The Zhitong Finance App learned that on January 8, Zhi Spectrum (02513.HK) officially rang the bell on the Hong Kong Stock Exchange. On the first day, it rose 3.27% to HK$120 per share. At one point, the market value exceeded HK$52.8 billion. As the largest independent model manufacturer in China, Zhipu does not follow the traditional enterprise AI route of heavy delivery and strong customization in terms of business model. Instead, it has formed a standardized product system with MaaS (model as a service) as the core. It delivers “general intelligence capabilities” to enterprises and developers through API calls, model subscriptions, and localized deployment, rather than single-scenario applications. Currently, the Zhipu MaaS platform has gathered more than 3 million enterprises and application developers, and is one of the most active large-scale API platforms in China. Among them, programming subscription products have performed particularly well. They have achieved annual recurring revenue (ARR) of over 100 million in a short period of time after launch, and have quickly penetrated the overseas developer community. It is worth mentioning that after the release of GLM-4.7, Zhisu MaaS ARR's annualized revenue increased from 20 million to over 500 million, and achieved a 25-fold increase in 10 months, at the same rate as Anthropic's exponential growth. What surpassed expectations was that in 2025, Zhipu's annual MaaS growth rate was over 900%, and the exponential growth trend was significantly superior to the performance of overseas leaders during the same period.

The Zhitong Finance App learned that on January 8, Zhi Spectrum (02513.HK) officially rang the bell on the Hong Kong Stock Exchange. On the first day, it rose 3.27% to HK$120 per share. At one point, the market value exceeded HK$52.8 billion. As the largest independent model manufacturer in China, Zhipu does not follow the traditional enterprise AI route of heavy delivery and strong customization in terms of business model. Instead, it has formed a standardized product system with MaaS (model as a service) as the core. It delivers “general intelligence capabilities” to enterprises and developers through API calls, model subscriptions, and localized deployment, rather than single-scenario applications. Currently, the Zhipu MaaS platform has gathered more than 3 million enterprises and application developers, and is one of the most active large-scale API platforms in China. Among them, programming subscription products have performed particularly well. They have achieved annual recurring revenue (ARR) of over 100 million in a short period of time after launch, and have quickly penetrated the overseas developer community. It is worth mentioning that after the release of GLM-4.7, Zhisu MaaS ARR's annualized revenue increased from 20 million to over 500 million, and achieved a 25-fold increase in 10 months, at the same rate as Anthropic's exponential growth. What surpassed expectations was that in 2025, Zhipu's annual MaaS growth rate was over 900%, and the exponential growth trend was significantly superior to the performance of overseas leaders during the same period.