Key Highlights
- Artificial intelligence company Zhipu AI, also known as Knowledge Atlas Technology, opened 3.3 per cent higher than its offer price of HK$116.20 apiece and traded around HK$126.00. STORY CONTINUES BELOW THIS ADShanghai Iluvatar CoreX, a semiconductor firm, started 31.6 per cent higher than the offer price of HK$144.60, and changed hands at around HK$162.50. Surgical robotics company Shenzhen Edge Medical, jumped 36.4 per cent above the HK$43.24 offer price, and traded at around HK$56.00. More from Tech New tech race splits the world: China builds robots, Europe flies drones and US programs them Is China blocking US-Big Tech AI moves in the country to push chip self-sufficiency?The debuts of the three firms, which raised a combined HK$9.3 billion ($1.19 billion), come as Chinese authorities fast-track AI and chip listings to strengthen domestic alternatives to advanced U. S.
- technology, a backdrop that has drawn issuers across the tech sectors. Huawei’s AI server spin-off xFusion has hired Citic Securities in preparation for a mainland IPO, while memory chipmaker ChangXin Memory Technologies and Baidu’s AI chip arm Kunlunxin are planning listings too, Reuters has reported. Zhipu AI, spun out of Tsinghua University, raised HK$4.35 billion at HK$116.20, giving it a valuation near HK$51 billion. It plans to use the bulk of proceeds for research and development.
- Cornerstone investors included JSC International Investment Fund and JinYi Capital Multi-Strategy Fund, among others. Quick ReadsView AllIndia is now a smartphone export powerhouse — a success story of PLI schemeMusk warns of legal action over 'inappropriate' content created using GrokMarco Sun, chief financial market analyst at MUFG (China), said the modest gains in recent IPOs, particularly Zhipu AI, should not be seen as fading enthusiasm for AI.“Early-stage investments have yet to be cashed out for profit,” Sun said.
- “China’s AI story is only beginning to unfold, so it’s too early to draw conclusions."STORY CONTINUES BELOW THIS ADChina’s AI pushFounded in 2019, Zhipu AI has become a leading player in China’s AI push.
- In June last year, OpenAI singled it out as a fast-rising rival, framing the company within Beijing’s push to expand Chinese-developed AI overseas.
