Linklaters advises Zhipu on its HK$4.35bn HKEX IPO

Linklaters acted as the Hong Kong and US counsel for Knowledge Atlas Technology Joint Stock Company Limited (Zhipu) on its global offering and listing of H shares on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately HK$4.35bn. This marks the first IPO of a large AI model developer globally. 

With deep roots in China’s elite Tsinghua University, Zhipu is a leading AI company dedicated to developing advanced general-purpose large models toward the ultimate goal of achieving artificial general intelligence (AGI). Zhipu is China’s largest independent, and second-largest overall, developer of general-purpose large models, in terms of revenue in 2024.* 

The offering attracted a strong line-up of 11 cornerstone investors with investments totalling over HK$2.98bn, reflecting robust market recognition of Zhipu and demonstrating the investment appeal of China’s technology sector while underscoring Hong Kong SAR’s status as a premier international listing venue. 

The Linklaters team was led by partner and Head of Greater China ECM Christine Xu, partner and New Economy Team Leader (Greater China) Oliver Zhong and capital markets partner Lipton Li, with support from corporate counsel Queenie Tong. Litigation, arbitration & investigations counsel Michael Lamson provided specialist support. Linklaters’ acclaimed Greater China ECM team provides seamless legal support on pre-IPO investments, IPOs, post-listing compliance and equity financing, including advising on the recent HKEX IPOs of CATL, Chery and Sanhua Intelligent, as well as share placings for SF Holding, Minieye Technology and RoboSense.

 *_{https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1230/2025123000017.pdf}