On January 8th, the investment enterprise of Chengdu High-tech Zone — Beijing Zhipu Huazhang Technology Co., Ltd. (hereinafter referred to as “Zhipu”), officially listed on the main board of the Hong Kong Stock Exchange (stock code 02513.HK) as the “first global large model stock”. The issue price was HK$116.20 per share, and as of the time of writing, its latest market value exceeded HK$57 billion. This also marks the entry of China’s large model sector into the capital market validation phase.

It is understood that Zhipu was founded in 2019 and is one of the domestic enterprises that systematically advanced the research and development of general large models relatively early. Since initiating the development of the GLM pre-training architecture in 2020, the company has continuously iterated, forming a complete technological advancement path and achieving key breakthroughs in unified models that integrate reasoning, coding, and agent capabilities. Its latest release, GLM-4.7, has performed remarkably, not only securing the top spot among open-source models and domestic models in Code Arena, surpassing GPT-5.2, but also topping the global authoritative AA Intelligence Index evaluation list with a comprehensive score of 68, claiming the dual titles of leading open-source model and leading domestic model.

In March 2025, Chengdu High-tech Zone’s Ceyuan Capital announced a strategic investment of over 100 million yuan in Zhipu. Zhipu settled in Sichuan Province’s Zhuge Space, collaborating to build the first provincial-level foundational large model. Among these efforts, the “Zhipu Zhuge Large Model National Headquarters Project” with a total investment of 300 million yuan will establish the Zhipu Zhuge Large Model R&D Center. It will focus on the research and development of the Zhuge large model and its iterative derivatives, and carry out B2B vertical model development and business operations. Simultaneously, it will establish the Zhipu Industrial Application Western Empowerment Platform and the Western Innovation Center, building a large model service MaaS platform to drive the coordinated development of the local artificial intelligence industry chain as a key player.

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Zhuge Space, a demonstration park for the artificial intelligence industry in Sichuan Province. The park has formed a cluster cooperation ecosystem where “upstairs and downstairs are upstream and downstream,” actively connecting with high-quality AI and robotics enterprises, focusing on cultivating high-level “treasure of the park” enterprises, and accelerating the formation of a development pattern led by industry leaders with clustered chain affiliates.

As Sichuan’s first provincial-level foundational large model, the “Zhuge Large Model” is based on a fully self-developed GLM architecture, deeply integrating local Sichuan industrial and government data to achieve full-chain autonomy and control. Its

Chengdu High-tech Zone

The Chengdu High-tech Zone, established in 1988 and approved as a national-level zone in 1991, is a major technology and innovation hub in western China. Originally developed to drive regional economic growth through science and industry, it has evolved into a leading center for sectors like electronics, information technology, and biopharmaceuticals, often called the “Silicon Valley of China.” Today, it symbolizes Chengdu’s transformation into a modern, global city of research and development.

Hong Kong Stock Exchange

The Hong Kong Stock Exchange (HKEX) is one of the world’s largest and most prominent financial marketplaces. Its origins trace back to the founding of the Association of Stockbrokers in Hong Kong in 1891, with the modern exchange formed by the merger of four separate exchanges in 1986. Today, it is a critical global hub for capital raising, particularly serving as a gateway for international investment into China and for Chinese companies seeking international listings.

Beijing Zhipu Huazhang Technology Co., Ltd.

Beijing Zhipu Huazhang Technology Co., Ltd. is a private technology company based in Beijing, China, specializing in artificial intelligence research and development. It is a subsidiary of Zhipu AI, a leading AI firm founded in 2019 by researchers from Tsinghua University, focused on advancing large-scale pre-trained models and AI applications. The company represents a modern entity in China’s rapidly growing tech industry rather than a historical place or traditional cultural site.

Sichuan Province

Sichuan Province, located in southwestern China, is a region historically known as the “Land of Abundance” due to its fertile basin and agricultural wealth. Its history dates back over two millennia as a distinct cultural and administrative region, famously serving as the heartland of the ancient Shu state and later as a crucial stronghold during several Chinese dynasties. Today, it is globally renowned for its unique cuisine—notably the fiery, numbing flavors of Sichuan peppercorns—as well as iconic sites like the Chengdu Research Base of Giant Panda Breeding and the majestic Dujiangyan irrigation system, a UNESCO World Heritage site from the 3rd century BC.

Zhuge Space

“Zhuge Space” is a modern cultural and creative park located in Lanxi, Zhejiang Province, China, themed around the legacy of Zhuge Liang, the renowned strategist of the Three Kingdoms period. It incorporates elements of traditional Chinese architecture and wisdom culture, offering exhibitions, workshops, and immersive experiences that connect visitors to this historical figure. While the park itself is a contemporary development, it draws upon the area’s historical significance, as Lanxi is near the ancestral village of the Zhuge clan.

Zhipu Zhuge Large Model R&D Center

The Zhipu Zhuge Large Model R&D Center is a research and development facility of Zhipu AI, a leading Chinese AI company, focused on creating advanced large-scale artificial intelligence models. Named after the ancient Chinese strategist Zhuge Liang, symbolizing wisdom, it represents China’s significant investment and ambition in cutting-edge AI technology, particularly in developing foundational models similar to GPT.

Zhipu Industrial Application Western Empowerment Platform

The “Zhipu Industrial Application Western Empowerment Platform” is a modern digital initiative, not a traditional physical place or cultural site. It is a technological service platform launched by the Chinese AI company Zhipu AI, designed to provide AI-driven industrial solutions and support digital transformation for enterprises in western China. Its history is recent, stemming from the company’s strategic efforts to promote regional development through advanced technology.

Western Innovation Center

The Western Innovation Center is a modern facility designed to foster technological advancement and entrepreneurship, typically found in regions like Western China. While it does not have a long historical legacy, it represents a contemporary initiative, often established in the 21st century, to drive economic growth through research, startups, and collaboration between industry and academia.