The "global large model pioneer," KNOWLEDGE ATLAS (Stock Code: 02513.HK), officially commenced trading on the main board of the Hong Kong Stock Exchange today. The company's stock opened at HK$120 per share, marking a 3.27% increase from its issue price of HK$116.20. Excluding handling fees, investors could realize a profit of HK$380 per lot of 100 shares. In the previous grey market session, the stock closed up 6.02% at HK$123.2.

KNOWLEDGE ATLAS's listing attracted significant market attention. Its Hong Kong public offering segment recorded a massive oversubscription of approximately 1,159.46 times. Due to the fervent demand, the number of shares allocated to the public offering was ultimately increased to 7.4839 million, representing 20% of the total shares offered globally. The international placement portion was also oversubscribed by 15.28 times.

As a leading Chinese artificial intelligence company, KNOWLEDGE ATLAS focuses on developing advanced Artificial General Intelligence (AGI) models. Since its establishment in 2019, the company has successively launched a series of significant achievements, including the hundred-billion-parameter model GLM-130B and the open-source chat model ChatGLM. According to a report by Frost & Sullivan, KNOWLEDGE ATLAS ranked first among independent AGI developers in China by revenue in 2024.

The company's revenue grew rapidly from RMB 57.4 million in 2022 to RMB 312.4 million in 2024, achieving a compound annual growth rate exceeding 100%. However, to maintain its technological leadership, the company's R&D expenses also surged dramatically, increasing from RMB 84.4 million in 2022 to RMB 2.1954 billion in 2024, significantly outpacing its revenue during the same period and highlighting the capital-intensive, long-cycle characteristics typical of the AI industry.