Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Knowledge Atlas Technology / Equity Bottom-Up

<ul>
<li>We believe KA’s algorithms and/or models did not provide higher efficiency in 1H25 than in 1H26.</li>
<li>KA does a full-stack in-house development, which is rare in China.</li>
<li>We believe authorities will restrict overseas AI companies for national information security.</li>
</ul>


We believe KA’s algorithms and/or models did not provide higher efficiency in 1H25 than in 1H26.
KA does a full-stack in-house development, which is rare in China.
We believe authorities will restrict overseas AI companies for national information security.


Knowledge Atlas 智谱 (2513 HK): Margin Stagnant, But Favorable Policy Coming Soon

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-zhipu-huazhang-technology-co-ltd-knowledge-atlas-technology" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a>'s debut is lukewarm, and currently trading on 37.8x P/S for FY27, it is close to fairly valued. </li>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a>'s B2C focus and its 3-year revenue CAGR of 126.8% (vs. 63.9%) warrants FY27 P/S of 55.1x, up from 48.8x as its peer <a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads (688795 CH)</a> rallied. </li>
<li>Our fair value of <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> equals a 45% premium to <a href="https://www.smartkarma.com/entities/beijing-zhipu-huazhang-technology-co-ltd-knowledge-atlas-technology" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a>, justified by its above-sector momentum and "winner-take-all" characteristics.</li>
</ul>



Knowledge Atlas Technology (2513 HK)'s debut is lukewarm, and currently trading on 37.8x P/S for FY27, it is close to fairly valued. 

MiniMax (100 HK)'s B2C focus and its 3-year revenue CAGR of 126.8% (vs. 63.9%) warrants FY27 P/S of 55.1x, up from 48.8x as its peer Moore Threads (688795 CH) rallied. 
Our fair value of MiniMax (100 HK) equals a 45% premium to Knowledge Atlas Technology (2513 HK), justified by its above-sector momentum and "winner-take-all" characteristics.


Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Knowledge Atlas Technology / Equity Capital Markets

<ul>
<li>Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2). </li>
<li>Given the excellent upside, we have a Positive View of this IPO. At this valuation, it represents an implied market cap of US$12.6 billion (HK$98.2 billion).</li>
<li>Zhipu AI ranked first among China’s independent developers and second among all developers of general-purpose large models by revenue market share in 2024, with a share of 6.6%.</li>
</ul>


Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2). 
Given the excellent upside, we have a Positive View of this IPO. At this valuation, it represents an implied market cap of US$12.6 billion (HK$98.2 billion).
Zhipu AI ranked first among China’s independent developers and second among all developers of general-purpose large models by revenue market share in 2024, with a share of 6.6%.


Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Valuation Analysis

<ul>
<li>Chinese AI firm Zhipu AI launched its share sale in Hong Kong, aiming to become the first large language model (LLM) developer to list on the exchange. </li>
<li>Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.</li>
<li>Zhipu faces domestic competition from rivals like MiniMax, who are also planning a Hong Kong IPO, and global competition from firms such as OpenAI and Anthropic.</li>
</ul>


Chinese AI firm Zhipu AI launched its share sale in Hong Kong, aiming to become the first large language model (LLM) developer to list on the exchange. 
Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.
Zhipu faces domestic competition from rivals like MiniMax, who are also planning a Hong Kong IPO, and global competition from firms such as OpenAI and Anthropic.


Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.</li>
<li>Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.</li>
<li>DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.
Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.
DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.


This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

China

Knowledge Atlas Technology provides customized large model-related services, specializing in artificial intelligence (AI) and big data solutions, including AI model development and industry-specific intelligent applications. The company offers on-premise and cloud-based deployment services, along with products like z.ai, AutoGLM, ChatGLM, and the GLM family of large language models. Knowledge Atlas Technology was founded in 2019 and is headquartered in Beijing, China.

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Knowledge Atlas Technology (2513 HK)

Knowledge Atlas 智谱 (2513 HK): Margin Stagnant, But Favorable Policy Coming Soon

KA’s algorithms and/or models did not provide higher efficiency in 1H25. KA does a full-stack in-house development, which is rare in China. We...

Ming Lu

Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...

Osbert Tang, CFA

Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Valuation Analysis

Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2). At this valuation, it represents an implied...

Douglas Kim

Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview

Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.

Douglas Kim

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Knowledge Atlas 智谱 (2513 HK): Margin Stagnant, But Favorable Policy Coming Soon

KA’s algorithms and/or models did not provide higher efficiency in 1H25. KA does a full-stack in-house development, which is rare in China. We...

Ming Lu

Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

​Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...

Osbert Tang, CFA

Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Valuation Analysis

Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2). At this valuation, it represents an implied...

Douglas Kim

Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview

Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.

Douglas Kim

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...