tech

January 8, 2026

The first of China’s 'AI tigers' goes public as Zhipu climbs in Hong Kong debut

Shares of China-backed Zhipu made small gains on their Hong Kong debut, following a $558 million initial public offering.

The first of China’s 'AI tigers' goes public as Zhipu climbs in Hong Kong debut

TL;DR

  • Zhipu, also known as Knowledge Atlas Technology JSC, is the first Chinese "AI tiger" to complete an initial public offering.
  • The company raised $558 million in its IPO on the Hong Kong Stock Exchange.
  • Zhipu's shares rose by as much as 15% above their offer price on their debut.
  • The IPO values Zhipu at approximately HK$4.3 billion.
  • Founded in 2019 by university researchers, Zhipu is a major large language model company.
  • The firm is backed by Beijing and aims to rival companies like OpenAI.
  • Zhipu has offices internationally and operates innovation centers in Southeast Asia.
  • The company was placed on the US Commerce Department's Entity List, impacting its access to technology.
  • Zhipu plans to use 70% of IPO proceeds for AI model research and development.
  • Zhipu reported revenue of 312.4 million yuan in 2024.
  • Rival startup MiniMax is expected to launch its own IPO soon.

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