Zhipu AI, a leading Chinese artificial intelligence company, has filed for an initial public offering (IPO) in Hong Kong, aiming for a valuation of 24.37 billion RMB ($3.3 billion). Founded in 2019, the company reported a compound annual growth rate (CAGR) of 130% in revenue from 2022 to 2024, reaching 3.1 billion RMB in 2024. Despite ongoing losses, Zhipu AI is heavily investing in research and development for its Model-as-a-Service (MaaS) platform and General Language Model (GLM) technologies. The firm plans to enhance token usage through a strategy combining MaaS-driven traffic and localized monetization.