启明星 | 中国AGI的开拓者与引领者智谱成功登陆香港交易所 | Bilingual

Swipe Left for the English Version

北京时间2026年1月8日，启明创投投资企业、中国通用人工智能（AGI）的开拓者与引领者智谱成功登陆港交所，成为"全球大模型第一股"。 智谱（02513.HK）发行价为116.20港元/股，开盘价120.00港元/股，市值528.28亿港元。

启明创投于2022年初联合领投了智谱的B1轮融资——早在ChatGPT发布、引爆全球大模型浪潮前近一年，正是这笔资金支撑智谱完成其首个千亿参数大模型GLM的研发攻坚——启明创投并在B2及B4轮次继续支持公司发展。在港股18C章程下，启明创投是智谱的资深独立投资者。

智谱总裁王绍兰（左）、启明创投主管合伙人周志峰（中）、启明创投执行董事胡奇（右）

智谱成立于2019年，由清华大学技术成果转化而来。智谱以"让机器像人一样思考"为愿景，始终专注AGI的研发。自成立以来，智谱陆续推出了中国首个百亿模型、首个开源千亿模型、首个对话模型、首个多模态模型和全球首个设备操控智能体，打造了世界范围内最为先进而全面的模型组合及智能体（AI Agent）产品。

智谱的GLM架构已实现全国产化突破，适配40余款国产芯片，成为业内通用性最高的模型体系之一。 其最新一代旗舰模型GLM-4.7，在多项主流公开基准测试中取得开源模型中的最佳表现。在全球百万用户参与盲测的权威编码评估系统CodeArena中，GLM-4.7位列开源第一、国产第一，超过GPT-5.2。同时，在最具权威性的AA智能指数榜单中，该模型也斩获开源模型第一、国产第一的成绩。推出的GLM Coding Plan已在全球拥有15万用户，成为中国开发者的主流编程模型选择。

目前，智谱已经发展成为中国最大的独立大模型厂商，GLM系列大模型应用于民生治理、工业制造、能源电力、金融、互联网、通信、消费电子、教育等行业。截至2025年9月30日，智谱的模型已赋能全球12000家企业客户、逾8000万台终端用户设备以及超4500万名开发者，亦为中国赋能终端设备最多的独立通用大模型厂商。

**智谱CEO张鹏表示："**在香港挂牌上市，对智谱而言是一个具有里程碑意义的节点。从清华实验室的技术成果转化，成长到一个上市企业，我们始终不忘'让机器像人一样思考'的初心。上市意味着我们要肩负起更深重的社会责任与行业使命。未来，智谱将继续深耕全栈自主可控的大模型技术，极致探索AGI的能力上限，不断提升GLM系列模型的推理、编码与多模态能力。我们将致力于构建更加开放、繁荣的AI生态体系，通过技术普惠赋能千行百业，让通用人工智能真正成为推动人类文明进步的生产力。"

启明创投主管合伙人周志峰表示："智谱团队既有对技术路线的笃定执着，也展现出将前沿研究持续转化为商业价值的出众能力——这种'技术信仰+产业落地'的双重特质，让我们坚信他们能在AI大浪潮中行稳致远、领跑赛道。此次智谱成功上市，不仅是对中国底层AI技术创新路径的关键验证，更向整个科技投资领域传递了鲜明信号：市场终将认可并奖励那些坚持前沿探索、深耕底层技术攻坚的团队。我们期待智谱以上市为新起点，持续引领大模型技术的创新突破与产业应用，为AI生态创造更大价值。"

China's AGI Pioneer and Leader Z.ai Listed on Hong Kong Stock Exchange

Qiming Venture Partners' portfolio company Z.ai (formerly known as Zhipu AI), a pioneer and leader in artificial general intelligence (AGI) in China, successfully listed on the Hong Kong Stock Exchange on January 8th, 2026, Beijing time, becoming the world's first listed large language model company.

Z.ai (02513.HK) issued shares at a price of HK$116.20 per share and opened at HK$120.00 per share with a market capitalization of HK$52.83 billion.

Qiming Venture Partners co-led Z.ai's Series B1 financing round in early 2022, nearly a year before ChatGPT was released and sparked the global wave of large models. This funding was instrumental in supporting Z.ai to overcome R&D challenges and complete its first 100-billion-parameter large model, GLM. Qiming continued to support the company in its subsequent B2 & B4 funding round. Under Chapter 18C of the Hong Kong Stock Exchange, Qiming stands as Z.ai's experienced independent investor.

Z.ai was founded in 2019 as a commercialization of technological achievements from Tsinghua University. With the mission "to make machines think like humans", the company has remained dedicated to AGI research and development. Since its inception, Z.ai has launched China's first 10-billion-parameter model, its first open-source 100-billion-parameter model, its first conversational model, its first multimodal model, and the world's first device-control AI agent. It has built one of the world's most advanced and comprehensive model portfolios and AI agent products.

GLM achieves breakthrough in full domesticization, supports over 40 domestic chips, becoming one of the most versatile model architectures in the industry. Its latest flagship model, GLM-4.7, has delivered top-tier performance among open-source models across multiple mainstream public benchmarks. In CodeArena, an authoritative coding evaluation system with global participation from a million users in blind testing, GLM-4.7 ranks first among open-source models and first among domestic models, surpassing GPT-4. Additionally, on the highly authoritative AA AI Index, the model also secured first place among open-source models and first among domestic models. The released GLM Coding Plan has already gained 150,000 users globally, establishing itself as a primary programming model solution for Chinese developers.

Today, Z.ai has grown into China's largest independent large language model developer. Its GLM series of models are applied across various sectors including public governance, industrial manufacturing, energy and power, finance, internet, communications, consumer electronics, and education. As of September 30, 2025, Z.ai's models had empowered over 12,000 enterprise customers, more than 80 million end-user devices, and over 45 million developers worldwide, making it the independent general-purpose large-model vendor in China with the highest number of enabled end-user devices.

Zhang Peng, CEO of Z.ai, stated:"Listing in Hong Kong represents a landmark milestone for Z.ai. Our journey—from commercializing research outcomes at Tsinghua's labs to becoming a publicly listed company—has never strayed from our original vision: 'to make machines think like humans'. Going public means we must shoulder even greater social responsibility and industry mission. Moving forward, Z.ai will continue to deepen our commitment to fully independent, controllable full-stack large model technology, relentlessly push the boundaries of AGI capabilities, and consistently enhance the reasoning, coding, and multimodal performance of the GLM model series. We are dedicated to building a more open and thriving AI ecosystem, empowering thousands of industries through accessible and inclusive technology, and making General Artificial Intelligence a genuine productive force for the advancement of human civilization."

Alex Zhou, Managing Partner of Qiming Venture Partners, said, "The Z.ai team combines deep conviction in its technical roadmap with a rare ability to consistently translate frontier research into real commercial value. This dual strength—a strong belief in technology coupled with disciplined industrial execution—gives us confidence that the company will navigate the AI wave with resilience and emerge as a category leader. Z.ai's successful IPO is not only a critical validation of China's path in foundational AI innovation, but also sends a clear signal to the broader technology investment community: in the long run, the market recognizes and rewards teams that stay committed to frontier exploration and deep, foundational technological breakthroughs. We look forward to Z.ai building on this milestone and continuing to drive innovation in large language model technology and real-world applications, creating even greater value for the AI ecosystem."

---

启明观点 | 启明创投周志峰：2025年会是AI应用全面落地的大年

启明星 | 认知智能领跑者智谱AI完成数亿元B轮融资，持续打造高性能千亿级普惠大模型

启明荣誉 | 5位启明创投投资人荣登2025年福布斯中国创投人100榜单

启明创投成立于2006年。目前，启明创投旗下管理11只美元基金，7只人民币基金，已募管理资产总额达到95亿美元。自成立至今，专注于投资科技(Technology)、医疗创新(Healthcare)等行业早期和成长期的优秀企业。

截至目前，启明创投已投资超过580家高速成长的创新企业，其中有超过210家分别在美国纽交所、纳斯达克，香港交易所，上交所及深交所等交易所上市，或通过并购等方式退出，有80多家企业成为行业公认的独角兽或超级独角兽企业。

启明创投投资企业中，很多已经成长为各自领域中最具影响力的公司，包括小米集团（01810.HK）、美团（03690.HK）、哔哩哔哩（NASDAQ:BILI, 09626.HK）、知乎（NYSE:ZH, 02390.HK）、石头科技（688169.SH）、禾赛科技（NASDAQ:HSAI,02525.HK）、优必选（09880.HK）、文远知行（NASDAQ:WRD, 00800.HK）、海博思创（688411.SH）、影石创新（688775.SH）、云知声（09678.HK）、壁仞科技（06082.HK）、智谱（02513.HK）、甘李药业（603087.SH）、泰格医药（300347.SZ, 03347.HK）、再鼎医药（NASDAQ:ZLAB, 09688.HK）、康希诺生物（688185.SH, 06185.HK）、Schrödinger（NASDAQ:SDGR）、惠泰医疗（688617.SH）、三友医疗（688085.SH）、艾德生物（300685.SZ）、神州细胞（688520.SH）、英矽智能（03696.HK）、浩博生物、圆心科技、宜联生物、礼新医药、阶跃星辰等。