Chinese AI ‘tiger’ Zhipu edges towards Hong Kong listing expected to raise US$300 million
Dubbed one of China’s new ‘AI tigers’, Zhipu could become one of the first major large language model start-ups globally to go public
Chinese artificial intelligence firm Zhipu AI has moved a step closer to a Hong Kong initial public offering to raise US$300 million after passing a listing hearing and filing its documents with Hong Kong Exchanges and Clearing on Friday.
The Beijing-based start-up, officially named Knowledge Atlas Technology Joint Stock Company Limited and marketed overseas as Z.ai, is widely seen as one of China’s “new AI tigers”.
The prospectus did not disclose a fundraising target or timetable, but brokers have said the company could seek about US$300 million as early as January.
If successful, Zhipu could become one of the first major large language model (LLM) start-ups globally to list on a stock exchange, as mainland tech hopefuls increasingly look to Hong Kong to tap international capital.
Zhipu’s filing comes amid a broader wave of mainland technology names weighing Hong Kong listings, including AI firm MiniMax, chipmaker Montage Technology, image-sensor developer OmniVision Integrated Circuits, and GPU-focused companies Biren Technology and Iluvatar CoreX Semiconductor.
Ahead of the proposed listing, Zhipu had completed eight fundraising rounds, raising a total of 8.36 billion yuan (US$1.19 billion). Its latest valuation was estimated at about 40 billion yuan, based on a late 2025 financing round that roughly doubled its valuation from a year earlier.