--- title: "\"The first stock of large models\" KNOWLEDGE ATLAS is going public, with a maximum clawback of 20% and an entry fee of HKD 11,737" type: "News" locale: "en" url: "https://longbridge.com/en/news/271053565.md" description: "KNOWLEDGE ATLAS (2513) will start its IPO today until next Monday, planning to issue 37.4195 million H shares, with an offering price of 116.2 HKD and an entry fee of 11,737.19 HKD, expected to be listed on January 8, 2026. The company has introduced 11 cornerstone investors, with a total investment amount of approximately HKD 2.984 billion, accounting for 68.63%. KNOWLEDGE ATLAS focuses on the development of general large models, holding a market share of 6.6%, ranking first among independent developers in China" datetime: "2025-12-30T02:35:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271053565.md) - [en](https://longbridge.com/en/news/271053565.md) - [zh-HK](https://longbridge.com/zh-HK/news/271053565.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/271053565.md) | [繁體中文](https://longbridge.com/zh-HK/news/271053565.md) # "The first stock of large models" KNOWLEDGE ATLAS is going public, with a maximum clawback of 20% and an entry fee of HKD 11,737 The new stock frenzy cannot be stopped, with 3 new stocks going public today. Among them is the Chinese artificial intelligence company Zhipu (2513), known as the "first stock of large models" and one of the "AI Six Little Tigers," which is offering shares from today (30th) until next Monday (5th). It plans to issue 37.4195 million H shares, with 5% available for public offering. However, since it is applying for listing under the special technology company (commonly known as 18C) regulations, it can allocate up to 20% for clawback. The offering price is HKD 116.2, aiming to raise approximately HKD 4.35 billion, with a minimum investment of 100 shares, resulting in an entry fee of HKD 11,737.19. It is expected to be listed for trading on January 8, 2026, with China International Capital Corporation (CICC) as the sole sponsor. ## Introduction of 11 cornerstone investors The stock has introduced 11 cornerstone investors, including 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), Perseverance Asset Management, Shanghai Gao Yi, and CICC Financial Trading Limited (regarding Gao Yi's OTC swaps), WT Asset Management, Taikang Life Insurance, Guangfa Fund, 3W Fund, Wusong, Optimas Capital Limited, and Lingyun Guang Technology International, with a total investment amount of approximately HKD 2.984 billion, accounting for 68.63%. Zhipu is committed to developing general large models and operates in the large language model (LLM) market, a niche within the AI market, providing general large model services to institutional clients (including private enterprises and public sector entities) and individual users (including individual end-users and independent developers). According to Frost & Sullivan data, based on revenue in 2024, the group ranks first among independent general large model developers in China and second among all general large model developers, with a market share of 6.6%. The prospectus states that as of June 30 this year, the group's models have supported over 8,000 institutional clients; as of the last practical date, they have supported approximately 80 million devices. ## Last year's loss expanded by 275% to over 2.9 billion In terms of performance, Zhipu recorded revenue of HKD 312 million (RMB, the same below) last year, an increase of 150% year-on-year, while the loss during the period was HKD 2.958 billion, an increase of 275% year-on-year. For the first half of this year, the revenue was approximately HKD 191 million, an increase of 325% year-on-year, while the loss during the period was HKD 2.358 billion, an increase of 90% year-on-year. As for the net proceeds from this fundraising, approximately 70% will be used to continuously enhance research and development capabilities in general AI large models; about 10% will be used to continuously optimize the MaaS platform by providing the latest base models and training/inference tools and infrastructure Approximately 10% for developing a business partner network and making strategic investments; and about 10% for working capital and other general corporate purposes ### Related Stocks - [KNOWLEDGE ATLAS (02513.HK)](https://longbridge.com/en/quote/02513.HK.md) ## Related News & Research - [OpenClaw effect: explosion in AI token use adds fuel to Chinese AI development](https://longbridge.com/en/news/280792478.md) - [What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups](https://longbridge.com/en/news/281474299.md) - ["The New Era of Tokens": Ten Questions and Answers about China's AI Industry](https://longbridge.com/en/news/281014143.md) - [China’s Zhipu AI Coding Agent Finds Viral Demand in the US](https://longbridge.com/en/news/273419014.md) - [Chinese Robot Maker Inovance Picks Banks for Potential Hong Kong Listing](https://longbridge.com/en/news/281110863.md)