China's Zhipu AI plans to apply for Shanghai's Sci-Tech Board listing

(Corrects to add data source ‌in paragraph 9)

By ​Kane Wu ​and Anjali Singh

June 2 (Reuters) - Knowledge Atlas Technology JSC, also known as Zhipu AI, intends to apply for a domestic listing on the Shanghai Stock Exchange's Sci-Tech ‌Innovation Board, the company said late Monday.

One of the leading players in ⁠China's crowded artificial intelligence sector, Zhipu AI, said the proposed issuance of A shares, each with a nominal ‌value of 0.10 yuan, would represent ‌between 2% and 8% of the company's total share capital, or 9.1 million to 38.8 million shares.

However, it did not disclose the amount it plans to raise from ​the issue.

Zhipu raised HK$4.35 billion ($554.97 million) in a Hong Kong initial public offering in January. Its shares have since risen more than 10 times its IPO price of ⁠HK$116 per share, giving it a market cap of $83 billion as of Tuesday.

The AI startup's A-share listing follows similar moves ​by its peers and other Chinese tech companies seeking to capitalize on buoyant investor appetite for AI-related stocks as Beijing pushes to fast-track tech ​listings.

China's tech-focused STAR 50 Index is up 22% ‌so far this year.

Robotics firm Unitree obtained approval from the Shanghai Stock Exchange for an A-share IPO on Monday. It plans to raise 4.2 ⁠billion yuan in the offering, targeting a $7 billion valuation, according to sources.

Baidu's AI chip unit Kunlunxin, which filed confidentially for a Hong Kong IPO in January, has also started tutoring work in May ⁠for a domestic listing, regulatory disclosure showed.

As of May 22, proceeds raised via domestic IPOs in China ​totalled $6.7 billion, up 76% from the same period in 2025, LSEG data showed.

Mega offerings by chip giants ChangXin Memory Technologies and Yangtze Memory Technologies are expected to further boost domestic capital markets this year.

Zhipu ‌plans to issue the shares within 12 months of obtaining the registration document from the China Securities Regulatory Commission and will apply for ‌listing and trading on the board upon completion of the issuance.

In addition, the company will change ⁠its English name from Knowledge Atlas Technology ‌Joint Stock Co to ​Z.AI Co to align with its operational needs.

($1 = 7.8383 Hong Kong dollars)

(Reporting by Kane Wu in Hong Kong and Anjali Singh in Bengaluru; Editing by ‌Rashmi Aich)

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