Chinese AI model maker Zhipu, which trades in Hong Kong as Knowledge Atlas Technology, is seeking to raise about US$4 billion by selling 19.8 million.

The offering comes after the company’s stock surged nearly 1,500% since its January listing.

The shares are offered at HK$1,588 (US$200) to HK$1,698 (US$220) each, a discount of up to 13% to Wednesday’s close, according to terms.

Zhipu went public in Hong Kong on January 8, 2026, in a US$558 million initial public offering, making it the first of China’s “AI tigers” to list.

Its prospectus showed 2024 revenue of 312.4 million yuan (US$46 million).

The company plans to use the proceeds for research and development, business expansion, investments, mergers and acquisitions, capital structure optimisation, working capital, and general corporate purposes.

China International Capital Corp. is the sole overall coordinator.

The share sale follows other AI-linked Hong Kong fundraising, including a planned roughly US$850 million sale by Shanghai Iluvatar CoreX Semiconductor and a recent roughly US$900 million placement by Shanghai Biren Technology.

🔗 Source: Bloomberg

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