Why Are Zhipu AI Shares Rising Sharply Today?
Introduction: The Thursday When the Chinese AI Giant Shook the Market
Thursday, Hong Kong Stock Exchange. Shares of Zhipu AI, traded under the name Knowledge Atlas Tech Joint Stock, surged 14.7% to HK$2,094, attracting the attention of investors around the world. This was not just a random spike — it was the result of a large-scale secondary share placement that raised about $4 billion. The company placed 19.78 million shares at a price of HK$1,588 per share, representing a discount of around 13% to the previous closing price.
What is behind this growth? The placement took place after the key lock-up period expired on July 8, 2025, an event that many market participants feared could trigger massive selling. However, a group of major cornerstone investors — including state-backed entities and government-linked industrial funds that control around 70% of the unlocked cornerstone shares — publicly confirmed their long-term commitment to holding the stock, effectively neutralizing the expected pressure on the share price.
Another growth catalyst came from reports earlier this week that Zhipu is considering developing its own ASIC chips to support the GLM model family. This highlights the company’s intention to reduce its dependence on third-party AI hardware manufacturers.
The broader Hong Kong technology market also provided a favorable backdrop: the Hang Seng Tech Index rose sharply this week amid numerous AI-related announcements from major Chinese internet companies and capital inflows into software stocks and companies developing large language models.
Zhipu is one of the hottest stocks on the Hong Kong market: since its debut in January, the stock has gained almost 1,300%, as investors remain broadly optimistic about the company’s prospects in the artificial intelligence industry.
Let’s take a closer look at why Zhipu AI has become the focus of investor attention, what factors are supporting the growth of...
