Zhipu seeks $4 billion Hong Kong share sale after nearly 1,500% rally

Zhipu, the Chinese artificial-intelligence model maker that trades in Hong Kong as Knowledge Atlas Technology (ticker 2513.HK), is seeking to raise about $4 billion through a share sale, according to people familiar with the offering.

The company is marketing 19.8 million shares at HK$1,588 to HK$1,698 each, roughly a 13% discount to Wednesday’s close, the people said. China International Capital Corp is lead coordinator on the deal.

The sale follows an extraordinary run for the stock, which has climbed nearly 1,500% since Zhipu listed in Hong Kong on January 8, 2026. A raise of that size would rank among the largest by a Chinese AI developer this year and gives the company a heavy cash cushion as domestic rivals race to fund model training.

Proceeds are earmarked for research and development, business expansion, investments, mergers and acquisitions, and capital-structure optimization, according to the deal terms. Zhipu recently released its GLM-5.2 model as an open-source download.

The placement had not been formally confirmed by the company, and final pricing within the marketed range remained to be set.