Zhipu AI and other major tech firms raise $68 billion in share placement

Knowledge Atlas Technology (2513), also known as Zhipu AI, and other major tech firms announced they would launch a Hong Kong placement this week that could raise up to HK$68 billion in total to fund artificial intelligence development, chip design, and global expansion. 

Zhipu AI announced on Wednesday a placement of up to 19.78 million H shares at an offer price of HK$1,588 per share, representing a 12.99 percent discount to Wednesday’s closing price, raising HK$31.41 billion.

Bloomberg reported that Zhipu AI’s share placement was oversubscribed, with the top 20 investors receiving approximately 80 percent of the allocated shares. The placement drew support from long-only investors, sovereign wealth funds, and existing shareholders. The company intended to deploy the funds toward R&D and talent development, computing power infrastructure, business expansion and M&A, as well as working capital and capital structure optimization.

China's Shanghai Iluvatar CoreX Semiconductor is looking to raise around HK$7.07 billion in a Hong Kong share sale, according to an exchange filing on Thursday. I

GPU designer Iluvatar CoreX is offering 14.9 million H shares at HK$476 apiece, representing a 15 percent discount to the stock's last close.

The fundraising comes amid strong investor appetite for Chinese technology companies, with AI firms turning to Hong Kong's capital markets to fund research, hiring and expansion.

Meanwhile, China's Nexchip Semiconductor said on Wednesday it aims to raise around HK$6.98 billion in its Hong Kong share sale by pricing the offering at the top end of its range to benefit from the city's revitalized capital market.

The chipmaker is offering 216.2 million shares at HK$32.30 apiece, according to its prospectus. Nexchip plans to spend more than HK$3.5 billion from the proceeds on research and development and another HK$1.5 billion on AI-powered systems to integrate research, development and production processes.

Apple supplier Luxshare Precision Industry also priced a US$3 billion (HK$23.4 billion) Hong Kong share sale on Tuesday.

Notably, new listings in Hong Kong have soared nearly 57 percent in the first half of 2026 from a year earlier to about US$22.45 billion (HK$175 billion), marking the busiest start to a year for the city in five years, according to LSEG data.

Reuters and staff reporte

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