$ 929,600 |
| 90 lots | 9,000 | HK$ 1,045,800 |
| 100 lots | 10,000 | HK$ 1,162,000 |
| 200 lots | 20,000 | HK$ 2,324,000 |
| 300 lots | 30,000 | HK$ 3,486,000 |
| 400 lots | 40,000 | HK$ 4,648,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 500 lots | 50,000 | HK$ 5,810,000 |
| 600 lots | 60,000 | HK$ 6,972,000 |
| 700 lots | 70,000 | HK$ 8,134,000 |
| 800 lots | 80,000 | HK$ 9,296,000 |
| 900 lots | 90,000 | HK$ 10,458,000 |
| 1,000 lots | 100,000 | HK$ 11,620,000 |
| 2,000 lots | 200,000 | HK$ 23,240,000 |
| 3,000 lots | 300,000 | HK$ 34,860,000 |
| 4,000 lots | 400,000 | HK$ 46,480,000 |
| 5,000 lots | 500,000 | HK$ 58,100,000 |
| 6,000 lots | 600,000 | HK$ 69,720,000 |
| 7,000 lots | 700,000 | HK$ 81,340,000 |
| 8,000 lots | 800,000 | HK$ 92,960,000 |
| 9,355 lots | 935,500 | HK$ 108,705,100 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 51,154,748,078 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣2,958.0百萬元（2024年） |
| Period-End Cash Balance | 人民币1,019,800,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~4.0% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 131.5 |
|---|---|
| First Day Open | HK$ 120.0 |
| First Day Change | 13.17% |
| First Day Volume | 17518200.0 |
| First Day Turnover | 2229090000.0 |
Use of Proceeds
| Use of Proceeds | 1、約70.0%（或2,921.4百萬港元）將用于持續增強在通用AI大模型方面的研發能力； 2、約10.0%（或417.3百萬港元）將用于通過提供最新的基座模型以及訓練╱推理工具及基礎設施持續優化MaaS平臺； 3、約10.0%（或417.3百萬港元）將用于發展業務合作伙伴網絡以及進行戰略投資； 4、約10.0%（或417.3百萬港元）將用于營運資金及其他一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
中国国际金融香港证券有限公司 CE AEN894(sole)
Overall Coordinators (5)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
交银国际证券有限公司 CE APJ121
国泰君安证券（香港）有限公司 CE ABY236
招商证券（香港）有限公司 CE AAI650
Joint Global Coordinators (5)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
交银国际证券有限公司 CE APJ121
国泰君安证券（香港）有限公司 CE ABY236
招商证券（香港）有限公司 CE AAI650
Joint Bookrunners (12)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
交银国际证券有限公司 CE APJ121
国泰君安证券（香港）有限公司 CE ABY236
招商证券（香港）有限公司 CE AAI650
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
浙商国际金融控股有限公司 CE BGD825
RICHE BRIGHT SECURITIES LIMITED CE APH275
大华继显（香港）有限公司 CE AAW261
Joint Lead Managers (12)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
交银国际证券有限公司 CE APJ121
国泰君安证券（香港）有限公司 CE ABY236
招商证券（香港）有限公司 CE AAI650
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
浙商国际金融控股有限公司 CE BGD825
RICHE BRIGHT SECURITIES LIMITED CE APH275
大华继显（香港）有限公司 CE AAW261
Capital Market Intermediaries (12)
中国国际金融香港证券有限公司 CE AEN894
华泰金融控股（香港）有限公司 CE AOK809
交银国际证券有限公司 CE APJ121
国泰君安证券（香港）有限公司 CE ABY236
招商证券（香港）有限公司 CE AAI650
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
浦银国际融资有限公司 CE BFZ375
招银国际融资有限公司 CE AVM940
浙商国际金融控股有限公司 CE BGD825
RICHE BRIGHT SECURITIES LIMITED CE APH275
大华继显（香港）有限公司 CE AAW261
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
年利达律师事务所 天元律师事务所 Bayfront Law LLC 金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
贝克‧麦坚时律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 交通银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CICC Financial Trading Limited | — | — | — | — | 6 months | 2026-07-08 |
| 2 | 毅的管理合伙人为上海高毅投资管理有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 3 | WT Asset Management Limited | — | — | — | — | 6 months | 2026-07-08 |
| 4 | 泰康人寿保险有限责任公司 | — | — | — | — | 6 months | 2026-07-08 |
| 5 | 广发基金管理有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 6 | 控股股东为广发证券股份有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 7 | 3W Fund Management Limited | — | — | — | — | 6 months | 2026-07-08 |
| 8 | 雾凇资本有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 9 | 中庸资本有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 10 | 凌云光技术国际有限公司 | — | — | — | — | 6 months | 2026-07-08 |
Directors & Management
| Chairman | 劉德兵 |
|---|---|
| Company Secretary | 鄭程傑 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 刘德兵 | — | 執行董事 |
| 2 | 张鹏 | — | 執行董事 |
| 3 | 张笑涵 | — | 執行董事 |
非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李涓子 | — | 非執行董事 |
| 2 | 李家庆 | — | 非執行董事 |
| 3 | 王盟 | — | 非執行董事 |
獨立非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 杨强 | — | 獨立非執行董事 |
| 2 | 谢德仁 | — | 獨立非執行董事 |
| 3 | 唐颖 | — | 獨立非執行董事 |
| 4 | 裴博 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 控股股東為北京鏈湃、劉博士、唐博士、李博士、許博士、張博士、慧惠及智登，合共持有約33.03%股份權益。緊隨全球發售完成後，將合共持有約30.22%股份。 |
|---|
AI
AI Analysis
Market Sentiment
The 1159.46x oversubscription for 智谱's IPO signals extraordinary market fervor for AI specialist tech under Chapter 18C, with retail allocation capped at 20% after clawback. The reported 0.0% hit rate points to near-zero success for the 204,871 applicants, highlighting a highly speculative rush. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Given the HK$11,620 entry per lot (implied 100 shares), tier distributions likely saw extreme compression: without precise data, such oversubscription typically results in 甲尾 hit rates under 0.1% and 乙头 allocations of just a few lots, sharply eroding margin financing efficiency versus the minimal reward. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
With 61.7% of the 48,243 holders from Mainland China, cross-border appetite dominated, while the 65.2% male skew and average age of 42.3 reflect a mature, male-heavy investor profile. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
