Zhipu said to weigh shifting IPO plan to Hong Kong

Chinese AI startup Zhipu is reportedly considering shifting its planned initial public offering (IPO) from mainland China to Hong Kong, according to sources.

The Alibaba- and Tencent-backed firm is working with financial advisers on a deal that could raise around US$300 million.

Discussions are still ongoing, and the company may still pursue a mainland listing.

Zhipu, founded in 2019, develops AI tools including AutoGLM and open-source models in its GLM series.

It recently received 1 billion yuan (US$139 million) in funding from a state-owned venture capital firm and its parent, Zhangjiang Group.

The company had previously filed IPO documents with Chinese regulators.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Hong Kong emerges as critical tech IPO haven amid geopolitical pressures

Zhipu’s potential shift to Hong Kong reflects a broader revival in the city’s IPO market, which has raised approximately $40 billion in 2025 alone, the highest since the record-breaking year of 2021 and a dramatic jump from $5.7 billion during the same period last year.

This surge comes as Chinese tech companies navigate increasingly complex regulatory environments both domestically and internationally. Zhipu was added to the U.S. Entity List in January 2025, restricting its access to crucial technologies and limiting its global financing options 1.

Hong Kong serves as a strategic “third space” that allows Chinese AI firms to access international capital while avoiding direct U.S. regulatory scrutiny, offering benefits like streamlined listing rules and the potential for dual A+H share listings 1.

This trend extends beyond Zhipu, with other Chinese AI leaders like MiniMax reportedly aiming to list as soon as this year, suggesting a shift in how China’s technology champions approach public markets.

2️⃣ State backing creates resilient funding ecosystem for Chinese AI development

Zhipu’s journey illustrates how Chinese AI companies have created alternative funding paths through strategic state partnerships and domestic tech giants’ support.

The company recently secured 1 billion yuan ($139 million) from a state-owned venture capital firm in Shanghai and its parent Zhangjiang Group, demonstrating strong governmental commitment to AI development even amid global tensions 1.