TECH

Zhipu Seeks $2.2 Billion Shanghai Listing to Fuel AI Expansion

Published: Jun. 2, 2026 6:46 p.m. GMT+8

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The move highlights the fundraising push among China’s generative AI startups as they tap capital markets to finance the high costs of computing power and model development. Photo: IC photo

Chinese artificial intelligence (AI) startup Knowledge Atlas Technology Joint Stock Co. Ltd. plans to raise 15 billion yuan ($2.2 billion) through a secondary listing on Shanghai’s tech-focused STAR Market, just months after its blockbuster debut in Hong Kong.

The move highlights the fundraising push among China’s generative AI startups as they tap capital markets to finance the high costs of computing power and model development.

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Zhipu AI plans to raise 15 billion yuan ($2.2 billion) via a secondary listing on Shanghai’s STAR Market, primarily for AI model development.
The startup earned 724 million yuan in 2025 (up 132%) but had adjusted net losses of 3.18 billion yuan due to high spending on research and computing.
Rival Minimax also explores a STAR Market listing; both firms recently raised API service prices due to strong demand and limited computing capacity.

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Who’s Who

Knowledge Atlas Technology Joint Stock Co. Ltd.: Knowledge Atlas Technology (Zhipu AI) plans to raise 15 billion yuan via a secondary listing on Shanghai's STAR Market. It is China's largest large language model developer by 2025 revenue (724 million yuan, up 132%), but remains deeply unprofitable with a 3.18 billion yuan adjusted net loss.

Minimax Group Inc.: Minimax Group Inc., a Chinese AI startup and rival to Zhipu AI, disclosed last week it is exploring an A-share listing on Shanghai's STAR Market. Both firms recently raised API service prices due to strong demand and limited computing capacity.

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What Happened When

2025：: Zhipu AI earned 724 million yuan in revenue, up 132% from the previous year, but reported adjusted net losses of 3.18 billion yuan.

January 2026：: Zhipu AI became the first major Chinese generative AI startup to go public, listing on the Hong Kong stock exchange.

2026：: Zhipu AI announced it intends to issue new shares equal to 2% to 8% of enlarged share capital, with proceeds for AI model development (12 billion yuan), MaaS platform (2 billion yuan), and working capital (1 billion yuan).