Zhipu will usher in the unlocking of equity on July 8th, and its tradable chips will increase to about 43.03 million shares

Zhipu (02513. HK) will welcome the unlocking of approximately 25.68 million shares of cornerstone investors' equity on July 8th, increasing its tradable chips from 17.35 million shares to approximately 43.03 million shares. Eleven cornerstone investors collectively subscribed for approximately $298.4 million at an issue price of HKD 116.2. On June 22, Zhipu's closing market value was approximately 13.7 billion US dollars, with a revenue of approximately 100 million US dollars in 2025 and a PS of approximately 1280 times. Compared to OpenAI's estimated revenue of approximately $1.3 billion in 2025 and valuation of $73 million, Zhipu's valuation multiple is 56 times higher than OpenAI's. According to OpenAI multiples, the reasonable market value of Zhipu is approximately $40 million to $80 million. If calculated based on JPMorgan's forecast of approximately $64 million in revenue for 2026, the market value of Zhipu will support approximately $25 million to $50 million.