Overview
- Knowledge Atlas Technology, known as Zhipu, priced shares at HK$116.20 to value the company at about HK$52.83 billion and raised roughly HK$4.35 billion.
- Trading opened 3.3% above the offer price and the stock later closed up about 13%, following a brief dip below issue price early in the session.
- The retail tranche was heavily oversubscribed, with more than 1,159 times demand from individual investors.
- About 70% of proceeds are earmarked for research and development of Zhipu’s general-purpose large AI models, according to its prospectus.
- Zhipu, founded in 2019 by Tsinghua-affiliated researchers and backed by Alibaba and Tencent, advances its domestic-focused business as U.S. export controls constrain access to top-end chips and as Hong Kong sees a wave of AI and chip listings including Iluvatar and Edge Medical.