Zhipu AI launches HK$4.3b Hong Kong IPO for foundation models
TL;DR
On December 30, 2025, Chinese LLM developer Zhipu AI opened books for its Hong Kong IPO, aiming to raise about HK$4.3 billion (~US$555 million) at HK$116.20 per share. The company has secured roughly HK$3 billion in cornerstone investor commitments and plans to list on January 8, 2026 under ticker 2513.
About this summary
This article aggregates reporting from 1 news source. The TL;DR is AI-generated from original reporting. Race to AGI's analysis provides editorial context on implications for AGI development.
Race to AGI Analysis
Zhipu AI taking a foundation‑model business to the Hong Kong market is a milestone for China’s AI industrial policy. Until now, most frontier labs have been privately financed or nestled inside tech conglomerates. A successful HK$4.3 billion raise would put public‑market capital behind a pure‑play LLM developer that openly positions itself as China’s answer to OpenAI, with heavy R&D spend and an open‑source leaning portfolio like GLM‑4.7 and AutoGLM.
