Zhipu AI raised $4B in Hong Kong's second-largest equity deal of 2026, but lock-up structures mean tradable shares barely budge, keeping volatility

Shares worth US$11.5 billion to hit market as record wave of lock-up expirations starts and some firms eye share placements.

Zhipu AI plans a $4 billion secondary share sale in Hong Kong after its stock surged 1,500% since its January 2026 IPO that raised $560 million.