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Zhipu AI SUPPLY CHAIN TRACE

AI CONSUMERS🇨🇳 China · 02513 · HKEX

Zhipu AI (Z.ai) is a Beijing AI lab spun out of Tsinghua University's Knowledge Engineering Group in 2019, developer of the GLM model family. Placed on the US Entity List in January 2025, it retrained its flagship models — including the 745-billion-parameter GLM-5 — entirely on Huawei Ascend chips, then became the first Chinese frontier AI company to IPO (Hong Kong, January 2026), with its stock surging over 1,000% and market cap topping HK$1 trillion after the June 2026 release of GLM-5.2.

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Alibaba Cloud

China's #1 cloud provider; deploys Alibaba Hanguang 800 AI chip (TSMC-fabbed) and Huawei Ascend; operates Qwen LLM

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CLOUD PROVIDERSprovides AI cloud compute to

Tencent Cloud

China's #2 cloud provider; major AI GPU buyer pivoting to H20/Huawei Ascend after BIS export controls; operates Hunyuan LLM

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CLOUD PROVIDERSprovides AI cloud compute to

Huawei Cloud

China's third-largest cloud provider; runs Huawei Ascend 910 AI clusters; closed-loop with HiSilicon — only Chinese cloud with end-to-end domestic chip+cloud stack

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CLOUD PROVIDERSprovides Ascend AI compute to

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Zhipu AI

Tsinghua University KEG spin-out (2019) behind the GLM model family; Entity Listed Jan 2025, cutting off Nvidia H100/H200 access and forcing a pivot to domestic chips; first Chinese frontier AI lab to IPO, on HKEX Jan 2026

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About this company

QWhat is Zhipu AI's role in the AI chip supply chain?

Tsinghua University KEG spin-out (2019) behind the GLM model family; Entity Listed Jan 2025, cutting off Nvidia H100/H200 access and forcing a pivot to domestic chips; first Chinese frontier AI lab to IPO, on HKEX Jan 2026

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