The first major AI company, Zhipu, advances its A-share Sci-Tech Innovation Board IPO, with Hong Kong stock prices rising for five consecutive days.

NightAirdropper · 2026-02-13T23:05:34+00:00

Zhipu has recently made new progress in its A-share listing plan, withdrawing the 2025 guidance filing, re-filing, and planning to list on the STAR Market. Zhipu's H-share stock price has continued to rise, with a market capitalization of HKD 211.2 billion, becoming the "world's number one large model stock." The new model GLM-5 is now online, and the pricing of programming products has increased.

NightAirdropper

2026-02-13 23:05:34

Abstract generation in progress

After the release of the new model, are there new developments in Zhipu’s “A+H” listing layout? On February 13, N Video reporters from Southern Metropolis Daily learned from the China Securities Regulatory Commission official website that Zhipu withdrew its guidance filing submitted in April 2025 and has processed a new guidance filing registration. According to the latest registration information, Zhipu plans to conduct an initial public offering and list on the STAR Market of the Shanghai Stock Exchange for the first time. The IPO guidance institutions have changed from China International Capital Corporation to two securities firms, Guotai Haitong and China Securities.

N Video reporters contacted Zhipu for verification, but as of press time, no response has been received. Notably, Zhipu’s H-share stock price has increased for five consecutive trading days. As of press time, Zhipu’s stock price on February 13 rose over 17%, reaching HKD 473.8 per share, with a total market value of HKD 211.2 billion, more than three times the value on the first day of listing.

Zhipu’s stock price has risen for multiple consecutive trading days.

Zhipu began its A-share listing process last year. In April 2025, Zhipu filed for guidance registration with the Beijing Securities Regulatory Bureau, with China International Capital Corporation serving as the guidance institution at that time.

On January 8 this year, Zhipu (02513.HK) officially listed on the Hong Kong Stock Exchange, becoming the “world’s first large model stock.”

Zhipu continues to advance the development of new large models. On February 12, N Video reporters learned that the previously widely discussed anonymous model codenamed “Pony Alpha,” is Zhipu’s new model GLM-5. On February 12, the new model was launched on the chat.z.ai platform, achieving open-source SOTA performance in Coding and Agent capabilities. Meanwhile, Zhipu announced a price adjustment for its programming product packages, with an overall increase of at least 30%.

Report by: N Video Reporter Lin Wenqi

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