The market frenzy sparked by GLM-5 - a new model of Beijing Zhipu Huazhang Technology Co., Ltd. (“Zhipu ” or “ Company ” ) continued to gather steam on February 13, according to National Business Daily (NBD).

After a series of strong gains in prior sessions, shares of Zhipu (02513 .HK), a Hong Kong-listed company, surged a further 20.65% on the day, hitting an intraday record high of HKD 496 per share. Over the past five trading days, the stock has jumped up to 144%, pushing its market cap above HKD 210 billion and delivering massive returns for early investors.

Zhipu’s global offering document shows the Company is backed by a roster of high-profile firms and investors, including Legend Capital, Qiming Venture Partners, Tencent, Meituan, Ant Group, Quande Meijia, and a number of state-owned investment firms. Quande Meijia is controlled by XU Xin's Capital Today.

It is reported that Quande Meijia invested a total of RMB 255.3 million in Zhipu, holding 11.35 million shares. At the closing price on February 13, that stake is worth approximately HKD 5.505 billion (around RMB 4.866 billion) — representing an 18x return on investment. The "Queen of Venture Capital" XU Xin scored another classic win. Other early investors have also booked substantial paper profits.

XU Xin | Source: PE Daily

Zhipu’s recent rally has been nothing short of a dark-horse phenomenon in the Hong Kong stock market.

According to Wind data, the stock launched a sustained rally starting February 9. It jumped 36.22% on February 9 and rose a further 14.81% on February 10. It pulled back slightly on February 11, but the upward trend remained intact. In the early hours of February 12, Zhipu launched its new-generation model GLM‑5, and the capital market responded with fresh momentum, pushing the stock up 28.68%. On February 13, the stock accelerated by 20.65%, hitting an intraday peak of HKD 496 per share — a record high since IPO.

In aggregate, Zhipu has soared 144% in the past 5 trading days, with market cap topping HKD 210 billion.

The sharp rally has directly boosted returns for early investors, with XU Xin’s Capital Today

emerging as a standout winner.

According to Zhipu’s global offering document, prior to its IPO, Zhipu completed multiple financing rounds: Angel, Series A, B1 through B6 (including B5 -1/2/3 and B6-1/2/3/3+/4). More than 50 investment firms participated, raising nearly RMB 8.4 billion in total.

Among them, Series A financing reached RMB 152 million in total, with participation from firms including Fortune Capital and Jiangmen Venture Capital. From Series B1 to B3, well-known VC firms and Internet giants such as Qiming Venture Partners, Legend Capital, TH Capital, Meituan, and Luminous Ventures successively joined. Quande Meijia, controlled by Capital Today, also invested in Zhipu during this period. In subsequent financing rounds, leading firms including the National Social Security Fund, Tencent, LEI Jun’s Shunwei Capital, and Lenovo Capital, as well as state-owned investment firms from Beijing, Shanghai, Tianjin, Hangzhou, Chengdu, Wuhan, Zhuhai and other cities joined, rapidly strengthening Zhipu’s capital backing.

Zhipu debuted on the Hong Kong Stock Exchange on January 8, jumping 65.18% in its first 3 trading days. It then traded sideways for nearly a month, before breaking out again on February 9 and doubling in just a few sessions.

The chart below outlines the Company and its shareholding structure immediately after the global offering (assuming the over-allotment option is not exercised):

Taking Quande Meijia as an example: the firm invested RMB 255.3 million in November 2023 during Zhipu’s Series B3 financing — one of its core early financing rounds. At the closing price and exchange rate on February 13, its 11.35 million shares are valued at HKD 5.505 billion(equivalent to approximately RMB 4.866 billion) — a 18x paper return compared with the initial investment of RMB 255.3 million.

A preeminent figure in China’s venture capital scene, XU Xin is widely known as the“Queen of Venture Capital” for her exceptional investment acumen. Her past successes include JD.com, Meituan and NetEase, helping her amass a personal fortune exceeding RMB 10 billion. Her bet on Zhipu underscores her sharp eye for emerging growth sectors and stands as another landmark deal in her illustrious career.

Alongside XU Xin, other high-profile investors behind Zhipu have also reaped huge paper profits from the stock’s surge.

For instance, Legend Capital, the largest external shareholder, holds a 6.16% stake in Zhipu (based on the shareholding structure after the global offering, same below). According to public information and the prospectus of Zhipu, Legend Capital made an early investment in Zhipu back in 2022 and increased its stake nine times through its comprehensive growth fund and the social security Zhongguancun special fund, becoming its largest institutional investor with over 27 million shares. Based on the market cap as of February 13, this stake is worth more than HKD 1.3 billion.

Turning to Qiming Venture Partners, its senior independent investor also holds a 2.28% stake in Zhipu, with the shareholding amounting to 10.019 million shares. Based on the Company’s market cap as of today, this position is worth nearly HKD 5 billion.

In addition, Internet giants like Meituan and Ant Group, as well as many market-oriented VC firms have also achieved robust returns, which are not listed one by one here.

Naturally, entry timing and cost greatly affect returns and multiples for investment firms. However, many of the above firms backed Zhipu at an early stage and have achieved impressive paper profits amid the recent rally. Notably, Zhipu’s latest market cap has reached HKD 216.2 billion(equivalent to approximately RMB 191.084 billion), nearly 7 times its post-money valuation of RMB 24.4 billion in its last financing round — an extraordinary surge.

The explosive rally in Zhipu’s stock price is largely driven by its flagship GLM‑5 model. Meanwhile, the substantial increase in GLM‑5’s API and subscription prices has been viewed by the industry as an important signal that large models have entered an era of growing demand and global competitiveness. As reported by media, WANG Huiwen, a founding veteran of Meituan, described that Zhipu’s price hike as a defining turning point for the industry.

However, cautious observers note that Zhipu remains unprofitable amid heavy spending on R&D and sale. Whether earnings can sustainably materialize will depend on the progress of model commercialization.

Industry insiders told NBD that the AI large model sector remains in a phase of rapid development. Zhipu’s stock surge reflects both technological tailwinds and strong long-term capital confidence in AI. For XU Xin and the group of institutional investors behind the Company, the recent gains represent a milestone achievement; the sector’s long-term value will continue to unfold over time.

(Disclaimer: Content and data herein are for informational purposes only and do not constitute investment advice. Investment decisions are at investors’own risk.)

Journalist | LI Lei
Editors | DUAN Lian, XIAO Ruidong,YI Qijiang
Proofreader | HE Xiaotao