Zhipu AI, other Chinese tech firms rise in Hong Kong debut as race with US heats up

Core Insights - Three Chinese technology firms debuted successfully, raising a total of $1.19 billion, which supports Beijing's ambition to enhance its competitiveness in high-tech sectors against the U.S. [1][3] - All three companies experienced significant increases in their stock prices on debut, indicating strong market interest [1][2] Company Summaries - Zhipu AI, an artificial intelligence company, opened 3.3% higher than its offer price of HK$116.20, trading around HK$126.00. It raised HK$4.35 billion, valuing the company at approximately HK$51 billion, with plans to allocate most proceeds for research and development [1][4] - Shanghai Iluvatar CoreX, a semiconductor firm, started trading at 31.6% above its offer price of HK$144.60, reaching around HK$162.50 [2] - Shenzhen Edge Medical, a surgical robotics company, jumped 36.4% above its offer price of HK$43.24, trading at around HK$56.00 [2] Industry Context - The successful listings of these firms come as Chinese authorities expedite AI and semiconductor listings to create domestic alternatives to advanced U.S. technology [3] - Companies like Huawei's AI server spin-off xFusion and memory chipmaker ChangXin Memory Technologies are also preparing for IPOs, indicating a broader trend in the tech sector [3] - Zhipu AI has been recognized as a leading player in China's AI sector, with its CEO noting that the company's overseas expansion is part of normal business operations [5]