Particle.news
Download on the App Store
9 ARTICLES
·
23h ago

Zhipu AI Becomes First of China’s ‘AI Tigers’ to List, Rises in Hong Kong Debut

The listing is seen as a test of investor appetite for China’s generative-AI firms under U.S. export controls.

Chinese and Hong Kong flags flutter next to bull statues outside the Hong Kong Exchanges at the financial Central district in Hong Kong, China September 14, 2020. REUTERS/Tyrone Siu
Image
Image
Image

Overview

  • The Tsinghua University spin-off sold 37.4 million shares at HK$116.20, raising HK$4.35 billion (about US$558 million) and valuing the company near HK$51–53 billion.
  • Shares opened 3.3% above the offer price at HK$120 and later climbed by roughly 10% at their intraday high.
  • Demand was intense among retail buyers, with that tranche subscribed by more than 1,159 times.
  • Backed by Alibaba and Tencent, Zhipu plans to allocate about 70% of the proceeds to research and development of its large language models.
  • The debut came alongside strong first-day gains for GPU designer Iluvatar and robotics firm Edge Medical, with fellow AI startup MiniMax scheduled to list on Friday.