Chinese artificial intelligence start-up Zhipu is reportedly weighing a move to list in Hong Kong, shifting away from its original plans for a domestic IPO in mainland China. According to sources familiar with the matter, the potential listing could raise approximately US$300 million (RM1.28 billion), positioning the company to benefit from a renewed surge in equity capital markets activity in the city.
Backed by Chinese tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd, Zhipu is said to be working closely with financial advisers to prepare for a first-time share sale. While deliberations remain ongoing and a final decision has yet to be reached, the start-up has not ruled out returning to its initial plan for a domestic listing, sources noted. Zhipu has not commented on the matter.
Founded in 2019 and based in Beijing, Zhipu is one of China’s emerging AI firms vying for global competitiveness against players like OpenAI. The company is known for its proprietary AI agent, AutoGLM, and open-source GLM-series models, designed for deep research and advanced natural language processing.
The company recently secured one billion yuan (US$139 million or RM593.0 million) in funding from a state-backed venture capital firm affiliated with the Zhangjiang Group in Shanghai, bolstering its capital base ahead of a potential public offering.
Zhipu is part of a new wave of fast-scaling AI companies in China, including DeepSeek, Moonshot, and MiniMax, which are accelerating the rollout of low-cost, high-performance AI solutions. These firms are positioning themselves at the forefront of the country’s ambitions to set benchmarks for the future of artificial intelligence.
Hong Kong’s equity markets are witnessing a marked revival, with IPOs and follow-on offerings raising around US$40 billion so far in 2025, according to Bloomberg data. This figure represents a significant rebound from the US$5.7 billion raised during the same period in 2024 and is the highest since the record-setting year of 2021.
MiniMax, another prominent AI start-up and one of China’s so-called AI “Dragons” or “Tigers”, is also reportedly aiming to go public as early as this year.
As investor appetite for high-growth technology firms regains momentum in the region, Zhipu’s potential IPO could serve as a bellwether for China’s next generation of AI innovators seeking access to international capital.
-Bloomberg
