China's Zhipu AI launches US$560 million share sale as Hong Kong's IPO tech race heats up

Group 1 - Zhipu AI, a Chinese artificial intelligence firm, initiated a share sale to raise HK$4.35 billion (US$560 million), aiming to become the first large language model (LLM) developer listed in Hong Kong [1][2] - The company set its offer price at HK$116.20 for over 37 million shares, with 10% allocated to retail investors, and plans to debut on January 8 [2] - Zhipu expects net proceeds of HK$4.17 billion from its IPO, with a post-listing market valuation estimated at HK$51.16 billion [3] Group 2 - The IPO activity in December has seen a surge of Chinese tech firms, including those in AI and semiconductors, accelerating their listings in Hong Kong [6] - Zhipu's retail bookbuilding could attract over 400,000 retail investors due to strong investment sentiment for tech shares, although first-day performance may differ from recent high-profile debuts [5] - Shanghai Biren Technology, another tech firm, attracted HK$459.68 billion in margin financing for its retail tranche, indicating strong demand in the market [7]