Zhipu AI, the Beijing-based developer behind the GLM family of large language models, has priced its share placement at HK$1,588 per share as part of an accelerated bookbuild offering that could raise approximately $4 billion.
The placement represents a discount of 7% to 13% from Zhipu’s closing price of HK$1,825 on July 8, the day the offering launched. The company is offering roughly 19.78 to 19.8 million new H-shares, which translates to about 4.2% dilution for existing shareholders. At the upper end of the pricing range of HK$1,698, the total raise could reach approximately HK$33.6 billion.
From IPO to 1,500% gains in six months
When the company listed on the Hong Kong Stock Exchange in January 2026 under ticker 2513.HK, shares were priced at around HK$116.20. At its July 8 closing price of HK$1,825, that’s a gain of nearly 1,500% in roughly half a year.
The timing of this offering is not coincidental. Zhipu’s six-month post-IPO lock-up period recently expired, opening the door for the company to tap public markets again.
