On January 8, 2026, Zhipu AI landed on the main board of the Hong Kong Stock Exchange, becoming the world's first listed company with General Artificial Intelligence (AGI) based large-scale models as its core business. The birth of the "world's first stock of big models" indicates that AI big models have officially entered the value realization period of commercial implementation from the technical frenzy period of parameter competition. Zhipu AI has the dual advantages of deep technological cultivation and ecological construction. On the technical level, the intellectual lineage is well-known and has a solid foundation. Zhipu was founded in 2019 and is a technology enterprise that emerged from the laboratory of Tsinghua University. In terms of originality, Zhipu's self-developed GLM (General Language Model) technology route is regarded by the market as one of the few universal pre training architectures in China that can directly compete with the GPT system. In terms of performance, the new flagship model GLM-4.7 has topped both the global open source model and domestic model rankings, surpassing OpenAI's recently released GPT-5.2 in the field of code generation. At the commercial level, Zhipu has taken the lead in layout and has already achieved scale. Zhipu has achieved commercialization through the MaaS (Model as a Service) model and has become a hidden giant for large model service enterprise customers (B-end). From 2022 to 2024, Zhipu has achieved revenue doubling growth for three consecutive years. Among the top ten Internet companies in China, 9 are using the smart spectrum GLM model. As of September 2025, Zhipu has served 12000 enterprise customers, over 80 million end-user devices, and over 45 million developers worldwide. Of course, these advantages do not mean that the road ahead is always smooth. In fact, the competition for AI big models is very fierce. In the international market, Anthropic is preparing for an IPO in 2026, and there are rumors that OpenAI is also planning to enter the capital market. AI giants are seeking capital injections to support huge R&D investments. The domestic arena is also filled with smoke. On January 9th, the day after Zhipu's listing, MiniMax was listed on the Hong Kong Stock Exchange, forming a "dual competition" pattern with Zhipu AI. Alibaba, Baidu, Huawei and other tech giants are all seizing the ecological niche through the dual wheel drive of "self-developed+investment". The successful listing of Zhipu provides a clear indicator for the industry, but the real test for large model enterprises has just begun. According to the information disclosed in the prospectus, Zhipu and MiniMax, two listed companies, still have significant losses, indicating that their rapidly growing revenue cannot cover high-intensity R&D investment, and the "burning money" competition for large models is still ongoing. The practice of Zhipu sends a positive signal to the market: China's large model enterprises have preliminarily found a sustainable commercialization path. In the next stage, the competition of AI big models will no longer be simply about "showing off skills", but will revolve around creating practical value. The focus of competition will shift from the performance evaluation of the model itself to its application depth, economic value, and ecological construction ability in real scenarios. The technology competition will no longer simply pursue parameter scale, but will deepen towards key directions such as intelligent agents, multimodality, and ultimate cost-effectiveness. The market pattern will continue to shift from dispersion to concentration, and an ecosystem will be built around top enterprises engaged in differentiated competition. The "thousand model war" will shift to "ecological survival". Faced with high research and development costs and complex technology stacks, leading enterprises will also move from competition to limited collaboration and ecological co construction. The implementation of applications will shift from pilot verification to large-scale value creation. The deep integration of AI and the real economy empowers various industries, and vertical and specialized AI solutions targeting specific industries and even specific tasks will emerge. The listing of Zhipu AI marks the beginning of global capital using market value to measure the actual weight of AI companies. In the face of this change, China not only needs excellent AI companies, but also a prosperous ecosystem that can formulate the rules of the AI era game. In this competition that concerns the future, whether Chinese AI companies possess technological originality, business closed-loop capabilities, and a global perspective will determine whether they can grow into rule makers. (New Society)