Zhipu AI's IPO action this time is quite significant.

The Hong Kong Stock Exchange recently announced this company's issuance plan—intending to issue approximately 37.4195 million H-shares at a price of 116.2 HKD per share. At this pricing, the fundraising scale is quite substantial. According to the plan, the H-shares will start trading on January 8 next year. This has a profound significance for the entire domestic AI industry.

Zhipu AI has a clear positioning—China's first large model company. Following the approach of OpenAI, their API platform has already attracted over 2.7 million paying users, indicating a high market recognition. The total financing amount exceeds 16 billion RMB, backed by internet giants like Alibaba, Tencent, Meituan, Xiaomi, and various state-owned investors. In terms of regional distribution, investors from the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei economic zones have all participated, showing the depth of cooperation in this financing. It is expected to become the world's first listed AGI foundational model company, a label that is very attractive to investors.

The chain reaction triggered by this IPO is worth paying attention to. Several related targets are emerging.

Yongxin Zhicheng's layout is quite interesting. They are involved in commercial aerospace, anti-interference, information security, and have collaborations with Zhipu AI. Their developed "Digital Wind Tunnel" product system and network target range series can provide full lifecycle "digital health" management for satellites, drones, and other equipment. As commercial aerospace systems become increasingly complex—satellite internet, low-earth orbit constellations are gradually advancing—the level of intelligence is also soaring. The deployment of AI measurement and control, autonomous driving, and other applications demands high standards for system security, stability, and anti-attack capabilities. Yongxin Zhicheng just fills this technological gap.

UCloud's role is more direct. As a neutral cloud service provider, they have become an important computing power supplier for domestic large models like Zhipu AI and Kunlun Wanwei. They have built two major intelligent computing centers in Ulanqab (part of the Western Computing Strategy) and Qingpu, Shanghai (Eastern Data Strategy), providing petaflop-level GPU clusters and high-speed network architecture. These infrastructures directly support large model training and inference for clients like Zhipu AI and Chumen Wenwen. From a certain perspective, the performance of large models depends heavily on the quality of computing infrastructure.

The entire industry chain's imagination space is indeed expanding. From AI chips to computing infrastructure, from security protection to application ecosystems, each link is releasing investment opportunities. Zhipu AI's listing in Hong Kong is just a signal; the real story is just beginning.