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Z.ai: China's Journey into the AGI Market

On January 8, 2026, Z.ai, originally known as Zhipu AI, made history by becoming the first large language model (LLM) company to be publicly listed on the Hong Kong Stock Exchange. This achievement not only positions Z.ai as a trailblazer in the field of artificial general intelligence (AGI) but also stands as a testament to the rapid evolution of AI technologies in the region.

The Listing Details

Z.ai offered shares at HK$116.20 each and opened at HK$120.00, leading to a significant market capitalization of HK$52.83 billion. This successful IPO was made possible with the critical support of Qiming Venture Partners, who co-led Z.ai's Series B1 funding round in early 2022, well before the advent of ChatGPT.

Founded in 2019, Z.ai was born out of Tsinghua University’s technological advancements with a simple but profound mission: to create machines that can think like humans. With consistent R&D efforts, Z.ai emerged as a significant player in the AGI domain, launching several pioneering models including China’s first 10-billion-parameter model, GLM, and various innovative conversational and multimodal AI agents.

A Testament to Technological Advancement

The launch of its latest flagship model, GLM-4.7, has been particularly noteworthy, achieving remarkable performance across public benchmarks and outperforming notable competitors like GPT-4. The model supports over 40 domestic chips, showcasing its versatility and the technological prowess of its developers. Notably, it ranks first among open-source models in CodeArena's evaluation, further validating Z.ai's capabilities.

Since its inception, Z.ai has empowered over 12,000 enterprise customers and more than 80 million end-user devices globally, solidifying its position as China's foremost independent developer of large language models. The company's commitment to advancing AGI stems from its desire not only to facilitate machine learning but also to foster an inclusive AI ecosystem that benefits various sectors, including education, finance, and industrial manufacturing.

CEO's Vision and Future Directions

Zhang Peng, CEO of Z.ai, emphasized that the company’s listing is a landmark event that mirrors their journey from academic research to a formidable public entity. He stated, "Listing in Hong Kong marks our commitment to our mission of crafting machines that think like humans. It also amplifies our social responsibilities and industry leadership."

Moving forward, Z.ai aims to advance its research in AGI, focusing on improving the reasoning and coding proficiency of its models. By pursuing this goal, Z.ai continues its path of innovation and promises to enhance its contributions to a more open and thriving AI ecosystem.

Qiming Venture Partners' Role

Qiming Venture Partners has played a crucial role in Z.ai's journey, believing in the team’s technical roadmap and their ability to convert cutting-edge research into commercial success. Alex Zhou, Managing Partner at Qiming, lauded Z.ai’s resilience and innovation potential, noting that the IPO symbolizes a recognition of foundational AI developments in China, encouraging further investment in pioneering tech companies.

The trajectory of Z.ai illustrates a rich landscape of technology in China, marked by dedication, innovation, and strategic funding. As the company embarks on this new phase post-IPO, it sets the stage for exciting advancements in AGI, carrying the torch for future technologies that could reshape industries and improve human experiences.

In summary, Z.ai's successful market entry is a significant milestone not only for the company itself but for the AI sector in China, as it draws global attention to the capabilities and potential of AGI.