The first of China’s 'AI tigers' goes public as Zhipu climbs in Hong Kong debut

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Shares of Knowledge Atlas Technology JSC, better known as Zhipu, edged higher on their Hong Kong debut, following a $558 million initial public offering that made it the first of China’s “AI tigers” to go public.

The stock rose around 10% above its offer price of 116.20 Hong Kong Dollars ($15) on Thursday, with around 37.4 million shares on offer by the Beijing-based startup.

The IPO valued Zhipu at around HK$4.3 billion, making it one of the larger AI flotations in recent years.

Founded in 2019 by researchers from a top Chinese university, Zhipu represents the country’s first major large language model company to go public through an IPO. The listing marks another key milestone for China’s broader artificial intelligence sector following a wave of recent listings by AI chipmakers.