Zhipu, a Chinese AI model developer, is set for a second listing on Shanghai’s Star Market following a successful initial public offering (IPO) in Hong Kong that raised US$558 million. The company’s shares surged 23.4% to a record HK$496, marking a 320% increase since its January debut. Zhipu has engaged Guotai Haitong and CICC to facilitate the new listing, positioning itself to leverage the higher valuations often found in mainland markets. This strategic move reflects a growing confidence in China’s generative AI sector, amidst a trend of tech companies like MiniMax Group Inc and Montage Technology Co seeking Hong Kong listings. Analysts note that A-shares currently hold a valuation premium over H-shares, and a mainland listing could broaden Zhipu’s investor base. The company’s latest language model, GLM-5, has also outperformed competitors, showcasing advancements in efficiency using local technology amidst global supply challenges.
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