BlockBeats report, June 23: Upon its initial listing, Zhipu (02513.HK), China's first AI-focused stock, had approximately 17.35 million shares available for trading. As a high-market-cap, low-float "manipulable" stock, Zhipu will face a lock-up expiration on July 8. According to currently available public data, the most certain batch of shares to be unlocked on July 8 amounts to approximately 25.68 million shares held by cornerstone investors. The 11 cornerstone investors collectively subscribed for about HK$2.984 billion at an issue price of HK$116.2, equating to roughly 25.68 million shares, or about 5.76% of the total outstanding shares. After July 8, the tradable float will increase from 17.35 million shares to approximately 43.03 million shares—nearly 2.5 times the original amount. Based on the intraday high on June 22, the 25.68 million shares represent a notional value of approximately HK$73.4 billion, creating a significant shift in supply and demand dynamics.
Zhipu’s market cap at the June 22 close was approximately $137 billion, with projected full-year 2025 revenue of about $1 billion, resulting in a PS ratio of roughly 1,280. In comparison, OpenAI, based on the Financial Times’ reported 2025 revenue of $13 billion and a $730 billion valuation, has a PS ratio of about 56—while Zhipu’s is 1,280. Applying OpenAI’s multiple, Zhipu’s “reasonable” market cap would be in the range of $4 to $8 billion. Even using JPMorgan’s forecast of a 534% revenue increase in 2026 (to about $640 million), and applying OpenAI’s multiple, the valuation could only support a market cap of $2.5 to $5 billion. Zhipu’s current price is supported by scarcity, imagination, and its capital structure.
More coverage can be found at 《Institutions Make 100x Profits: Has Zhipu’s Stock Reached Its Peak?》