Zhipu AI IPO Hong Kong 2026: China's 'AI Tiger' Sprints 10% on Market Debut

The first of China’s "AI Tigers" has officially pounced on the public market. Zhipu AI, the Beijing-backed startup challenging global giants, saw its shares surge 10% above its offer price on its January 8, 2026 debut in Hong Kong. The $558 million initial public offering marks the first time a major Chinese large language model (LLM) developer has gone public.

Zhipu AI IPO Hong Kong 2026: Financials and Competitive Edge

Trading under Knowledge Atlas Technology JSC, Zhipu AI opened at 116.20 Hong Kong Dollars ($15) per share. The listing values the firm at approximately HK$4.3 billion. Founded by researchers from Tsinghua University in 2019, the company is often cited by OpenAI as a significant competitor in the race for AI supremacy. According to its prospectus, Zhipu AI reported revenues of 312.4 million yuan in 2024.

Geopolitical Headwinds and Growth Strategy

Despite the successful debut, Zhipu AI faces steep challenges. It was added to the U.S. Entity List in January 2025 due to alleged ties to the Chinese military. This restriction limits its access to high-end chips from NVIDIA and other Western technologies. The company plans to counter these hurdles by investing heavily in domestic R&D and expanding its presence in Southeast Asia and the Middle East.