A 2,000% rally has handed Beijing’s Zhipu a rare fundraising window, and Anthropic’s vanished Fable 5 widened it. The harder question is whether a deeply unprofitable lab can turn the moment into a durable business.
Six months ago, Zhipu was a Chinese artificial-intelligence lab fresh off a $558M Hong Kong listing. Its shares priced at HK$116.2. This week they touched HK$2,980.
That is a gain of roughly 2,000% since January. It has pushed the company, now trading as Knowledge Atlas Technology, above HK$1 trillion in market value. That is about $128bn.
Now Zhipu wants to use the moment. The company is weighing a Zhipu share sale to raise several billion US dollars in Hong Kong, people familiar with the matter told Bloomberg. A placement could come as soon as next month. A six-month lock-up from the IPO expires on 8 July. Zhipu also aims to issue shares in Shanghai. A deal of that size would dwarf the original listing.
The shares rose as much as 16% on Wednesday. They pared the gain after the Bloomberg report, closing at HK$2,174.
