China's Zhipu AI plans to apply for Shanghai's Sci-Tech Board listing

Knowledge Atlas Technology JSC, also known as Zhipu AI, intends to apply for a domestic listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, the company said late Monday.

One of the leading players in China's crowded artificial intelligence sector, Zhipu AI, said the proposed issuance of A shares, each with a ‌nominal value ⁠of 0.10 ⁠yuan, would represent between 2% and 8% of the company's total share capital, or 9.1 million to ​38.8 million shares.

However, it did not disclose the amount it plans to raise from the issue.


Zhipu raised HK$4.35 billion ($554.97 million) in a Hong Kong initial public offering in January. Its shares have since risen more than 10 times its IPO price of HK$116 per share, giving it a market cap of $83 billion as of ⁠Tuesday.

The AI ‌startup's A-share listing follows similar moves by its peers and other Chinese tech companies seeking to capitalize on buoyant investor appetite for AI-related ⁠stocks as Beijing pushes to fast-track tech listings.

China's tech-focused STAR ​50 Index is up 22% so far this year.

Robotics firm Unitree obtained approval from the Shanghai Stock Exchange for an A-share IPO on Monday. It plans to raise 4.2 billion yuan in the offering, targeting a $7 billion valuation, according to sources.

Baidu's AI chip unit Kunlunxin, which filed confidentially for a Hong Kong IPO in January, has also started tutoring work in May for a domestic listing, ‌regulatory disclosure showed.

As of May 22, proceeds raised via domestic IPOs in China totalled $6.7 billion, up 76% from the same period in 2025, ​LSEG data showed.

Mega ​offerings by chip giants ⁠ChangXin Memory Technologies and Yangtze Memory Technologies are expected to further boost domestic capital markets this year.

Zhipu plans to issue the shares within 12 months of obtaining the registration ​document from the China Securities Regulatory Commission and will apply for listing and trading on the board upon completion of the issuance.

In addition, the company will change its English name from Knowledge Atlas Technology Joint Stock Co to Z.AI Co to align with its operational needs.