Zhipu AI plans to raise 15 billion yuan through an IPO on the Science and Technology Innovation Board, and will join MiniMax on the A-share market to create an "A+H" dual-listing platform.

According to Beating's monitoring, Beijing Knowledge Atlas Technology Co., Ltd. (hereinafter referred to as "Knowledge Atlas", Hong Kong stock code: 2513.HK, formerly known as Knowledge Atlas Technology), the first domestic large-scale model company to be listed on the Hong Kong Stock Exchange, announced that its board of directors has approved the proposal to issue and allocate A shares and apply for listing on the Shanghai Stock Exchange's Science and Technology Innovation Board. This means that after listing on the Hong Kong Stock Exchange on January 8 this year, Knowledge Atlas has officially begun its return to the domestic A-share market and the construction of an "A+H" dual listing platform. At the same time, the company plans to change its English name to "Z.AI Co., Ltd." (the Chinese name will remain unchanged) to reflect its global strategic positioning with general artificial intelligence as its core. According to the announcement, Zhipu Technology plans to issue new A-shares accounting for 2% to 8% of its total share capital after the issuance (approximately 9.0988 million to 38.769 million shares). With the introduction of an over-allotment option (greenshoe option), the maximum issuance size could reach approximately 10.4637 million to 44.5843 million shares. The total funds raised in this STAR Market IPO are expected to not exceed RMB 15 billion, of which RMB 12 billion will be used for the R&D and construction of the "General Artificial Intelligence Base Large Model" project, RMB 2 billion for the "Large Model MaaS One-Stop Service Platform" project, and the remaining RMB 1 billion for supplementing working capital. This move will fully support the construction of computing infrastructure and core technology iteration of its general large model GLM series. Zhipu Technology's return to the A-share market has been in the works for some time. In February of this year, Zhipu Technology resubmitted its IPO filing to the Beijing Securities Regulatory Bureau, changing its advisory institutions to Guotai Haitong Securities and China International Capital Corporation (CICC), officially securing its IPO guidance direction on the Science and Technology Innovation Board (STAR Market). Another domestic large-scale model company, MiniMax (Hong Kong Stock Code: MINIMAX-W, 2024111120232), also signed a IPO guidance agreement with CITIC Securities on May 29, 2026, officially launching its STAR Market IPO process. Following their listings on the Hong Kong Stock Exchange in January of this year, Zhipu and MiniMax are expected to reunite on the A-share STAR Market, ushering in a new competitive landscape for domestic large-scale model giants under the "A+H" dual equity capital channel.