Zhipu AI launches $560m Hong Kong IPO as LLM race goes public

Chinese large language model developer Zhipu AI kicked off a Hong Kong share sale on December 30, 2025, aiming to raise about HK$4.35 billion (US$560 million) at HK$116.20 per share. The company plans to list on January 8, targeting a post‑listing valuation of roughly HK$51.16 billion and positioning itself as the first LLM developer traded in Hong Kong.([scmp.com](https://www.scmp.com/business/investor-relations/ipo-quote-profile/article/3338107/chinas-zhipu-ai-launches-us560-million-share-sale-hong-kongs-ipo-tech-race-heats))