2513 IPO | Smart Spectrum launches IPO, priced HK$116.2 for the first share of the Sprint Big Model!

$KNOWLEDGE ATLAS(02513.HK)$ At the IPO on December 30-January 5, the Company intends to sell approximately 37.4195 million shares worldwide and go public on January 8, 2026.

Company Profile

Intellectual Spectrum is a leading artificial intelligence company in China dedicated to the development of advanced general-purpose large models. The company was founded in 2019 with the bold concept of pursuing innovations in General Artificial Intelligence (AGI) in China. The company firmly delivered advanced technology in its comprehensive AI research and steadily expanded its business applications to achieve rapid revenue growth. In 2021, the company released China's first proprietary pre-trained large model framework GLM framework, and launched the company's Model-as-a-Service (MaaS) product development and commercialization platform to provide the company's large model services through the platform. In 2022, the company will open source the first 100 billion scale model (GLM-130B). According to data from Frost Sullivan, by revenue in 2024, the company ranks first among independent general large model developers in China and second among all general large model developers.

Smartwatch has developed the first three stages of large models and smart bodies, such as the first Chinese standard model GLM-130B (pre-training phase), the first open source large scale model in China ChatGLM (matching and testing phase, and the Chinese first AIAgentAutoGLM — rumination stage (automation master) Step by step. THE COMPANY IS AT THE FOREFRONT OF AGI'S INNOVATION, PROGRESSING THROUGH THE STAGES OF KNOWLEDGE AND INTELLIGENT INTELLIGENCE THROUGH ME. The company develops an ecosystem based on three pillars: Open Source Collaboration, Powerful Computing Infrastructure, and Multicomponent Industry Collaborative Partnerships. From fundamental research to real-world application, the dynamic and interdependent relationships between participants in the enterprise ecosystem create an environment of innovation, capability, and cross-Industry expansion.

Smart Spectrum Financial Overview

In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, Intellectual Spectrum's revenue was RMB57.4 million, RMB124.5 million, RMB312.4 million, RMB44.9 million and RMB190.9 million, respectively. The company's gross profit increased from RMB31.4 million in 2022 to RMB80.5 million in 2023 and further increased to RMB175.9 million in 2024, with a compound year growth rate of over 100%. The company's R&D expenditure increased significantly from RMB84.4 million in 2022 to RMB528.9 million in 2023, and further increased to RMB2195.4 million in 2024.

Source: Prospectus

Artificial Intelligence Industry Overview

Artificial intelligence is an important subdivision of computer science and refers to the ability of machines to sense, understand, manage, learn, and make independent decisions by simulating and extending the intelligence of humans — technologies that enable machines to complete a variety of tasks without foresight. The development of artificial intelligence is transforming economic growth, corporate running and human life in a profound way. By 2030, AI is expected to power at least 20% of everyday business solutions worldwide and support at least 80% of consumer mainstream smart devices worldwide, creating an AI-responsive economy of US$20 trillion.

AI technology is undergoing a major shift from traditional AI to big language models. Traditional adjudicative AI is primarily focused on identification and judgment tasks such as classification, regression, and target detection. Its essence is to help machines make accurate judgments by learning the mapping relationship between input and label output. A big language model is a very large deep learning model, pre-trained on massive data and built on a neural network with billions to billions of parameters, which makes it able to understand and generate natural language and other types of content to perform a wide range of tasks. As a result, it is able to handle tasks that traditional AI methods are difficult to cope with.

Intellectual Spectrum Fundamentals Investors

Cornerstone investors have agreed to subscribe or induce their designated entity to subscribe for the relevant number of shares available for purchase at the offering price, subject to certain conditions, for a total amount of approximately HK$2.98 billion. Based on the offering price of HK$116.2, the total number of shares subscribed for by the cornerstone investor will be 25.6816 million shares. Cornerstone investors include:

JSC International Investment Fund SPC, Jinyi Capital Multi - Strategy Fund SPC Ltd., Perseverance Asset Management, Shanghai High & CICC Financial Trading Limited, WT Asset Management, Thai Life & Diversified Funds, 3W Fund, Medium Capital Limited, Cloud Light Technology International Co., Ltd.

IPO Funding Purposes

For financing purposes, Intellectual Spectrum expects net proceeds from global sales to be approximately HK$4.17 billion (assuming no overallotment options are exercised at an offer price of HK$116.2). According to the prospectus, Intellectual Spectrum intends to use the global IPO for the following purposes:

Approximately 70% will be used to continuously strengthen the company's R&D capacity in general AI models. Approximately 10% will be used to develop business collaboration partner networks and make strategic investments through the provision of the latest base model and continuous improvement of training/management tools and infrastructure. Approximately 10% will be used for operating funds and other general corporate purposes.

Read more:Intellectual Property Offering

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