Zhipu aims to become the first large-scale model stock listed in Hong Kong, with a valuation of 24.4 billion.

Zhipu has passed the Hong Kong Stock Exchange's listing hearing, aiming to become the first listed company in Hong Kong specializing in large-scale models. Founded in June 2019, Zhipu is China's largest independent developer of general-purpose large-scale models and the second largest overall developer of general-purpose large-scale models. Its MaaS platform provides four types of models: language, multimodal, agent, and code, supporting both localized and cloud deployment. As of November 2025, Zhipu's daily token consumption reached 4.2 trillion, supporting approximately 80 million devices.