Beijing

Also known as Knowledge Atlas Technology JSC Ltd., it is the first major Chinese generative AI firm to list publicly.

Officials said the plan aims to expand AI applications across multiple sectors, and build a domestic AI computing cluster with over 100,000 chips.

IDG Capital led the round with a US$150 million investment, while Alibaba and Tencent also joined.

LandSpace’s listing application was accepted just eight days after completing its preparation.

The Beijing-based startup recently launched GLM-4.7, the latest version of its flagship model.

Blacklisted by the US in 2023, the firm is positioning its products as alternatives to Nvidia, as its IPO shares surged fivefold.

The transaction, which saw Capital Today purchase equity from Bank of China Group Investment, involved a payment of about US$300 million.

Galbot may seek a valuation of between US$3 billion and US$4 billion in the IPO, one source said.

The company’s overall revenue reached US$42 million, with a person familiar with the matter saying sales are expected to more than double in 2025.

Didi’s international segment, though a smaller portion of total revenue, grew 35% to US$558 million.