01.ai, a Beijing-based AI startup founded by Kai-Fu Lee, is targeting a Hong Kong initial public offering in 2027, Lee said at the World AI Conference in Shanghai.

The company was valued at more than US$1 billion within eight months of its 2023 launch and counted Alibaba’s cloud unit among its backers.

Lee said 01.ai is unwinding its offshore holding structure as more Chinese AI companies seek listings in Hong Kong.

Hong Kong’s specialist technology listing rules allow AI companies to go public before becoming profitable if they meet requirements including operating history, research and development spending, backing from sophisticated investors, and a credible path to commercialization.

The listing plan follows 01.ai’s shift from building frontier large language models to enterprise AI infrastructure.

Lee said the startup now fine-tunes or customizes Chinese open-weight models such as DeepSeek, Alibaba’s Qwen, and Z.AI’s GLM, and that about half of 01.ai’s business comes from outside China.

🔗 Source: Bloomberg

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