Z.ai 02513 Prospectus Information

IPO Timeline Raw facts

Broker Deadline

2026-01-05

Morning deadline

HKEX Deadline

2026-01-05

Noon deadline

Broker Results (T-2)

2026-01-06

Some brokers release in afternoon

Grey Market (T-1)

2026-01-07

Afternoon

HKEX Allotment (T-1)

2026-01-07

Evening

Registrar Allotment (T-1)

2026-01-07

Evening

Listing Day (T)

2026-01-08

First day of trading

Company Overview

Stock Name	Z.ai
Stock Code	02513
Company Full Name	Knowledge Atlas Technology Joint Stock Company Limited
Industry	Information Technology
Principal Activities	We are a leading artificial intelligence company in China, committed to developing general-purpose large models. We provide general-purpose large model services to institutional clients and individual users, offering language models, multimodal models, agent models and code models, among others, through our MaaS platform.
Listing Date	2026-01-08
Listing Rules Era	New Rules (after Aug 2025)
Listing Rules Chapter	18C特专科技
Weighted Voting Rights (WVR)	No
Registered Address (Mainland China)	中國北京市海淀區中關村東路1號院9號樓10層
Business Address (Hong Kong)	香港灣仔皇后大道東248號大新金融中心40樓
Place of Incorporation	To be extracted
Listing Method	To be extracted
Listing Board	Main Board
Website	zhipuai.cn
Share Registrar	卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact	(852)2980 1333
A-Share/US Dual Listing	No

Offering Information

Offering Mechanism	18C
Offer Price	HK$ 116.20 / shares
Offer Price Range	Final offer price only, no range
Lot Size	100 shares
Entry Threshold	HK$ 11,620
Par Value	RMB 0.1 / shares
Offer Period	2025-12-30 to 2026-01-05
Global Offering Shares	37,419,500 shares
HK Public Offer Shares (Initial)	1,871,000 shares (5.0%)
Public Offer Lots (Initial)	18,710lots (9,355lots, 9,355lots)
International Placing Shares (Initial)	35,548,500 shares (95.0%)
Offer Ratio	~5.0%
Total Shares Post-IPO	440,230,190 shares
Greenshoe (Over-allotment Option)	Yes
Stabilizing Manager (Greenshoe)	China International Capital Corporation Hong Kong Securities Limited CE AEN894
Cornerstone Share	68.6%
Clawback Tiers	18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20%
Reallocation Option	No
Total Global Offering Size	HK$ 4,348,145,900

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
1 lots	100	HK$ 11,620
2 lots	200	HK$ 23,240
3 lots	300	HK$ 34,860
4 lots	400	HK$ 46,480
5 lots	500	HK$ 58,100
6 lots	600	HK$ 69,720
7 lots	700	HK$ 81,340
8 lots	800	HK$ 92,960
9 lots	900	HK$ 104,580
10 lots	1,000	HK$ 116,200
15 lots	1,500	HK$ 174,300
20 lots	2,000	HK$ 232,400
25 lots	2,500	HK$ 290,500
30 lots	3,000	HK$ 348,600
35 lots	3,500	HK$ 406,700
40 lots	4,000	HK$ 464,800
45 lots	4,500	HK$ 522,900
50 lots	5,000	HK$ 581,000
60 lots	6,000	HK$ 697,200
70 lots	7,000	HK$ 813,400
80 lots	8,000	HK$ 929,600
90 lots	9,000	HK$ 1,045,800
100 lots	10,000	HK$ 1,162,000
200 lots	20,000	HK$ 2,324,000
300 lots	30,000	HK$ 3,486,000
400 lots	40,000	HK$ 4,648,000

Pool B

Lots Subscribed	Shares Subscribed	Subscription Amount (HKD)
500 lots	50,000	HK$ 5,810,000
600 lots	60,000	HK$ 6,972,000
700 lots	70,000	HK$ 8,134,000
800 lots	80,000	HK$ 9,296,000
900 lots	90,000	HK$ 10,458,000
1,000 lots	100,000	HK$ 11,620,000
2,000 lots	200,000	HK$ 23,240,000
3,000 lots	300,000	HK$ 34,860,000
4,000 lots	400,000	HK$ 46,480,000
5,000 lots	500,000	HK$ 58,100,000
6,000 lots	600,000	HK$ 69,720,000
7,000 lots	700,000	HK$ 81,340,000
8,000 lots	800,000	HK$ 92,960,000
9,355 lots	935,500	HK$ 108,705,100

Stock Connect Inclusion

HK Market Cap	HK$ 222.48B
Analysis Result	Already included in Stock Connect (both, shenzhen, shanghai)

Valuation & Financials

Market Cap (at Offer Price)	HK$ 51,154,748,078
H-Share Market Cap (at Offer Price)	HK$ 25,064,538,121
Pre-IPO Valuation (Last Round)	Not disclosed
P/E Ratio	Not applicable (loss-making)
Profit/Loss Status	Net loss RMB 2,958 million (2024)
Period-End Cash Balance	RMB 2,268.16 million
Listing Expenses	To be extracted
Listing Expenses / Funds Raised	~4.0%
Total Pre-IPO Investment	over RMB 8,360 million

First Day Performance

First Day Close	HK$ 131.5
First Day Open	HK$ 120.0
First Day Change	13.17%
First Day Volume	17518200.0
First Day Turnover	2229090000.0

Use of Proceeds

Use of Proceeds	1、約70.0%（或2,921.4百萬港元）將用于持續增強在通用AI大模型方面的研發能力； 2、約10.0%（或417.3百萬港元）將用于通過提供最新的基座模型以及訓練╱推理工具及基礎設施持續優化MaaS平臺； 3、約10.0%（或417.3百萬港元）將用于發展業務合作伙伴網絡以及進行戰略投資； 4、約10.0%（或417.3百萬港元）將用于營運資金及其他一般企業用途。

1、約70.0%（或2,921.4百萬港元）將用于持續增強在通用AI大模型方面的研發能力； 2、約10.0%（或417.3百萬港元）將用于通過提供最新的基座模型以及訓練╱推理工具及基礎設施持續優化MaaS平臺； 3、約10.0%（或417.3百萬港元）將用于發展業務合作伙伴網絡以及進行戰略投資； 4、約10.0%（或417.3百萬港元）將用于營運資金及其他一般企業用途。

Underwriting Syndicate

Sole Sponsor (1)

China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)

Sponsor cum Overall Coordinator (1)

China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)

Overall Coordinators (5)

Joint Global Coordinators (5)

Joint Bookrunners (12)

China International Capital Corporation Hong Kong Securities Limited CE AEN894 Huatai Financial Holdings (Hong Kong) Limited CE AOK809 BOCOM International Securities Limited CE APJ121 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236 CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650 Futu Securities International (Hong Kong) Limited CE AZT137 Tiger Brokers (HK) Global Limited CE BMU940 SPDB International Capital Limited CE BFZ375 CMB International Capital Limited CE AVM940 ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825 RICHE BRIGHT SECURITIES LIMITED CE APH275 UOB KAY HIAN (HONG KONG) LIMITED CE AAW261

Joint Lead Managers (12)

Capital Market Intermediaries (12)

Stabilizing Manager (1)

China International Capital Corporation Hong Kong Securities Limited CE AEN894

Service Providers

Role	Institution
Legal Advisor to Company	Linklaters Tian Yuan Law Firm Bayfront Law LLC King & Wood
Legal Advisor to Sponsors/Underwriters	贝克‧麦坚时律师事务所通商律师事务所
Auditor and Reporting Accountant	毕马威会计师事务所
Industry Advisor	Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.
Receiving Banks	Bank of China (Hong Kong) Limited CMB Wing Lung Bank Limited 交通银行（香港）有限公司

Cornerstone Investors

#	Investor Name	Investment Amount	Shares Subscribed	% of Offer Shares	% of Total Shares	Lock-up Period	Est. Unlock Date
1	JSC International Investment Fund SPC（为及代表Qizhi SP行事）	179,000,000 USD	11,985,900	32.03%	2.72%	6 months	2026-07-08
2	JinYi Capital Multi-Strategy Fund SPC Ltd.（为及代表Structured Credit SP Fund行事）	7,000,000 USD	468,700	1.25%	0.11%	6 months	2026-07-08
3	Perseverance Asset Management	29,000,000 USD	1,941,800	5.19%	0.44%	6 months	2026-07-08
4	上海高毅及CICC Financial Trading Limited（就高毅场外掉期而言）	9,000,000 USD	602,600	1.61%	0.14%	6 months	2026-07-08
5	WT Asset Management	44,900,000 USD	3,006,500	8.03%	0.68%	6 months	2026-07-08
6	泰康人寿	30,000,000 USD	2,008,800	5.37%	0.46%	6 months	2026-07-08
7	广发基金	42,000,000 USD	2,812,300	7.52%	0.64%	6 months	2026-07-08
8	3W Fund	18,000,000 USD	1,205,200	3.22%	0.27%	6 months	2026-07-08
9	雾凇	75,000,000 HKD	645,400	1.72%	0.15%	6 months	2026-07-08
10	Optimas Capital Limited	10,000,000 USD	669,600	1.79%	0.15%	6 months	2026-07-08
11	凌云光技术国际有限公司	5,000,000 USD	334,800	0.89%	0.08%	6 months	2026-07-08

Directors & Management

Chairman	劉德兵
Company Secretary	鄭程傑

Executive Director (3)

#	Name	English Name	Type
1	刘德兵	—	Executive Director
2	张鹏	—	Executive Director
3	张笑涵	—	Executive Director

Non-Executive Director (3)

#	Name	English Name	Type
1	李涓子	—	Non-Executive Director
2	李家庆	—	Non-Executive Director
3	王盟	—	Non-Executive Director

Independent Non-Executive Director (4)

#	Name	English Name	Type
1	杨强	—	Independent Non-Executive Director
2	谢德仁	—	Independent Non-Executive Director
3	唐颖	—	Independent Non-Executive Director
4	裴博	—	Independent Non-Executive Director

Major Shareholders

Major Shareholders & Holdings	The controlling shareholders are Beijing Lianpai, Dr. Liu, Dr. Tang, Dr. Li, Dr. Xu, Dr. Zhang, Huihui and Zhideng, holding approximately 33.03% of the share interests in aggregate. Immediately after the completion of the Global Offering, they will hold approximately 30.22% of the shares in aggregate.

AI AI 市场洞察 AI interpretation deepseek-v4-pro · AI-generated

市场情绪

The 1159.46x oversubscription for 智谱's IPO signals extraordinary market fervor for AI specialist tech under Chapter 18C, with retail allocation capped at 20% after clawback. The reported 0.0% hit rate points to near-zero success for the 204,871 applicants, highlighting a highly speculative rush. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

申购档位分析

Given the HK$11,620 entry per lot (implied 100 shares), tier distributions likely saw extreme compression: without precise data, such oversubscription typically results in 甲尾 hit rates under 0.1% and 乙头 allocations of just a few lots, sharply eroding margin financing efficiency versus the minimal reward. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

申购人群画像

With 61.7% of the 48,243 holders from Mainland China, cross-border appetite dominated, while the 65.2% male skew and average age of 42.3 reflect a mature, male-heavy investor profile. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)

Z.ai 02513Prospectus Information

市场情绪

申购档位分析

申购人群画像