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Chinese language synthetic intelligence agency Zhipu AI kicked off a share sale on Tuesday to lift HK$4.35 billion (US$560 million), transferring nearer to changing into the primary giant language mannequin (LLM) developer listed in Hong Kong amid a surge of expertise preliminary public choices (IPOs).
The beginning-up, formally generally known as Data Atlas Know-how and marketed abroad as Z.ai, set its supply value at HK$116.20 for greater than 37 million shares, with 10 per cent allotted to retail traders. The corporate plans to debut on January 8.
With rival Minimax Group nonetheless within the pipeline, Zhipu is on observe to be the primary Chinese language AI LLM developer traded on the Hong Kong inventory trade.
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Zhipu expects internet proceeds of HK$4.17 billion from its IPO, assuming no over-allotment possibility is exercised, based mostly on the supply value of HK$116.20 per share. The corporate’s post-listing market valuation is estimated at HK$51.16 billion.
The event comes as Chinese language graphics processing unit (GPU) builders Moore Threads Know-how and MetaX Built-in Circuits electrified Shanghai’s capital markets in early December, surging 425 per cent and 693 per cent, respectively, on their debut.
The IPO push of Zhipu AI rival Minimax Group continues to be within the pipeline. Picture: Getty Photographs alt=The IPO push of Zhipu AI rival Minimax Group continues to be within the pipeline. Picture: Getty Photographs>
Prudential Brokerage affiliate director Alvin Cheung Chi-wai stated Zhipu’s retail bookbuilding may appeal to greater than 400,000 retail traders in Hong Kong amid robust funding sentiment for tech shares. Nonetheless, he cautioned that Zhipu’s first-day efficiency was unlikely to duplicate the beneficial properties of Moore Threads and MetaX, citing variations within the funding environments between Hong Kong and mainland China.
December has seen dozens of Chinese language tech companies speed up their IPOs in Hong Kong, spanning sectors from AI and semiconductors to biotech.
Shanghai Biren Know-how, the primary of China’s “4 little dragons” in GPU growth to listing in Hong Kong, was estimated to have attracted HK$459.68 billion in margin financing for its retail tranche, marking an oversubscription of greater than 1,893 instances earlier than bookbuilding ended on Tuesday midday, in keeping with information from on-line buying and selling platform Futubull. Biren, aiming to lift as much as HK$4.85 billion, is ready to begin buying and selling on January 2.
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