Zhipu AI
智谱
Zhipu AI is an AI company co-founded by Tang Jie, with roots in Tsinghua University's NLP research lineage . It was founded in 2019, making it the earliest among China's "six little tigers" of large-model startups, and initially focused on natural language processing and knowledge-graph mapping before pivoting to large language models . The company has been described as the more pragmatic, market-oriented player in China's LLM landscape — "more like Zhu Xiaohu's market-faith camp," as 暗涌Waves put it . Its open-source video-generation model CogVideoX-2B has been adopted by platforms including SiliconCloud , and its funding history includes Beijing AI Industry Investment Fund, Qiming Venture Partners, Legend Capital, and others . Zhipu AI filed for a Hong Kong IPO in early 2026, positioning itself as the "first global large-model stock" .
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Coverage
Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent
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