The Zhipu AI logo is seen displayed connected a smartphone screen.
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Shares of Knowledge Atlas Technology JSC, amended known arsenic Zhipu, edged higher connected their Hong Kong debut, pursuing a $558 cardinal archetypal nationalist offering that made it the archetypal of China's "AI tigers" to spell public.
The banal roseate astir 10% supra its connection terms of 116.20 Hong Kong Dollars ($15) connected Thursday, with astir 37.4 cardinal shares connected connection by the Beijing-based startup.
The IPO valued Zhipu astatine astir HK$4.3 billion, making it 1 of the larger AI flotations successful caller years.
Founded successful 2019 by researchers from a apical Chinese university, Zhipu represents the country's archetypal large ample connection exemplary institution to spell nationalist done an IPO. The listing marks different cardinal milestone for China's broader artificial quality assemblage pursuing a question of caller listings by AI chipmakers.
The firm, powerfully backed by Beijing, is besides considered 1 of China's alleged "AI tigers" — startups gathering ample connection models to rival the likes of OpenAI and Anthropic.
Other notable firms successful the radical see Deepseek, which famously rattled markets aboriginal past twelvemonth with the merchandise of 1 of its LLM models.
While not arsenic good known globally arsenic Deepseek, Zhipu gained attraction past twelvemonth erstwhile American AI juggernaut OpenAI highlighted its notable advancement arsenic a rival connected the "front line" of China's contention to pb successful AI.
The firm reportedly has offices successful the United Kingdom, Singapore, Malaysia, and crossed the Middle East. It besides operates associated "innovation centers" projects crossed Southeast Asia, including successful Indonesia and Vietnam.
Zhipu's advancement has travel contempt being placed on the US Commerce Department's Entity List successful January past year, aft U.S. officials said it was moving with China's military. The firm's quality to bid its AI models has besides been constrained by U.S. restrictions connected entree to precocious semiconductor exertion and expertise.
According to Zhipu's prospectus, it plans to usage 70% of the IPO proceeds toward probe and improvement of its general-purpose ample AI models. The steadfast reported gross of 312.4 cardinal yuan successful 2024.
Rival Chinese AI start-up MiniMax is expected to motorboat its ain offering connected Friday, pursuing a confidential filing past year.
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