Report: Zhipu launches large-scale share placement, raising $4 billion.

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Zhipu launches a large-scale share placement as its stock price surges.

Since Zhipu's IPO in Hong Kong this January, its shares have risen nearly 1500%. According to Bloomberg, Zhipu plans to raise about $4 billion through this placement, offering approximately 19.8 million shares at a price range of HK$1588 to HK$1698 per share, with a maximum discount of around 13% compared to Wednesday's closing price. China International Capital Corporation is acting as the sole global coordinator for this placement.

According to the placement terms, Zhipu plans to use the proceeds for research and development, business expansion, external investments, and mergers and acquisitions, while optimizing its capital structure, replenishing working capital, and for other general corporate purposes.

On the product side, Zhipu recently released its flagship AI model GLM-5.2 and has made it available to the public as free and open-source technology, aiming to attract developers to join its platform and embed related tools in global markets.

Hong Kong Tech Financing Window Continues Open

This placement by Zhipu is part of the ongoing wave of tech stock financing in Hong Kong. The quick initiation of placement after listing is similar to the path taken by CATL—which raised about $5 billion through a placement this April, and in May 2025 had completed a similar-sized placement, one of the largest equity financings globally that year.

Meanwhile, according to Bloomberg’s term sheet, Muxi shares are seeking to raise about $850 million in Hong Kong; BirenTech has completed approximately $900 million in new share placement, but the share price subsequently declined.

A number of Chinese AI and semiconductor companies are intensively utilizing the Hong Kong stock market for financing, reflecting strong current investor demand for China’s technology sector and the widespread willingness of companies to seize high valuation windows to bolster their resources.

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