zhipu

Zhiyu announced the completion of approximately 5 billion USD in financing, including 2 billion USD in equity placement and 3 billion USD in zero-interest convertible bonds. The funds will primarily be used for the next-generation GLM model, self-training systems, and computing power infrastructure construction.

According to a report by Reuters, artificial intelligence company Zhipu has launched a Hong Kong stock placement of approximately 2 billion USD and a convertible bond issuance of about 3 billion USD, totaling a financing scale of around 5 billion USD. Zhipu will issue 21.97 million new shares at a placement price of 714 HKD per share, which is about a 10% discount compared to the closing price of 793 HKD; at the same time, it will issue 20.14 billion RMB (approximately 3 billion USD) zero-coupon convertible bonds, maturing in September 2027. The issuance price of the convertible bonds is 100% to 100.5% of face value, corresponding to a yield of -0.5% to 0%, with an initial conversion price of 892.5 HKD, which is a 25% premium over the placement price.The proceeds from the financing will mainly be used for research and development, computing power resources, and related infrastructure, as well as for business expansion, strategic investments, potential mergers and acquisitions, working capital, and other corporate purposes. This stock placement and convertible bond issuance will occur simultaneously, but the settlement of the two transactions is not interdependent.

According to the official announcement from Zhipu, the "Citywide Coding Program" launched on September 10, providing coding package subsidies for employees in Hangzhou, students from universities in Hangzhou, and companies in Shangcheng District.The subsidy for individual quarterly and annual cards is 44% and 51%, respectively, while the subsidy for corporate annual cards is 55% (with a maximum limit of 1 million yuan per company). Each individual is limited to one use, and must choose between a quarterly or annual card, with a requirement to submit proof of social insurance participation or a student status verification report for application.

On September 8, B.AI, the intelligent global settlement layer connecting models, Agents, and value flow, announced that GLM-5.3-Flash will continue to provide free calling support for global developers after the official limited-time 50% discount ends at 24:00 on September 9. Developers will not need to change their usage habits due to upstream price adjustments.GLM-5.3-Flash is the leading model in terms of call volume on the current B.AI platform, with a total of 320 billion parameters and 18 billion active parameters, supporting 1 million ultra-long contexts, balancing rapid response and reasoning capabilities, and is used for code assistance, data processing, and text generation.

According to the latest data from OpenRouter reported by the Daily Economic News, the total global invocation of AI large models last week (from August 31 to September 6) reached 115 trillion tokens, a month-on-month increase of 1.77%. Among them, the weekly invocation of China's AI large models reached 56.72 trillion tokens, a month-on-month increase of 2.83%, surpassing the United States (16.54 trillion tokens, a month-on-month decrease of 3.1%) for nineteen consecutive weeks, ranking first in the world.Among the top five global invocation volumes, four are Chinese models. Tencent's Hyper Yuan Hy4 preview ranks first with 14.7 trillion tokens, a month-on-month increase of 379%; GPT-5.6 Luna ranks second with 12.9 trillion tokens; Zhiyu GLM-5.3 Flash rises to third with 12.4 trillion tokens; DeepSeek-V4-Flash's official and preview versions rank fourth and fifth, respectively.MiniMax M3 returns to the list after nearly a month, ranking sixth, and has become the foundational base for Saudi HUMAIN's Arabic large model. In addition, Xiaomi MiMo-V2.5 and Gemini 3.7 Flash fell out of the list this week.

According to 36Kr, Zhipu has recently opened an official flagship store on Tmall. Data shows that within 48 hours of opening, brand searches surged 50 times compared to the previous period, driving a more than 160% increase in transactions for subscription products like AI tokens on Taobao and Tmall.Previously, Tmall launched the AI Space Station (Token Recharge Center), which initially integrated major model providers such as Alibaba Cloud, Zhipu, Kimi, MiniMax, and DeepSeek, allowing users to directly purchase related subscription services just like "recharging phone credits."

On September 2, the domestic large model manufacturer Zhipu opened an official flagship store on Tmall, selling products such as the Coding Plan package.Currently available products include personal versions like Lite, Pro, Max, etc., which can be purchased via monthly/quarterly/annual subscriptions. In the future, buying Tokens will also be possible on the e-commerce platform.

Robonomics author FD published the China Open-Source LLM Tracker on September 1, 2026, stating that the total ARR of China's open-source large models is approximately $10-15 billion, with core LLM revenue around $6-8 billion after excluding ByteDance / Seedance. Growth has not relied on price wars; after DeepSeek raised prices by about 3-12 times, usage still increased, and the average price of the Zhipu API rose by 101% while token usage exceeded 40 times within the year. The best estimate for overseas revenue is approximately $2 billion.Zhipu MaaS ARR increased from about $250 million in March to an annualized monthly rate of about $1.6 billion in August, with a weekly annualized rate of $2 billion. August revenue has already surpassed its API revenue for the first half of the year; the API gross margin is 24.6%, and inference costs per token decreased by 80%. MiniMax ARR rose from about $100 million in December 2025 to over $800 million in annualized weekly revenue by August 2026, with B2B accounting for about 80%. Kimi ARR increased from about $100 million in March to about $300 million by mid-June. DeepSeek's revenue from January to July was approximately $70 million, with the latest ARR estimated at about $1.2 billion.ByteDance's annualized AI revenue is approximately $4 billion, of which Seedance accounts for about $2 billion.

According to Gate market data, as of the close of the Hong Kong stock market, the Hong Kong Hang Seng Index rose by 0.07%, while the Hang Seng Tech Index fell by 0.33%. Domestic property stocks led the gains, with Sunac China rising over 10%, CIFI Holdings Group rising over 5%, and Country Garden and Vanke Enterprises rising over 2%.The non-ferrous metals sector rose, with China Nonferrous Mining rising over 4%, Tianqi Lithium rising over 3%, and China Aluminum rising over 3%. The PCB and storage concepts weakened, with Shenghong Technology falling nearly 13%, Chipbond Technology falling over 8%, and Zhaoyi Innovation and Lattice Semiconductor falling over 5%.Large model concept stocks declined, with Zhiyu falling over 6% and MINIMAX-W falling over 4%.

According to the Securities Times, on August 27, the reporter learned from SenseTime that SenseTime's large device provides domestic computing power support and Token services for the GLM-5.3-Flash recently launched and open-sourced by Zhipu, which is considered another benchmark for the large-scale commercial use of domestic computing power. It was revealed that the daily average Token service volume of SenseTime's large device reached 24.2 trillion in July, and it is expected to exceed a daily average of 100 trillion by the end of 2026.

On August 27, the one-stop AGI infrastructure platform B.AI announced that the Zhipu GLM-5.3-Flash (320B-A18B) officially launched on the platform and is fully open for free in the API official group. As the first native multimodal model in the GLM-5 series, GLM-5.3-Flash features a total of 320 billion parameters and 18 billion active parameters, supported by computing power from purely domestic AI chips. It introduces a mixed architecture of sparse and linear attention for the first time, combined with a 1M ultra-long context, offering both powerful performance and exceptional cost-effectiveness. Starting today, developers can call it at zero cost through the B.AI API official group, easily handling complex reasoning, long text processing, and multimodal tasks.

According to Gate market data, the Hong Kong stock market closed with the Hang Seng Index down 0.34% and the Hang Seng Tech Index down 0.13%; Zhipu (02513.HK) rose 12.62% for the day.

According to Gate market data, the Hong Kong stock market opened, with the Hang Seng Index rising 0.48% and the Hang Seng Tech Index rising 0.85%. Zhipu (02513.HK) opened up over 8%, recently launching a lightweight flagship model benchmarked against DeepSeek.

Zhipu released the lightweight flagship model GLM-5.3 Flash, aimed at competing with DeepSeek V4 Flash, and utilizes over 100,000 domestic chip clusters to provide inference services. The model has a parameter scale of approximately 300B, about 40% of GLM-5.3, and is roughly on par with DeepSeek V4 Flash; it adopts the MoE architecture, with actual activated parameters around 18B, possesses native multimodal capabilities, supports image and video input, and is the first new model with multimodal capabilities following Zhipu's focus on coding strategy.The comprehensive evaluation score exceeds that of the previous flagship GLM-5.2, is on par with Claude Opus 4.8, and is higher than the relevant scores of DeepSeek V4 Pro official version. The pricing is 0.8 yuan per million tokens for input, 2.8 yuan for output, and 0.23 yuan for cache hits, approximately one-tenth of GLM-5.3, with a half-price discount offered for the first two weeks after launch. The model is fully compatible with domestic computing power, online traffic is handled by domestic chips, and Zhipu claims that the cluster hardware efficiency and unit token cost have reached levels comparable to mainstream NVIDIA GPUs; this model was previously tested anonymously on overseas platforms under the code name Ox Alpha.

Zhipu officially announced the launch and open-sourcing of GLM-5.3-Flash, which is the first native multimodal model in the GLM-5 series.It is reported that the overall performance of GLM-5.3-Flash exceeds that of GLM-5.2, with programming and Agent evaluations approaching Claude Opus 4.8, but at only one-tenth the price of GLM-5.2. It also features a new foundational model, introducing a mixed architecture of sparse attention and linear attention for the first time in the main GLM series, and is pre-trained with 30T Token multimodal data.Zhipu stated that to gather extensive and professional feedback from a wide range of users, large-scale testing was conducted with the anonymous model Ox-Alpha (referred to as "Niu Lai" in the Chinese community) on OpenCode and OpenRouter before the official release. Ox-Alpha quickly became the most popular model of the week, setting a new high for call volume on both platforms, with all request traffic supported by domestic chip computing power.Previously, the community's DeepSWE small sample test for Ox Alpha once achieved 80%, but that was based on only 10 questions. After expanding the sample, the score fell back to about 63%, and testers also actively corrected the initial claim. This score still belongs to the top tier, but is not as exaggerated as the initial 80%. After the weights are open-sourced, developers can directly deploy using frameworks like vLLM, SGLang, KTransformers, without needing to go through the anonymous model's API.

According to Bloomberg, Chinese artificial intelligence company Z.AI (Zhìpǔ) has confirmed that the mysterious artificial intelligence model Ox Alpha, which has rapidly risen to the top of online usage rankings, is a new iteration of its GLM series.The company stated in response to a Bloomberg News inquiry that it will release the model weights for Ox Alpha tonight.

According to Bloomberg, the Chinese AI model company Z.AI (智谱, 2513:HK) listed in Hong Kong and MiniMax Group (100:HK) are facing record short-selling bets. Data shows that MiniMax's short position has accounted for about 20% of its free float, while Z.AI is around 6%. These positions have risen to high levels ahead of the two companies' upcoming earnings reports, reflecting investors' increasing concerns about the intense competition in the Chinese AI sector.After both companies completed high-profile listings earlier this year, their stock prices have retreated from historical highs, but short-selling activity has further intensified. Market attention is focused on the escalating competition among domestic large model manufacturers and the resulting pressure on profit prospects and valuations.

Z.ai released GLM-5.3, which is based on the same foundational model as GLM-5.2, achieving capability improvements through expanded post-training. The official statement claims that GLM-5.3 has improved by 50% on the internal Z.ai Code Bench coding benchmark compared to GLM-5.2, and has reached leading levels among open models in public benchmarks such as Terminal Bench 3 and Agents' Last Exam.In terms of cybersecurity, GLM-5.3 achieved a score of 84.5% in the CyberGym vulnerability discovery test, and showed significant improvements in exploitation chain-related tests such as ExploitBench and ExploitGym compared to its predecessor.

The number of registered users on the Zhipu MaaS open platform (i.e., API users) has approached 7 million, an increase of about 2 million compared to early July, including 23,000 enterprise customers. The user count for the developer product ZCode, which competes with Codex, surpassed one million within one month of its launch.Since the beginning of this year, Zhipu's ARR has grown 15 times. It is understood that after the release of new models by Kimi and Alibaba, Zhipu's ARR growth rate has not been affected. Some investors have revealed that the current ARR has reached $2 billion, but Zhipu's official stance has denied this, with people close to the company indicating that the actual figure should be higher. On July 21, it was reported that Zhipu has built a domestic AI computing power infrastructure with a scale of 1GW. It is understood that more than 50,000 domestic computing chips have been activated to alleviate the growing inference demand. On July 31, Zhipu's long-term Coding Plan, which had significantly increased in price, was opened for purchase.

According to Gate market data, the Hang Seng Index turned to decline in the afternoon, and the Hang Seng Tech Index's increase narrowed to 0.44%. Zhizhu (02513.HK) fell by 8%, while SMIC (00981.HK) and Li Auto (02015.HK) both dropped by more than 2%.