中國AI「猛虎」智譜AI邁向香港上市，預計募資3億美元

Chinese AI ‘tiger’ Zhipu edges towards Hong Kong listing expected to raise US$300 million

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}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

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.