Core Viewpoint - Chinese securities firms are increasingly expanding their overseas operations, with multiple major and mid-sized firms announcing initiatives for international capital operations at the beginning of the year [1][2]. Group 1: Recent Developments - On February 13, major firms including CITIC Securities, CICC, and Zhongtai Securities announced guarantees for their overseas subsidiaries [2]. - GF Securities reported a change in registered capital from 7.606 billion RMB to 7.825 billion RMB due to a completed H-share placement, with funds aimed at enhancing overseas subsidiary capital [2]. - GF Securities plans to list its zero-interest convertible bonds on the Vienna MTF [3]. Group 2: Industry Trends - GF Securities is not the first to pursue overseas financing; Huatai Securities recently issued 10 billion HKD in zero-interest convertible bonds for international business support [5]. - Since 2025, over ten securities firms have made significant strides in international business, with firms like Western Securities and Dongwu Securities establishing wholly-owned subsidiaries in Hong Kong [6]. - The push into overseas markets represents a shift for Chinese securities firms from local intermediaries to global traders, driven by the need for risk hedging and capital flow [6]. Group 3: Performance Metrics - As of mid-2025, 13 out of 16 comparable A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [7]. - Notable revenue figures include CITIC Securities at 6.912 billion RMB (up 13.57%), CICC at 4.024 billion RMB (up 75.66%), and Haitong Securities at 2.459 billion RMB (up 76.21%) [8]. Group 4: Future Outlook - Experts predict that a significant number of quality domestic enterprises will connect with global markets through Hong Kong, creating opportunities for IPOs and cross-border capital services [9]. - The competitive edge in overseas business will increasingly focus on cross-border derivatives and FICC (Fixed Income, Currency, and Commodity) operations [10]. - Chinese securities firms are expanding beyond Hong Kong to Southeast Asia and the Middle East, establishing a comprehensive international business landscape [10]. Group 5: Strategic Considerations - The future growth potential for Chinese securities firms lies in cross-border wealth management, offshore RMB-related businesses, and investment banking in emerging markets [11]. - Firms are advised to build a composite team that understands both international rules and Chinese industries, while also enhancing cross-cultural integration [12].

Core Viewpoint - The report from Guotai Haitong indicates a positive outlook for insurance company profitability driven by both internal and external factors, with expectations of improved earnings due to stable long-term interest rates and a moderate rise in equity markets [1] Group 1: Insurance Fund Utilization - As of the end of 2025, the insurance industry's fund utilization balance is projected to reach 38.5 trillion yuan, reflecting a 15.7% increase from the beginning of the year; life insurance accounts for 34.7 trillion yuan (up 15.7%), while property insurance is at 2.4 trillion yuan (up 8.8%) [3] - The growth in premium income, expected to rise by 7.1% year-on-year in 2025, is attributed to strong demand for insurance savings, contributing to stable cash flow [3] Group 2: Asset Allocation Trends - By the end of Q4 2025, the insurance sector's allocation to "stocks and funds" is expected to total 5.70 trillion yuan, an increase of 1.60 trillion yuan from the start of the year, representing 15.4% of total assets, up 2.6 percentage points [4] - Stock assets are projected to reach 3.73 trillion yuan, increasing by 1.31 trillion yuan, while fund assets are expected to be 1.97 trillion yuan, up 0.29 trillion yuan; the stock allocation is 10.1%, up 2.5 percentage points [4] - The bond asset allocation is anticipated to be 50.4%, a rise of 0.9 percentage points, indicating that bonds remain a key component of insurance asset allocation [4] - Bank deposits are expected to account for 8.2% of total assets, down 0.9 percentage points, reflecting a continued decline in deposit ratios due to low interest rates [4] - Other assets, primarily non-standard assets, are projected to decrease to 18.4% of total assets, down 2.7 percentage points, as a result of maturing non-standard assets and a scarcity of new quality non-standard assets [4]

Core Viewpoint - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 21st company to pass the review in 2026, with 15 from the Beijing Stock Exchange and 6 from the Shanghai and Shenzhen Stock Exchanges combined [1] Company Overview - Zhenhong Heavy Industry specializes in the research, production, and sales of forged wind power main shafts and other large metal forgings, serving various sectors including wind power, chemical, machinery, shipping, and nuclear power [1] - The company is classified as a high-tech enterprise [1] IPO Details - The company plans to issue no more than 22,913,043 shares (excluding the over-allotment option) and aims to raise approximately 450.975 million yuan for a project to expand its annual production capacity of high-quality forgings to 50,000 tons and to supplement working capital [2] Shareholding Structure - As of the signing date of the prospectus, Zhao Zhenghong directly holds 59.19% of the company's shares and indirectly holds 0.13% through Jisheng New Energy, totaling 59.31% ownership, and serves as the chairman and actual controller of the company [1] Review Meeting Insights - No specific opinions were raised during the review meeting [3] - Key inquiries included the sustainability of performance growth, the impact of raw material price fluctuations on product competitiveness and gross margins, and the reasons for negative operating cash flow in multiple periods [3]

Core Viewpoint - The stock price of Zhiyuan Technology, known as the "first stock of large models" in Hong Kong, surged over 138.68% within five trading days, indicating strong market interest and momentum for AI-related companies [2][3] Group 1: IPO Developments - Zhiyuan Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, enhancing its advisory team [3][5] - The company previously withdrew its IPO guidance submitted in April 2025 and is now aiming for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [5][6] - The rapid re-initiation of A-share IPO guidance reflects Zhiyuan's commitment to establishing a dual capital platform ("A+H") [7] Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with a focus on both speed and quality of submissions [3][12] - Guotai Junan Securities has a strong track record, having participated in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count [8] - In contrast, CICC has been involved in 12 projects during the same period, highlighting the competitive dynamics between these top-tier firms [9] Group 3: Market Trends - The current environment allows unprofitable "hard tech" companies, including AI firms, to pursue IPOs, but the complexity of their technologies and business models leads to more rigorous scrutiny during the application process [14] - The collaboration between CICC and Guotai Junan Securities in past projects, such as the successful IPO of SMIC, showcases their established partnership in the hard tech sector [11][10]

Core Viewpoint - The stock price of Zhiyu Technology, known as the "first stock of large models" in Hong Kong, surged over 138.68% within five trading days, indicating strong market interest and momentum for AI-related companies [1][6]. Group 1: Company Developments - Zhiyu Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside China International Capital Corporation (CICC) [2][4]. - The company previously submitted an IPO guidance report in April 2025 but has since adjusted its plans to prioritize a listing on the Hong Kong Stock Exchange in January 2026 [5][6]. - The addition of Guotai Junan Securities is expected to enhance the A-share IPO process, leveraging its strong track record in technology sector IPOs [6][8]. Group 2: Market Context - The competition among leading securities firms for IPO services in the AI sector is intensifying, with firms needing to balance speed and quality in their submissions [2][10]. - Guotai Junan Securities has been involved in 19 IPO projects in the Sci-Tech Innovation Board over the past three years, leading the market in terms of project numbers [6][7]. - The current environment allows unprofitable "hard tech" companies, including AI firms, to pursue IPOs, but the complexity of their technologies and business models means they face rigorous scrutiny during the application process [10].

Core Insights - The leading Chinese generative AI company, Zhipu, is accelerating its listing plan on the Shanghai STAR Market after a successful debut on the Hong Kong Stock Exchange, aiming for a dual listing to leverage higher valuation premiums in the mainland market [1][3] - Zhipu's stock surged by 23.4% to a record high of 496 HKD, with a cumulative increase of approximately 320% since its IPO on January 8, 2023, where it raised 558 million USD [1][3] Group 1: Listing Strategy - Zhipu is the first among tech companies to adopt the rare "H first, A later" listing strategy, which allows it to tap into new pools of investment and benefit from the valuation advantages of mainland stocks compared to its Hong Kong counterparts [3][4] - The company has engaged Cathay Securities and CICC as its advisory firms for the STAR Market listing, with a third-phase IPO guidance report submitted on January 15, 2023, indicating that due diligence is progressing as planned [1][4] Group 2: Financial Performance - Despite the positive market response, Zhipu faces significant financial challenges, with a cumulative net loss of 6.2 billion RMB from 2022 to the first half of 2025, and a projected single-year loss of 2.958 billion RMB in 2024 [7] - The company's cloud business profitability has sharply declined, with gross margins dropping from 76.1% in 2022 to -0.4% in the first half of 2025, compounded by substantial R&D expenditures totaling 4.4 billion RMB over the past three and a half years [7] Group 3: Product Demand and Innovation - Strong demand for Zhipu's flagship model, GLM-4.7, has catalyzed stock price increases, leading the company to limit daily sales of its programming assistant service to 20% of previous levels to maintain user experience [6] - Zhipu's latest large language model, GLM-5, has gained significant attention, outperforming competitors like Moonshot AI, indicating ongoing innovation in computational and memory efficiency despite limited access to NVIDIA chips [5]

Core Viewpoint - The company, Zhiyuan, is shifting its IPO strategy from A-shares to the Sci-Tech Innovation Board, with a new counseling registration and a change in its IPO advisory firms [2] Group 1: IPO and Market Performance - Zhiyuan has withdrawn its previous IPO counseling registration submitted in April 2025 and has registered a new one, aiming for the Sci-Tech Innovation Board [2] - As of February 13, Zhiyuan's stock price increased by 11.89%, reaching HKD 449.80 per share, with a market capitalization of HKD 200.54 billion [2] - The company initially planned to list on the A-share market but has opted to enter the Hong Kong stock market first, where it listed on January 8 at HKD 120 per share, opening 3.27% higher than the issue price and closing 13.17% up [2] Group 2: Pricing Strategy and Product Development - On February 12, Zhiyuan announced a price increase for its GLM Coding Plan due to strong market demand, with an overall increase starting from 30% [4] - The GLM Coding Plan sold out immediately upon launch, indicating high demand for the domestic AI programming model [5] - The price increase is supported by the launch of the new flagship model, GLM-5, which has shown significant technical advancements and is expected to enhance productivity for programmers [5] Group 3: Market Position and Growth - Zhiyuan is recognized as a leading AI company in China, focusing on the development of advanced general-purpose models and has achieved rapid revenue growth [7] - The company operates on a MaaS (Model as a Service) model, with exponential growth in its cloud-based services, serving over 2.9 million enterprise and developer users [7] - According to Frost & Sullivan, Zhiyuan ranks first among independent general-purpose model developers in China and second overall, with a market share of 6.6% [7] Group 4: Financial Performance - Zhiyuan's revenue has shown significant growth, with figures of RMB 57.4 million in 2022, RMB 125 million in 2023, and RMB 312 million in 2024, reflecting a compound annual growth rate of over 130% [8] - Despite revenue growth, the company has recorded substantial annual losses, amounting to RMB 1.44 billion in 2022, RMB 7.88 billion in 2023, and RMB 29.58 billion in 2024 [8]

Core Viewpoint - Cathay Securities has initiated coverage on MINIMAX-WP with a "Buy" rating and a target price of HKD 620, highlighting the company's leading performance in self-developed multimodal models and strong overseas revenue contribution [1] Group 1: Company Performance - MINIMAX-WP's self-developed multimodal model performance is noted to be industry-leading [1] - The company has a high proportion of overseas revenue, indicating strong international market presence [1] - MINIMAX-WP is reported to have a substantial cash reserve, providing financial stability [1] Group 2: Financial Projections - Revenue is projected to reach USD 220 million by 2026, reflecting significant growth potential [1] - The company is assigned a valuation of 113x price-to-sales (PS), underscoring its status as a rare global AI investment opportunity in the Hong Kong stock market [1]

Core Viewpoint - Cathay Securities has initiated coverage on MINIMAX-WP (00100.HK) with a "Buy" rating and a target price of HKD 620 [1] Group 1: Company Performance - The company has developed a leading self-researched multimodal large model [1] - It has a high proportion of overseas revenue and substantial cash reserves [1] Group 2: Financial Projections - Revenue is expected to reach USD 220 million by 2026 [1] - The company is assigned a valuation of 113x PS, reflecting its growth potential as a rare globalized AI stock in the Hong Kong market [1]

本文为IPO早知道原创 作者|Stone Jin 微信公众号|ipozaozhidao 据IPO早知道消息，"全球大模型第一股"智谱的"H+A"上市进程迎来新进展——2月9日，国泰海通与智 谱签署辅导协议，将和早前已签署辅导协议的中金公司一同参与智谱科创板上市的辅导工作。 这意味着，智谱的"H+A"上市又迈出了关键一步。 值得一提的是，今日智谱股价再上涨超20%，市值一度接近2200亿港元，成为全球市值最高的大模型企 业。本周内，智谱涨幅达135%。 就在一天前，智谱上线并开源了被誉为"Agentic Engineering时代最好开源模型"的GLM-5——在 Coding 与 Agent 能力上，GLM-5 取得开源 SOTA 表现，在编程能力上实现了对齐 Claude Opus 4.5，在业内公 认的主流基准测试中取得开源模型 SOTA。在 SWE-bench-Verified 和 Terminal Bench 2.0 中分别获得 77.8 和 56.2 的开源模型最高分数，性能超过 Gemini 3 Pro。 而在全球权威的 Artificial Analysis 榜单中，GLM-5 位居全球第四、开源 ...