China's AGI Pioneer and Leader Z.ai Listed on Hong Kong Stock Exchange

Z.ai was founded in 2019 as a commercialization of technological achievements from Tsinghua University. With the mission "to make machines think like humans", the company has remained dedicated to AGI research and development. Since its inception, Z.ai has launched China's first 10-billion-parameter model, its first open-source 100-billion-parameter model, its first conversational model, its first multimodal model, and the world's first device-control AI agent. It has built one of the world's most advanced and comprehensive model portfolios and AI agent products.

GLM achieves breakthrough in full domesticization, supports over 40 domestic chips, becoming one of the most versatile model architectures in the industry. Its latest flagship model,GLM-4.7, has delivered top-tier performance among open-source models across multiple mainstream public benchmarks. In CodeArena, an authoritative coding evaluation system with global participation from a million users in blind testing, GLM-4.7 ranks first among open-source models and first among domestic models, surpassing GPT-4. Additionally, on the highly authoritative AA AI Index, the model also secured first place among open-source models and first among domestic models. The released GLM Coding Plan has already gained 150,000 users globally, establishing itself as a primary programming model solution for Chinese developers.

Today, Z.ai has grown into China's largest independent large language model developer. Its GLM series of models are applied across various sectors including public governance, industrial manufacturing, energy and power, finance, internet, communications, consumer electronics, and education. As of September 30, 2025, Z.ai's models had empowered over 12,000 enterprise customers, more than 80 million end-user devices, and over 45 million developers worldwide, making it the independent general-purpose large-model vendor in China with the highest number of enabled end-user devices.

Zhang Peng, CEO of Z.ai, stated: "Listing in Hong Kong represents a landmark milestone for Z.ai. Our journey—from commercializing research outcomes at Tsinghua's labs to becoming a publicly listed company—has never strayed from our original vision: 'to make machines think like humans'. Going public means we must shoulder even greater social responsibility and industry mission. Moving forward, Z.ai will continue to deepen our commitment to fully independent, controllable full-stack large model technology, relentlessly push the boundaries of AGI capabilities, and consistently enhance the reasoning, coding, and multimodal performance of the GLM model series. We are dedicated to building a more open and thriving AI ecosystem, empowering thousands of industries through accessible and inclusive technology, and making General Artificial Intelligence a genuine productive force for the advancement of human civilization."

Alex Zhou, Managing Partner of Qiming Venture Partners, said, "The Z.ai team combines deep conviction in its technical roadmap with a rare ability to consistently translate frontier research into real commercial value. This dual strength—a strong belief in technology coupled with disciplined industrial execution—gives us confidence that the company will navigate the AI wave with resilience and emerge as a category leader. Z.ai's successful IPO is not only a critical validation of China's path in foundational AI innovation, but also sends a clear signal to the broader technology investment community: in the long run, the market recognizes and rewards teams that stay committed to frontier exploration and deep, foundational technological breakthroughs. We look forward to Z.ai building on this milestone and continuing to drive innovation in large language model technology and real-world applications, creating even greater value for the AI ecosystem."

About Qiming Venture Partners

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Healthcare industries at the early and growth stages.

Since our debut, we have backed over 580 fast-growing and innovative companies. Over 210 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 80 portfolio companies that have achieved unicorn or super unicorn status.

Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi, Meituan, Bilibili, Zhihu, Roborock, Hesai Technology, UBTech, WeRide, HyperStrong, Insta360, Unisound, Biren Technology, Z.ai (02513.HK), Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, Schrödinger, APT Medical, Sanyou Medical, AmoyDx, SinocellTech, Insilico Medicine, AusperBio, Yuanxin Technology, Medilink Therapeutics, LaNova Medicines, StepFun, among many others.

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SOURCE Qiming Venture Partners