Beijing Zhipu Huazhang Technology Co. Ltd. (Ticker: 2513 HK) is a Chinese technology company specializing in artificial intelligence and general-purpose large language models (LLMs). The company plans to list on the Hong Kong Stock Exchange on January 8, 2026, planning to offer 37.42 million H-shares at a price of HKD 116.20 per share. The company aims to raise HKD 4.35 billion (approximately USD 559 million), resulting in a valuation of approximately USD 6.57 billion.

The firm reportedly plans to use the IPO proceeds primarily for research and development and product capacity, with the remainder allocated to brand promotion, business development, and general working capital. The company is a leading independent AI developer in China, known for its proprietary GLM framework and "Z.AI" models. Its latest iteration, GLM-4.7, reportedly ranks 6th on the LLM Leaderboard, positioning it alongside major global competitors like ChatGPT and Gemini. According to filings, the company generated RMB 312.4 million in revenue in 2024, reflecting a CAGR of over 130% since 2022. The offering is sponsored by China International Capital Corporation.