Knowledge Atlas Technology Joint Stock Company Limited (Beijing Zhipu Huazhang Technology Joint Stock Company Limited, 02513.HK) has launched its Hong Kong initial public offering (IPO). The offer period runs from December 30, 2025 to January 5, 2026. The company plans a global offering of 37,419,500 H shares, subject to a 15% over-allotment option. The offer price is set at HK$116.20 per share. Board lots are 100 shares, with an indicative entry cost of approximately HK$11,737.19. Trading on the Main Board of The Stock Exchange of Hong Kong Limited is expected to commence on January 8, 2026. China International Capital Corporation Hong Kong Securities Limited is acting as the sole sponsor, sponsor and overall coordinator.

Knowledge Atlas: The Second-Largest Developer of General-Purpose Large Models in China

Offer Structure: The Hong Kong public offering comprises 1,871,000 H shares (approximately 5%), and the international placing comprises 35,548,500 H shares (approximately 95%).

Offer Price: HK$116.20 per share; board lot of 100 shares; indicative entry cost approximately HK$11,737.19.

Offer Period: December 30, 2025 to January 5, 2026.

Expected Listing Date: January 8, 2026.

IPO Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited (CICC).

Company Overview

Knowledge Atlas (Beijing Zhipu Huazhang) is a leading artificial intelligence company in China dedicated to developing general-purpose large models (AGI). Founded in 2019 with a bold vision to pursue AGI innovation in China, the company released the GLM framework, China's first proprietary pre-trained large-model framework, in 2021 alongside its Model-as-a-Service (MaaS) platform for product development and commercialization. According to Frost & Sullivan, based on 2024 revenue, Knowledge Atlas ranked first among independent general large-model developers in China and second among all general large-model developers, capturing a market share of 6.6%. As of June 30, 2025, its models had supported over eight thousand institutional customers. As of the latest practicable date, they had been deployed to empower approximately 80 million devices.

Financial Information

According to the prospectus, Knowledge Atlas's revenue for 2022, 2023, and 2024 was approximately RMB57.4 million, RMB124.5 million, and RMB312.4 million, respectively. Net losses for the corresponding years were approximately RMB143.7 million, RMB788.0 million, and RMB2,958.0 million. For the six months ended June 30, 2025, revenue was approximately RMB190.9 million, with a net loss of approximately RMB2,357.9 million. Assuming an offer price of HK$116.20 per share and no exercise of the over-allotment option, the company estimates net proceeds from the global offering to be approximately HK$4,173.4 million. The intended use of proceeds is as follows: approximately 70.0% (or HK$2,921.4 million) to continuously enhance R&D capabilities in general AI large models; approximately 10.0% (or HK$417.3 million) to continuously optimize the MaaS platform; approximately 10.0% (or HK$417.3 million) to develop business partner networks and make strategic investments; and approximately 10.0% (or HK$417.3 million) for working capital and other general corporate purposes.

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Knowledge Atlas via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Knowledge Atlas , tap "Public Offer," enter your subscription quantity, and submit your order.

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