China’s AI Firm Zhipu Climbs in Debut, Lagging Hardware Peers
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Shares of Knowledge Atlas Technology JSC Ltd. gained in their Hong Kong debut after a $558 million initial public offering, making it the first major Chinese generative-AI startup to go public.
The stock rose 13.2% on Thursday to close at HK$131.50, rebounding after a muted open. The company, better known as Zhipu, offered 37.4 million shares at HK$116.20 ($14.9) apiece to investors last week. Its shares allocated to retail investors were subscribed by more than 1,159 times.