Key facts
- Chinese AI model maker Zhipu is considering a multibillion-dollar share sale in Hong Kong.
- The company's stock has gained approximately 2,000% since its IPO in January 2026.
- Zhipu is working with advisers on a potential placement that could occur as soon as July 2026.
- The six-month IPO lock-up period expires on July 8, 2026.
- Zhipu also plans a share issuance on Shanghai's STAR Market.
- The company's market capitalization has peaked above HK$1 trillion.
Chinese artificial-intelligence model maker Zhipu is reportedly considering a share sale in Hong Kong to raise several billion US dollars, capitalizing on a remarkable 2,000% stock surge since its January 2026 listing. The company, formally known as Knowledge Atlas Technology, is working with advisers on a potential placement that could occur as soon as next month, coinciding with the expiration of its six-month IPO lock-up period on July 8.
Zhipu's stock has climbed from its IPO price of HK$116.20 to recent highs of HK$2,980, pushing its market capitalization past HK$1 trillion at its peak, implying a valuation of around $83 billion. This dramatic rise has significantly boosted the net worth of Chairman Liu Debing. The company, considered one of China's 'AI tigers,' was the first major domestic developer of large language models to go public.
In addition to the potential Hong Kong placement, Zhipu has announced plans to apply for a share issuance on Shanghai's STAR Market, aiming to access a broader pool of domestic investors. The company recently launched its GLM-5.2 AI model, offering it for free to encourage developer adoption and integration into the global market.
Analysts note that while Zhipu's valuation is extraordinary, its profitability and competitiveness against rivals like OpenAI and Anthropic remain subjects of scrutiny. Bloomberg Intelligence analysts Robert Lea and Jasmine Lyu pointed out that Zhipu will likely remain deeply unprofitable, with losses expected to increase over the next 24 months due to rising demand for agentic AI.