Shares of Zhipu, recognized as the first major large language model stock listed in Hong Kong, surged to a new peak during trading on February 13. By the market close, the stock had risen over 138% within a five-day trading period.
Concurrently, progress has been made regarding its A-share initial public offering. According to disclosures on the China Securities Regulatory Commission website, Beijing Zhipu Huazhang Technology Co., Ltd. recently updated its "First Public Offering and Listing Tutoring Filing Report," adding Guotai Haitong Securities as a new tutoring institution.
As a result, Zhipu's A-share IPO tutoring institutions have expanded from solely China International Capital Corporation (CICC) to include both Guotai Haitong Securities and CICC, marking an enhancement of its listing preparation team.
It is noteworthy that as leading AI technology companies, often referred to as the "Twin Giants of Large Models" and the "Four GPU Dragons," successively approach the capital markets, competition among top-tier investment banks for IPO services in the AI sector has intensified.
Industry experts indicate that such companies commonly seek to "move quickly to capitalize on the timing window while ensuring a stable and high-quality application process." This dual requirement places greater demands on the comprehensive capabilities of underwriting securities firms.
Guotai Haitong Securities Joins Zhipu's A-Share IPO Tutoring Team
The latest CSRC filing information shows that Zhipu withdrew its previous tutoring filing submitted in April 2025 and registered a new tutoring filing.
This updated filing indicates that Zhipu plans an initial public offering on the Shanghai Stock Exchange's STAR Market. Guotai Haitong Securities has been added as a tutoring institution, joining CICC, which was previously the sole institution.
Notably, Zhipu had already listed on the main board of the Hong Kong Stock Exchange on January 8, with CICC acting as the sole sponsor.
An A-share listing was initially Zhipu's earlier target. In April 2025, the company filed a tutoring application with the Beijing Securities Regulatory Bureau, with CICC as the tutoring institution at that time. However, the plan was adjusted, leading to its Hong Kong listing in January 2026, also sponsored by CICC.
The swift restart of its A-share IPO tutoring process and the introduction of a new securities firm merely over a month after its Hong Kong debut underscore Zhipu's determination to accelerate the establishment of a dual capital platform encompassing both A-shares and H-shares.
The market generally believes that the inclusion of Guotai Haitong Securities will provide significant momentum for Zhipu's A-share IPO process. Guotai Haitong's appointment is closely linked to its experience and track record in technology sector listings, particularly on the STAR Market.
According to Wind data, as of February 13, based on listing dates, Guotai Haitong Securities participated as a sponsor in 19 out of the 101 STAR Market IPO projects over the past three years. Most of these were sole sponsorships, placing the firm at the top among securities companies by project count.
These projects include high-profile listings such as Huahong Company, which raised over RMB 20 billion, and Xinlian Integrated, which raised over RMB 10 billion, with underwriting and sponsorship fees for each exceeding RMB 250 million.
In comparison, CICC, also a leading institution, sponsored 12 STAR Market IPOs during the same period.
Regarding pipeline projects, Guotai Haitong also demonstrates a strong presence in the "hard tech" sector.
Among the 39 STAR Market IPO projects with an "in progress" review status as of February 13, Guotai Haitong Securities is involved in sponsoring 6 projects, tying for second place with Huatai United Securities, and trailing only CITIC Securities, which leads with 8 ongoing projects.
Specifically, Guotai Haitong's six projects under review include Zhongtu Semiconductor, Oriental Measurement and Control, Gaokai Technology, Sinovation, Keruis, and Changjin Photonics, spanning semiconductors, industrial machinery, biopharmaceuticals, and communication equipment sectors. Currently, apart from Changjin Photonics, whose status has updated to "responded," the other five projects remain in the "inquiry" stage.
It is worth mentioning that this is not the first collaboration between CICC and Guotai Haitong Securities on IPO business. In fact, they are seasoned partners in the "hard tech" arena.
For instance, Aixin Yuanzhi, dubbed the "first edge AI chip stock," which listed on the Hong Kong Exchange on February 10, had both CICC and Guotai Haitong Securities as joint sponsors, alongside Bank of Communications International.
Looking further back, in 2021, CICC and Haitong Securities collaborated with HSBC as joint sponsors for the successful Hong Kong IPO of SenseTime, then known as the "first AI stock."
Their cooperation in the A-share market began even earlier. The 2020 STAR Market IPO of Semiconductor Manufacturing International Corporation was jointly sponsored by CICC and Haitong Securities. That offering raised RMB 53.23 billion, setting a record for the STAR Market that still stands, with underwriting and sponsorship fees reaching RMB 692 million.
Top Investment Banks Vie for Position in AI Capitalization Wave
Focusing on the present, as AI companies rush to list, competition among leading securities firms for IPO mandates in the AI sector is intensifying.
Market analysis shows CICC and CITIC Securities holding relatively strong positions in the Hong Kong and A-share markets, respectively.
For example, in Hong Kong, CICC has served as the sole or joint sponsor for several prominent AI companies. These include large model firm MiniMax, AI tech stack company Minglue Technology, and AI drug discovery firm Insilico Medicine, all of which listed around a similar time as Zhipu.
In the A-share market, CITIC Securities is the sole sponsor for two of the four major GPU companies pursuing STAR Market listings. Moore Threads has already listed successfully, while Suiyuan Technology recently entered the inquiry stage.
The IPOs of the other two "GPU dragons," MetaX and Biren Technology, are being handled by Huatai United Securities and Guotai Haitong Securities, respectively. MetaX listed on the STAR Market in December 2025, while Biren Technology's A-share IPO is still in the tutoring phase.
Notably, Biren Technology completed its Hong Kong IPO earlier, sponsored jointly by CICC, Ping An Securities, and Bank of China International. This could be seen as an indirect collaboration between CICC and Guotai Haitong.
It is important to note that Suiyuan Technology, sponsored by CITIC Securities in its current application, initially filed for IPO tutoring with the Shanghai Securities Regulatory Bureau in August 2024, with CICC as the tutoring institution at that time.
However, after CICC completed five phases of tutoring work, Suiyuan Technology voluntarily withdrew its CICC-led filing in October 2025 and submitted a new filing, switching the tutoring institution to CITIC Securities. The company cited "changes in the capital market environment and strategic development needs" as the reason.
Investment banking sources pointed out that current policies have opened a pathway for unprofitable "hard tech" companies, leading to a surge of AI firms seeking IPOs. However, "an open window does not mean lowered standards." Precisely because frontier tech companies like those in AI have complex technologies, novel business models, and often lack profitability, they face more detailed and in-depth scrutiny regarding technological advancement, commercial prospects, and data compliance.
"High-quality enterprises actually impose stricter requirements on the comprehensive capabilities of investment banks," one source commented. "Securities firms must help companies seize the timing window to list quickly while ensuring the application quality remains high and stable. Every step must be executed meticulously to effectively serve these companies with high technological barriers and significant market attention."