🚀 In just three days, the market capitalization broke through 1 trillion Hong Kong dollars, and the craziest "Everyone's Wealth Creation Feast" in China's tech venture history has completely exploded 💥

Today’s Zhipu has completely overturned all doubts about the commercialization of large models, becoming China's third-largest tech listed company after Tencent and Alibaba.
In this rare trillion-level wealth carnival, traditional foreign VC and dollar funds that used to sit behind the scenes counting money have retreated to the second line, replaced by local state-owned assets, veteran hard-tech VCs, big tech companies, and internal employees’ crazy rewards.
Today, using four shocking circles, we will thoroughly analyze who took the biggest slice of the cake 🍰:
🇨🇳 1/ Absolute protagonist: Local state-owned assets (earning over 100 billion yuan in a year)
By the end of 2024, Beijing, Tianjin, Hangzhou, Zhuhai, and other local state assets will decisively rush into the market! They heavily invested with a pre-investment valuation of 20 billion RMB, totaling 3.43 billion RMB. In just over a year, Zhipu’s market value soared, and the valuation of state assets entering the game increased by more than 42 times.
Beijing State-Owned Assets: Invested a total of 1.2 billion yuan, holding 4.82% after the IPO, with this equity now valued at 41.7 billion yuan.
Tianjin State-Owned Assets: Invested a total of 1.08 billion yuan (Hanghai Fund alone accounted for 950 million yuan), now corresponding to an equity value of about 30.8 billion yuan.
Other local state assets: Hangzhou Urban Investment, Chengdu High-tech, Zhuhai Huafa combined also safely earned over 1T yuan. The publicly disclosed local state asset platforms alone have a book profit of over 100 billion yuan, creating one of the most successful local government tech bets in recent years.
📈 2/ Top Catcher: Veteran VCs (Maximum return of 289 times)
If state assets win in absolute amount, veteran VCs have played the "investment return rate" to the extreme:
China Science & Innovation Venture Capital: When Zhipu was valued at only 375 million yuan in 2019, it decisively invested about 40 million yuan. Now, after multiple rounds of dilution, it still holds 1.34%, with this stake worth nearly 11.5 billion yuan. One investment multiplied 289 times.
Junlian Capital: Started from Series B and continued to pour in aggressively for 11 rounds, with a total investment of about 730 million yuan. After the IPO, holding 6.16%, corresponding to a market value of about 53.3 billion yuan, with a return rate of 73 times.
Today Capital (Xu Xin): Invested 255 million yuan in Zhipu when its pre-investment valuation was less than 4 billion in November 2023. In just over two years, this investment ballooned to 22.3 billion yuan, with a return rate of 86 times;
Qiming Venture Partners: Used 150 million yuan to generate a hefty return of 19.6 billion yuan.
🌐 3/ Keen Giants: Internet giants and Middle Eastern oil capital
Meituan: The fastest mover, threw 300 million yuan in Series B2 in July 2023, now holding 3.91%, with a market value of 33.8 billion yuan.
Ant Group: The most aggressive bet, invested about 600 million yuan from Series B3, now holding 3.66%, with a market value of 31.6 billion yuan.
Tencent: Easily tested the waters with 200 million yuan in Series B4, now has grown to 13.6 billion yuan.
Middle Eastern Capital (Prosperity7): Saudi Aramco’s global tech fund invested 213 million yuan at the end of 2024, now corresponding to a market value of about 9.77 billion yuan, sharing the billion-yuan AI wave in China.
💻 4/ The Ceiling for Working People: Zhipu Employees (Even interns have an average of 2.1 billion?!)
The most shocking wealth effect occurs inside Zhipu, the ceiling of global workers.
Founder’s wealth: Chief Scientist Tang Jie owns about 6.1% (worth nearly 52.7 billion yuan), and Chairman Liu Debing’s economic rights are close to 60 billion yuan, both entering the billionaire club.
Everyone gets rich: As of the end of 2025, the company has a total of 938 people, and two major employee stock ownership platforms (Huihui and Zhiden) cover 451 employees and consultants, meaning nearly half of the employees own shares. The total value of these shares is about 131 billion yuan, with an average book wealth per holder exceeding 290 million yuan!
Myth within a myth (Zhiden platform): This platform holds 6.18% of shares, with only 25 employees and consultants involved, including 16 interns! Based on current market value, this platform’s equity is worth about 53.4 billion yuan, with an average book wealth of 2.1 billion yuan per person!
💡 From a 375M yuan Tsinghua lab seed to today’s Hong Kong stock market super giant with a market cap of 10 trillion yuan, Zhipu took only 7 years.
In this unprecedented silicon-based wealth creation movement, it used the most shocking data to tell everyone: in this era, the biggest winners will always be those brave enough to bet on the future in the unknown.
#智谱上市 # Large Model Wealth Creation #AI创投 # Hard Tech #WealthMyth