US EditionStartups Go Public in Litmus Test for Chinese AI
Zhipu AI and two others raised over HK$9 billion in Hong Kong IPOs, with shares gaining up to 36%, reflecting strong investor confidence in China’s AI sector.
- On Thursday, Zhipu AI went public on the Hong Kong Stock Exchange, raising HK$4.35 billion in an oversubscribed offering with early trading gains.
- Amid U.S. export controls, Zhipu AI faced blacklist constraints while Baidu's Kunlunxin AI chip unit filed for a Hong Kong listing earlier this month, reflecting China's technological self-reliance push.
- Alongside Zhipu, AI chip and semiconductor listings showed outsized moves, with Iluvatar climbing 31.5 to HK$190.20 and Edge Medical rising 36.4 to HK$59 after raising HK$3.68 billion.
- The IPOs provide capital for model development while analysts covering LLM firms say foundational-model firms are unlikely profitable any time soon.
- In recent months, an AI boom has pushed tech stocks to record highs, making these flotations a near‑term test of investor confidence as MiniMax faces a Disney copyright suit before its Friday debut.
46 Articles
46 Articles
Tech Trio Set to Make Waves in Hong Kong Debut
Three Chinese technology companies are expected to debut at higher prices on the Hong Kong stock exchange, having collectively raised HK$9.3 billion. This marks a hopeful start for new listings in the city. Zhipu AI, Shanghai Iluvatar CoreX, and Shenzhen Edge Medical are leading this charge.
Zhipu Leads China’s ‘AI Tigers’ With Hong Kong IPO
Tiger, tiger, burning bright. If you crave knowledge, then read about this Chinese “AI tiger” and its strong start. Shares of Zhipu edged higher on their Hong Kong debut, following a $558 million initial public offering that made it the first of China’s AI tigers to go public. These tigers are a small group of startups tasked with building advanced large language models capable of competing with U.S. companies such as OpenAI and Anthropic. The f…
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