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Chinese generative artificial intelligence startup Zhipu officially listed on the Hong Kong Stock Exchange on January 8. Despite briefly dipping below its offering price at the opening, the stock rebounded to 133.1 HKD per share, marking an 12.82% increase and propelling the company's market capitalization beyond 57.7 billion HKD.

In conjunction with the listing, Tang Jie—Tsinghua University professor, founder, and Chief Scientist of Zhipu—issued an internal letter outlining the company’s strategic roadmap and reflecting on the evolving AI landscape.

Tang announced that the next-generation model, GLM-5, will be launched soon.

Tang acknowledged the impact of DeepSeek and its founder, Liang Wenfeng. He admitted that while he had discussed AGI with Liang in 2023, he initially underestimated Liang's singular focus. Tang noted that the industry's recent shifts have served as a form of "reinforcement learning" for his own understanding of AGI, corporate governance, and commercial competition.

Zhipu aims to explore novel architectures and chip-algorithm co-design to maximize efficiency. Tang predicted that the true explosion of AI applications will only occur when AI can reliably replace specific job roles and execute complex, multi-step tasks.