IPO News | Smart Spectrum Report: China's largest independent model maker, IPO imminent

The Zhitong Finance App learned that Zhitong, the largest independent model manufacturer in China, has passed the Hong Kong Stock Exchange listing hearing and officially disclosed its prospectus today. According to the prospectus, revenue for 2022, 2023, and 2024 was 57.4 million, 124.5 million, and 312.4 million yuan, respectively. Revenue has doubled for three years in a row. R&D personnel account for 74%. In 2022, 2023, and 2024, the company's R&D expenses were 84.4 million, 528.9 million, and 2,195.4 billion, respectively. In the first half of 2025, R&D investment was 1,594.7 billion, with a total R&D investment of about 4.4 billion yuan.

R&D investment supports rapid iteration of its technology, and GLM series models complete base iterations every 3-6 months. Its latest model is tied for number one with the world's top models for coding ability at the Code Arena. As of September 30 this year, Smart Spectrum Model has empowered 12,000 enterprise customers, more than 80 million end-user devices, and more than 45 million developers around the world. It is the largest independent general-purpose model manufacturer with the largest number of empowered terminal equipment in China.

Zhipu was founded in 2019, transformed from the technological achievements of Tsinghua University. It is a pioneer in initiating big model research in China and a leading domestic large model technology enterprise. It originally proposed GLM, a general pre-training paradigm based on autoregressive emptying, and developed the first large-scale pre-training model framework in China. It is a rare domestic manufacturer that keeps pace with the world's top level on its original technology route.

The listing of Zhipu in Hong Kong marks the first time that the capital market will welcome a listed company whose core business is to independently develop the AGI base model, which is expected to win the title of “the world's largest model stock”.