Zhipu AI plans to raise 15 billion yuan through an IPO on the Sci-Tech Innovation Board, aiming to join MiniMax in establishing an "A+H" dual listing platform on the A-shares market.

According to Beating Monitoring, Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as “Zhipu Co., Ltd.”, Hong Kong Stock Exchange code: 2513.HK, formerly known in English as Knowledge Atlas Technology)—the first domestic large-model company listed on the Hong Kong Stock Exchange—has released an announcement. The board has reviewed and approved a proposal to allocate and issue A-shares and apply for listing on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. This means that, following its listing on the Hong Kong Stock Exchange on January 8 this year, Zhipu Co., Ltd. has officially kicked off the process of returning to China’s domestic A-share market and building an “A+H” dual-listing platform. At the same time, the company plans to change its English name to “Z.AI Co., Ltd.” (the Chinese name remains unchanged) to reflect its global strategic positioning centered on general artificial intelligence.

According to the announcement, the number of new A-shares Zhipu Co., Ltd. plans to issue this time will account for 2% to 8% of the total issued share capital after the issuance (i.e., approximately 9.0988 million shares to 38.769 million shares). After introducing an over-allotment option (green shoe mechanism), the maximum issuance size can reach approximately 10.4637 million shares to 44.5843 million shares. The total amount of funds proposed to be raised in this STAR Market IPO will not exceed RMB 150 billion. Of this, RMB 120 billion will be used for the R&D and construction of the “Artificial Intelligence General Base Large Model” project, RMB 20 billion for the “Large Model MaaS One-Stop Service Platform” project, and the remaining RMB 10 billion for supplementing working capital. This move will comprehensively support the construction of compute infrastructure and core technology iterations for its GLM series of general large models.

Zhipu Co., Ltd.’s move to return to the A-share market has been in the works. Earlier this year, in February, Zhipu re-submitted its listing guidance filing to the Beijing Securities Regulatory Bureau, with the guidance institutions changed to Guotai Junan Securities and CICC, officially locking in the guidance direction for the STAR Market IPO.

Another domestic large-model company, MiniMax (Hong Kong stock abbreviation: MINIMAX-W, code: 00100.HK), has also signed a listing guidance agreement with CITIC Securities on May 29, 2026, formally launching the STAR Market IPO process. After the two companies listed on the Hong Kong Stock Exchange successively in January this year, Zhipu and MiniMax are expected to “meet” again on the A-share STAR Market, ushering in a new competitive landscape for domestic large-model giants under the “A+H” dual-equity capital channels.