On January 8, 2026, Knowledge Atlas Technology Joint Stock Company Limited ("ZHIPU" or the "Company") was listed on the Main Board of the Hong Kong Stock Exchange (“HKEX”), with the stock code “2513.HK”, officially marking the birth of the world’s first large-scale model stock. ZHIPU is an AI technology unicorn company listed under the HKEX’s 18C Special Purpose Technology Standard. ZHIPU’s global offering consisted of 37,419,500 shares (assuming the over- allotment option is not exercised ), raising a total of approximately HK$4.348 billion. The Hong Kong offering of ZHIPU received a tremendous market response, successfully attracting cornerstone investors including JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC Ltd., Shanghai Gaoyi Management Investment Fund, WT Asset Management Limited, Taikang Life Insurance, GF Fund Management, 3W Fund, and Lingyun Guang International, making it one of the most prestigious cornerstone investor lineups in recent years.

ZHIPU was officially established in June 2019, adhering to the grand vision of "enabling machines to think like humans." Since its inception, the company has been deeply involved in the research and development of general-purpose large-scale models. According to a report by Frost & Sullivan, the company is the first domestic AI company to independently develop large-scale AI models with parameters exceeding 100 billion, and is a leader in general artificial intelligence in China. The company's GLM-4.6 ranked first globally on Code Arena, an industry-recognized global AI professional coding evaluation platform designed specifically for evaluating model coding capabilities; its GLM-4.7 ranked first in both the Code Arena open-source model and domestic model rankings, and sixth globally.

ZIPU continues to provide general-purpose large model services to clients, including enterprises and government agencies, as well as individual end-users and developers. In 2024, the company ranked first in revenue among independent developers of general-purpose large models and second among all general-purpose large model developers. As of June 30, 2025, the company’s large models have empowered over 8,000 enterprise clients; to date, they have covered approximately 80 million end-user devices.

As a long-term partner of ZIPU, Tian Yuan Law Firm has provided ongoing legal services for multiple rounds of equity financing and daily operations over the years. In the company’s Hong Kong listing project, Tian Yuan served as the issuer's Chinese legal counsel and data compliance legal advisor. Leveraging its professional expertise in the field of artificial intelligence legal services and extensive experience in capital markets, the firm responded promptly and innovatively to address challenges throughout the entire process, delivering professional, efficient, and high-quality legal services. During the project implementation, all team members worked tirelessly and overcame numerous obstacles. At critical stages such as confidential submission, filing with the China Securities Regulatory Commission, the Hong Kong Stock Exchange's hearing, and the issuance, the team demonstrated exceptional technical proficiency and comprehensive capabilities, ensuring the company’s successful completion of the listing. With solid professional expertise, efficient execution, effective communication and collaboration, and a service-oriented spirit of overcoming challenges, Tian Yuan earned high recognition from all parties involved.

This project was led by Tian Yuan Managing Partner Wu Guanxiong and Partner Wang Yanchun, and completed by a team including Partners Han Xukun and Guo Wenjia, as well as Capital Markets lawyers Wang Ning, Bao Jiajun, and Zhang Jinglin. Data compliance legal services for this project were provided by a team comprised of Tian Yuan Partners Zeng Wenwen and Han Ruoshui. We sincerely congratulate ZHIPU on its successful Hong Kong listing and wish the company continued success and prosperity!