Chinese AI model maker Zhipu (Z.ai, formally Knowledge Atlas Technology) is considering a share sale in Hong Kong to raise several billion US dollars, according to people familiar with the matter. The move follows a roughly 2,000% surge in its shares since the company's January listing.
June 24, 2026 · Zhipu (Z.ai)
China's OpenAI Rival Weighs a Multibillion-Dollar Hong Kong Share Sale
After a roughly 2,000% surge since its January debut, the GLM-series maker is considering tapping its soaring stock for fresh capital — part of a multi-track fundraising push spanning Hong Kong and Shanghai.
~2,000%
Share gain YTD since the Jan 8 listing (as of June)
$558M
Raised in the HK IPO at HK$116.20 per share
1/6
GLM-5.2's cost vs GPT-5.5, while beating it on benchmarks
The Stock Move
IPO debut price vs current level — a ~21× move that the company now wants to monetize.
Roughly a 2,000% rise — supported by China's AI policy tailwinds, a JPMorgan target hike, and a broad Chinese-AI rally.
Multi-Track Fundraising
Hong Kong: multibillion-dollar share sale under consideration (size & terms TBD)Shanghai STAR Market: filing for up to ~38.8M shares (2%–8% post-issuance)Most proceeds earmarked for foundation-model R&D
Flagship: GLM-5.2
Open-weights, MIT license
MoE architecture, ~744B–753B total parameters
1M-token context length
Among the first open-weights models to approach the frontier in coding & agentic tasks
Still At The Consideration Stage
Founded in 2019 by Tsinghua professors and backed by Alibaba, Tencent, Ant, Meituan, Xiaomi and HongShan ($1B+ raised), Zhipu posted ~RMB 312.4M revenue in 2024 with widening losses amid rising R&D spend. The HK plan's timing, size and terms — and whether it proceeds — remain uncertain.
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