We are pleased to announce that on 8th January 2026, China Merchants Securities (HK) Co., Limited (“CMS (HK)”, a subsidiary of China Merchants Securities International Company Limited), acting as one of the Overall Coordinators, Joint Global Coordinators and Joint Bookrunners of Knowledge Atlas Technology Joint Stock Company Limited (“the Company”, stock code: 2513.HK), successfully assisted the Company to commence trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEx”). A total of approximately 37.42 million H shares are issued and offered under the Global Offering, at an offer price of HK$116.20 per share, raising a total of approximately HK$4.35 billion.
As one of the Overall Coordinators, CMS (HK) accompanied the Company to overcome difficulties and challenges along the way and has contributed significantly in terms of execution and marketing to the successful listing. Leveraging its precise assessment of the market window and profound understanding of the Company’s investment narrative, CMS (HK) conducted thorough early-stage investor outreach and marketing initiatives, effectively attracting strong participation from leading long-only funds, sovereign wealth funds, large public funds, and private equity funds. This laid a solid foundation for the Company’s robust bookbuilding momentum and successful offering, ensuring a complete execution of the transaction.
The Company was well received by the capital markets, securing 11 cornerstone investors who subscribed to approximately HK$2.98 billion. The cornerstone investor cohort comprised a number of top-tier domestic and international institutions, including Perseverance Asset Management, WT Asset Management, Taikang Life, and GF Fund, demonstrating strong recognition and confidence from global institutional investors.The international offering was ultimately covered approximately 15.28 times, while the Hong Kong public offering was subscribed approximately 1,159.46 times.
About Knowledge Atlas Technology Joint Stock Company Limited
The Company is a leading AI company in China, dedicated to developing general-purpose large models. The Company was founded in 2019 on the bold idea of pursuing innovation toward artificial general intelligence (AGI) in China. The Company has solidly delivered advanced technology across the full spectrum of AI research and steadily scaled up its commercial application to achieve fast growth in revenue. In 2021, the Company launched GLM framework, China’s first proprietary pre-trained large model framework, and debuted the Company’s Model-as-a Service (MaaS) product development and commercialization platform, through which the Company provides its large model services. In 2022, the Company open-sourced its first 100 billion–scale model (GLM-130B). The Company operates in the large language model (LLM) market, a sub-segment of the broader AI market. The Company offers general-purpose large model services to institutional customers, including private enterprises and public sector entities, as well as individual users, including individual end-users and individual developers. The Company’s models had empowered over eight thousand institutional customers as of June 30, 2025 and approximately 80 million devices. According to Frost & Sullivan, the Company ranked first among China’s independent developers and second among all developers of general-purpose large models with a market share of 6.6% in terms of revenue in 2024.