Chinese AI-related companies raised about $5.8 billion in Hong Kong this week, led by a roughly $4 billion secondary share sale from Zhipu AI. US banks such as Goldman Sachs and JPMorgan were largely absent from the string of deals.
July 2026 · Hong Kong Capital Markets
Chinese AI Firms Raise $5.8B in Hong Kong — Wall Street Left Out
A single week saw about $5.8 billion flow into China's AI sector, led by a roughly $4 billion secondary share sale from Zhipu AI. US banks like Goldman Sachs and JPMorgan were largely absent from the deals.
$5.8B
Raised by Chinese AI firms in HK this week
~$4B
Zhipu AI secondary placement alone
+22%
Zhipu share jump after announcement
~1,500%
Zhipu stock rise since Jan 2026 debut
Zhipu AI: January IPO vs July Secondary Sale
Amount raised, drawn to scale (HK$ billion)
HK$4.35B
Jan 2026 IPO
HK$31.41B
July secondary sale
~7× larger than the debut raise — 19.78M shares priced at the bottom of the range.
The Bigger Picture
~$44B in H1 2026
Hong Kong's highest fundraising in five years — across IPOs, placements and block trades — led by Chinese firms across the AI supply chain: batteries, chips, and model developers.
Bull Case
Sharp share surge and target-price hikes from banks including JPMorgan signal continued AI enthusiasm and strong growth expectations. GLM models and Z.ai are widely used for cost efficiency and Chinese-language handling.
Caution
Bottom-of-range pricing implied a 7–13% discount to the prior close. Some investors remain wary of supply-demand dynamics once the lock-up period ends.
Wall Street Steps Back
Amid US–China tech rivalry and export controls, US banks increasingly avoid these deals on geopolitical risk — while Chinese banks now top the league tables.
Goldman Sachs — largely absent
JPMorgan — largely absent
CICC — leading league tables
The pattern deepens Chinese AI firms' reliance on Hong Kong and points to a widening split in US–China capital markets.
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