Zhi Spectrum (02513) offered shares from December 30 to January 5 and plans to sell 374.19,500 H shares globally

According to the Zhitong Finance App, Zhi Spectrum (02513) will raise shares from December 30, 2025 to January 5, 2026. The company plans to sell 374.19,500 H shares globally, of which Hong Kong sales account for 5%, international sales account for 95%, and overallotment rights of 15%. Each share is sold at HK$116.20. H shares will be traded on the Stock Exchange at 9:00 a.m. on January 8, 2026 (Thursday). H shares will be traded on the Stock Exchange in units of 100 H shares per lot.

We are a leading artificial intelligence company in China, dedicated to developing large general-purpose models. We were founded in 2019 with the bold idea of pursuing General Artificial Intelligence (AGI) innovation in China. We have solidly delivered advanced technology in a comprehensive range of artificial intelligence research and are steadily expanding its commercial applications to achieve rapid revenue growth. In 2021, we released the GLM framework, the first proprietary pre-trained large model framework in China, and launched our model as a service (MaaS) product development and commercialization platform to provide our big model services through this platform. In 2022, we open source our first 100 billion model (GLM-130B). We operate in the Big Language Model (LLM) market, which is a segment of the broader AI market. We provide general large-scale model services for institutional clients (including private enterprises and public industry entities) and individual users (including individual end users and independent developers).

As of June 30, 2025, our model has supported more than 8,000 institutional customers, and as of the last practical date, it has supported approximately 80 million devices. According to Frost & Sullivan, in terms of revenue in 2024, we ranked first among independent GM big model developers in China and second among all GM big model developers, with a market share of 6.6%.

We have achieved significant revenue growth during our track record period. In 2022, 2023 and 2024, our revenue was RMB57.4 million, RMB124.5 million and RMB312.4 million respectively, with a CAGR of over 130%. For the six months ended 2024 and June 30, 2025, our revenue was RMB 44.9 million and RMB 190.9 million, respectively.

Company and cornerstone investors JSC International Investment Fund SPC (acting for and on behalf of Qizhi SP), JinYi Capital Multi-Strategy Fund SPC Ltd. (acting for and on behalf of Structured Credit SP Fund), PerseverancAsset Management, Shanghai Gao Yi, and CICC Financial Trading Limited (in the case of Gao Yi's OTC swap), WT Asset Management, Taikang Life Insurance, Guangfa Fund, 3W Fund, Wusong, Optimas Capital Limited and Ling Yunguang Technology International Co., Ltd. entered into a cornerstone investment agreement. These cornerstone investors have agreed to subscribe for shares totaling approximately HK$2,984 million at the sale price.

The Company believes that, based on the investment experience and market position of Cornerstone investors, the Cornerstone Placement will help increase the company's popularity and demonstrate the confidence of such Cornerstone investors in the company's business and prospects. The Company gets to know various cornerstone investors in the course of its daily operations through the Group's business network or through introductions from the Company's existing shareholders or overall coordinators participating in global sales.

Assuming that the over-allotment rights are not exercised, based on the offer price of HK$116.20 per share, it is estimated that the company will receive approximately HK$4.173 billion in net proceeds from the global offering. Of this, about 70.0% will be used to continuously enhance our R&D capabilities in general AI models; about 10.0% will be used to continuously optimize our MaaS platform by providing the latest foundation models and training/inference tools and infrastructure; about 10.0% will be used to develop a network of business partners and make strategic investments; and about 10.0% will be used for working capital and other general corporate purposes.