China's Zhipu AI launches US$4 billion Hong Kong shares offering, term sheet shows

Knowledge Atlas Technology JSC(2513), also known as Zhipu AI, is seeking to raise around US$4 billion(HK$31.2 billion) via a share sale in Hong Kong, according to a term sheet seen by Reuters on Wednesday.

The Chinese AI lab has launched an accelerated bookbuild offering of 19.8 million primary H shares at HK$1,588 to HK$1,698 apiece, which is a 7 percent to 13 percent discount to their July 8 close.

The offering comes at a time when Chinese technology firms rush to Hong Kong's hot capital markets to raise funds to advance in China's competitive AI space.

Zhipu AI expects to use the proceeds for research and development, including for training and education of talent and deployment of computer resources, among others, according to the term sheet.

Reuters

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