What I find most noteworthy in Zhipu’s semi-annual report is how its fundraising capacity has changed since going public. In January this year, Zhipu listed at HK$116.2 per share. Including the greenshoe option, the company raised a net total of approximately HK$4.896 billion. By June 30, HK$4.588 billion of that capital—93.7%—had already been spent. The funds originally allocated for large model R&D, MaaS, and training/inference infrastructure have largely been exhausted. Yet during the same period, Zhipu’s stock price surged significantly. In July, it conducted another share placement at HK$1,588 per share, issuing 19.78 million new shares—a price 13.7 times higher than its IPO price. These new shares represented only about 4.25% of the expanded share capital but raised HK$31.375 billion in a single round—more than six times the amount raised in the IPO. This development matters more than the revenue growth reported in the semi-annual results. For large model companies, model development is fundamentally a continuous cash-burn challenge—training, inference, computing power procurement, and R&D personnel all demand massive liquidity. Just six months after listing, Zhipu has already consumed nearly all its IPO proceeds and is rapidly entering its next funding cycle. This dynamic is already visible in the report. As of June 30, Zhipu’s bank loans rose from approximately RMB 690 million at year-end to RMB 2.225 billion. Its R&D expenditure for the first half of the year totaled RMB 2.131 billion, while revenue during the same period was only RMB 954 million. In other words, Zhipu’s current R&D spending still far exceeds what its operating revenue can cover. But since going public, a new solution has emerged. Improvements in model capability, increased API usage, and enhanced market expectations translate into higher valuations. The higher the stock price, the more capital the company can raise for the same level of equity dilution. In January, Zhipu raised funds at HK$116.2 per share; by July, it was raising funds at HK$1,588 per share. This means that over the past six months, Zhipu’s fundraising efficiency increased by an order of magnitude. Of the HK$31.375 billion raised in this placement, 55% will continue to be invested in AGI R&D—including model iterations, agent development, hiring, and computing infrastructure. Therefore, when evaluating Zhipu today, you can no longer focus solely on models or revenue. The capital markets have now become directly integrated into its large model development cycle. Model progress influences valuation; valuation determines fundraising capacity; and fundraising scale dictates how much computing power and R&D resources can be deployed in the next cycle. For publicly listed large model companies, stock price has become a critical variable determining how long scaling can continue.