Zhipu

Knowledge Atlas Technology Joint Stock Company Limited (Hong Kong stock code 02513.HK) is a company that develops and provides large artificial intelligence models and related services. On January 8, 2026, the company, as a domestic joint stock company, directly issued H shares and listed on the Hong Kong Stock Exchange at an offer price of HK$116.2 per share. According to Caixin, its share price climbed steadily in the three months after listing, at one point rising more than 700%, and its total market capitalisation exceeded HK$400 billion.

Zhipu’s listing path contrasted with that of some artificial intelligence start-ups of the same period. According to an April 2026 Caixin report, MINIMAX-W (00100.HK), which listed through a Cayman red-chip VIE structure, completed its IPO in Hong Kong on January 9, 2026, the day after Zhipu’s listing, at an offer price of HK$165, with its market capitalisation approaching HK$300 billion at its peak; StepFun and Moonshot AI, which also used red-chip VIE structures, had not yet listed, and the market was therefore watching to see who would become the “third large-model stock.”