IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
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 (Pool A9,355lots，Pool B9,355lots) |
| 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 Analysis
| HK Market Cap | HK$ 212.65B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
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 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 | 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
国泰君安证券（香港）有限公司 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)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
BOCOM International Securities Limited CE APJ121
国泰君安证券（香港）有限公司 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
Capital Market Intermediaries (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
国泰君安证券（香港）有限公司 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
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 金杜律师事务所 |
| 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 | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 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
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 劉德兵 | — |
| Company Secretary | 鄭程傑 | — |
| Executive Director | 刘德兵 | LiuDebing |
| Non-Executive Director | 李涓子 | LiJuanzi |
| Independent Non-Executive Director | 杨强 | YangQiang |
| Executive Director | 张鹏 | ZhangPeng |
| Non-Executive Director | 李家庆 | LiJiaqing |
| Independent Non-Executive Director | 谢德仁 | XieDeren |
| Executive Director | 张笑涵 | ZhangXiaohan |
| Non-Executive Director | 王盟 | WangMeng |
| Independent Non-Executive Director | 唐颖 | TangYing |
| Independent Non-Executive Director | 裴博 | PeiBo |
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 Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
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.)
Tier Analysis
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.)
Demographics
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.)
