On January 8, Beijing Knowledge Atlas Technology Co., Ltd., a Haidian-based enterprise, was officially listed on the Stock Exchange of Hong Kong Limited (HKEX). The enterprise thereby has become the world's first listed enterprise dedicated to artificial general intelligence (AGI) foundation models.
Knowledge Atlas (02513.HK), established in 2019 as a technology enterprise based on Tsinghua University's technological achievements, has long adhered to the vision of "Enabling Machines to Think Like Humans" and dedicated itself to the research and development of AGI.
In 2025, Knowledge Atlas launched its new-generation flagship models GLM-4.5/4.6, which, for the first time, achieved native integration of reasoning, coding and agent capabilities. The models immediately ranked first in China and first among global open-source models across 12 authoritative benchmark evaluations. According to OpenRouter, a global large model marketplace that offers information on real-world usage volume of global models, GLM-4.5/4.6 have consistently ranked among the world's 10 most-used models since their launches, while their paid API revenues exceeded the total of all other Chinese models.
The GLM model series completes foundational iteration every 2–3 months, maintaining a globally leading position. In December 2025, Knowledge Atlas's new-generation foundation model named "GLM-4.7" topped both open-source and Chinese model rankings of Artificial Analysis (which focuses on the comprehensive capabilities of models) and Code Arena (another authoritative platform).
The model delivered outstanding real-world performance in coding and agent applications. Within two months of release, 150,000 developers from 184 countries subscribed to its programming products, and more than 50 Chinese and international development platforms and tools, including Cerebras and Windsurf, chose to integrate it.
OpenAI's official report titled Chinese Progress at the Front contributed to Knowledge Atlas's fame, mentioning that the enterprise had made remarkable progress. Regarding sovereign AI competition, OpenAI regarded Knowledge Atlas as one of its major competitors. Multiple foreign media outlets including Bloomberg and CNBC reported that OpenAI's reaction indicated that Knowledge Atlas had become a threat to OpenAI's development.
The large model industry, still in its early stage, has not yet formed a clear, consensus-driven profitability path for commercialization. As of June 2025, Knowledge Atlas's foundation model capabilities had covered approximately 80 million terminal devices, with an average daily token call volume of around 4.6 trillion. Such operational intensity means the models have long been operating in high-concurrency, long-chain, and real-business environments, indicating that they have moved beyond the demonstration or experimental phase and entered a scalable, long-term operable commercialization stage.
Data shows that Knowledge Atlas has achieved doubled revenue growth for three consecutive years and has become China's largest independent large model manufacturer. Its API platform has over 2.9 million users (including both enterprises and individual developers), with its API revenue surging more than tenfold in 2025. The GLM large models have been applied in industries including Internet, consumer electronics, industrial manufacturing, energy and electric power, public governance, finance, telecommunications, and education. Nine of China's top 10 Internet companies are using Knowledge Atlas's GLM large models.
Prior to its IPO, the enterprise had completed eight rounds of financing with a total financing amount exceeding RMB 8.3 billion, attracting a host of leading star investment institutions. As the world's first large model company that got listed, Knowledge Atlas's scarcity has drawn international long-term funds, renowned industrial capital and investment institutions as cornerstone investors, with cornerstone investments accounting for nearly 70%.
At the 2026 Beijing AI Innovation Hub Development Advancement Conference held on January 5, the Beijing Action Plan for Building an AI Innovation Hub was released. Aiming to make itself the "No.1 AI City in the World", Beijing will implement nine major initiatives in the next two years to develop a hub with power for technological R&D and industrial competitiveness.
At present, the global AI competition has risen to the national strategic level. Since the launch of ChatGPT, competition in the large model industry has mainly centered on model performance, computing power and technological innovation. Knowledge Atlas's successful listing on HKEX marks that global large model enterprises have begun to be tested by the capital market, moving from the technological exploration phase to the stage of verifying sustainable business modes. This phenomenon highlights the gradual maturity of China's industry chain integrity and policy support in the field of AI foundation models. As the world's first listed large model company, Knowledge Atlas will further empower Chinese model manufacturers to grow stronger and equip them to compete head-to-head with international giants.
