Zhipu AI said on June 2 that it plans to apply to list on Shanghai’s STAR Market by issuing 9.1 million to 38.8 million A shares.

The company did not disclose a fundraising target.

It raised HK$4.35 billion (US$555 million) in its Hong Kong IPO in January, giving it a market value of about US$83 billion as of June 2.

Its prospectus showed 2024 revenue of 312.4 million yuan (US$46.2 million) and a net loss of about 3 billion yuan (US$444 million).

The filing also said 70% of the Hong Kong IPO proceeds were earmarked for research and development for general-purpose AI models.

The STAR Market is the Shanghai Stock Exchange’s science and technology board.

Applications are reviewed by the exchange under a registration-based system with the China Securities Regulatory Commission, and the board allows listings by unprofitable and overseas-listed companies.

Investor demand for AI stocks has remained strong.

The STAR 50 Index is up 22% this year, while domestic IPO proceeds in China reached US$6.7 billion by May 22, according to LSEG.

🔗 Source: Reuters

Recent Zhipu AI developments