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Zhipu AI Raises $4 Billion in Discounted Hong Kong Share Sale
Summary
Chinese artificial intelligence company Zhipu AI has secured approximately $4 billion (HK$31.37 billion) through a discounted share sale in Hong Kong. The new capital is intended to fund further research and development in the competitive AI sector.
Chinese artificial intelligence firm Zhipu AI announced on Thursday that it has raised about HK$31.37 billion ($4 billion) from a share sale in Hong Kong. The company, which trades as Knowledge Atlas Tech Joint Stock, sold 19.78 million shares at a price of HK$1,588 per share.
The sale price represented a discount of nearly 13% compared to the stock's closing price on the previous day. This marks the company's first significant share issuance since it went public at the beginning of the year.
Zhipu AI stated that the funds will be used to strengthen its capital position and support its “continued pursuit of foundation model research and development.” The company noted that it had already utilized over 93% of the net proceeds from its initial public offering by June 30.
AdSince its market debut in January, Zhipu AI's stock has surged nearly 1,300%, making it one of Hong Kong's top-performing stocks this year. The company is widely regarded as one of China's leading developers of artificial intelligence models.