Zhipu AI (Z.AI Co., Ltd.)

Born inside Tsinghua University, Zhipu AI grew into one of China's most closely watched large-model developers before rebranding internationally as Z.ai in 2025. Its flagship is the GLM family of language models, which the company has released under an open MIT license since mid-2025, a bet that wide free distribution builds developer mindshare against both domestic rivals and Western labs. The Beijing firm sits at the center of China's push to build homegrown AI amid U.S. export controls on advanced chips, and it counts state-linked institutions among its backers. Revenue comes from enterprise deployments, cloud access to the models, and custom work, though like most model builders it spends heavily on training and talent. Its shares trade in Hong Kong. The core tension is familiar: turning technical respect and open-source reach into durable profit while the cost of staying at the frontier keeps climbing.

On MyRWA, ZHIPU trades tokenized across 13 on-chain venues - see the listings below.