Zhipu AI returns to Hong Kong equity market after lockup, raises $4B in massive placement

Zhipu AI, the Chinese artificial intelligence company behind the GLM series of large language models, returned to Hong Kong’s equity market with force after its six-month post-IPO lockup expired on July 8, 2026. The company raised approximately HK$31.41 billion, roughly $4 billion, through a share placement just days after insiders were free to sell.

For context, that single placement raised more than seven times what the company pulled in during its January 2026 IPO.

From IPO darling to fundraising machine

Zhipu AI first listed on the Hong Kong Stock Exchange in January 2026, pricing shares at HK$116.2 apiece and raising about $558 million. The stock surged more than 2,000% after its debut, briefly pushing the company’s market capitalization above HK$1 trillion.

The $4 billion placement wasn’t the end of it, either. By September 2026, the company had returned to the market again, raising an additional $5 billion through a combination of new shares and zero-coupon convertible bonds set to mature in 2027. Across the IPO and two follow-on rounds, Zhipu has pulled in close to $9.5 billion in less than nine months.

Where the money is going

Zhipu AI has earmarked proceeds from its fundraising spree for research and development, commercialization of its AI models, mergers and acquisitions, and general working capital.

The zero-coupon structure means Zhipu isn’t paying interest on $5 billion worth of debt-like instruments, effectively getting free financing until 2027 maturity, assuming the bonds convert to equity at favorable prices.

The bigger picture for Chinese AI listings

Zhipu’s fundraising success reflects a broader trend of Chinese technology companies choosing Hong Kong as their listing venue, particularly under the exchange’s specialist-technology regime. That framework, designed to attract pre-revenue or early-revenue tech firms, has turned Hong Kong into the go-to market for Chinese AI companies seeking public capital.

Beijing’s policy support for the domestic AI sector provides a favorable tailwind. The Chinese government has made artificial intelligence a strategic priority, and companies operating in the space benefit from a regulatory environment that encourages growth and investment.

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