Overview
- Zhipu raised HK$4.35 billion (about $558 million) at an offer price of HK$116.20, becoming the first major Chinese generative-AI startup to list in Hong Kong with a valuation near HK$51 billion.
- The stock opened 3.3% above the offer price and traded around HK$116.40, while the retail tranche was oversubscribed roughly 1,159 times.
- GPU designer Shanghai Iluvatar CoreX and surgical-robot maker Shenzhen Edge Medical also opened sharply higher after raising HK$3.48 billion and about HK$1.12 billion.
- The three listings collected HK$9.3 billion in total, reinforcing hopes for Hong Kong’s IPO rebound after $37.2 billion was raised across 115 listings in 2025.
- Zhipu, a Tsinghua University spinout backed by Alibaba and Tencent, plans to direct most proceeds to R&D as authorities accelerate AI and chip listings, with MiniMax and OmniVision due to start trading on Friday.