INSIGHTS / Foundation Models & Learning
Zhipu Lists on HKEX — LinkX Witnesses the Journey.
Z.AI's HKEX listing marks a new stage for the GLM model family and its products.
On January 8, 2026, Beijing Zhipu Huazhang Technology Co., Ltd. (Stock Code: 02513.HK) officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the "first large-model stock."
Zhipu: Built on Technology, Setting the AGI Industry Benchmark
Founded in 2019 from Tsinghua University's technology commercialization, Zhipu (Z.AI) has been deeply engaged in cognitive intelligence and large model research, focusing on Chinese innovation in large models.
Since developing the GLM pre-training architecture at the end of 2020, Zhipu has continued to iterate on technology and product deployment. The company launched the trillion-parameter MOE model, GLM-130B, and open-sourced the ChatGLM series, injecting vitality into the industry ecosystem.
In 2024, Zhipu released the GLM-4 series with multimodal, video generation, and voice models, achieving comprehensive capability upgrades. In 2025, the company launched next-generation flagship models GLM-4.5 and GLM-4.6, natively integrating reasoning, coding, and agent capabilities, achieving outstanding results across 12 authoritative benchmarks. GLM-4.6 performed particularly well in coding.
As a large-model company with original architecture, Zhipu has built a complete technology stack from underlying compute and MaaS (Model as a Service) platforms to upper-layer applications, providing enterprises with highly available, low-hallucination, stable large models and related services. This listing marks a new milestone in Zhipu's development.
LinkX: Early Conviction, Steadfast Partnership
In Zhipu's capital history, LinkX played a particularly key role. LinkX participated in Zhipu's over-100-million-yuan Series A round as early as September 2021, making it one of the first investment firms to back the project.
LinkX's investment in Zhipu was a commitment of long-term conviction and continued support. Through Zhipu's subsequent funding rounds, LinkX maintained its strategic support, forming a deeply aligned capital partnership with the company.
As of early 2026, LinkX has publicly invested in over 20 AI startups, forming a vibrant large-model industry ecosystem. Zhipu's successful listing is not only a milestone for the company, but also further validation of LinkX's investment strategy of "invest early, deepen engagement, and accompany long-term."