Zhipu AI launches $560M IPO as Hong Kong’s first LLM listing

Zhipu AI initiated a share sale to raise HK$4.35 billion ($560 million) ahead of its January 8 trading debut, positioning itself as the first large language model developer to list on the Hong Kong Stock Exchange. The offering prices 37 million shares at HK$116.20 each, securing a post-listing valuation of HK$51.16 billion ($6.6 billion) while allocating 10% of the tranche to retail investors. The listing beats rival Minimax Group to market and tests investor appetite for AI software following massive hardware IPO surges in Shanghai, where GPU makers Moore Threads and MetaX recently jumped over 400%.