Zhipu AI Scoops Up $4 Billion in Hong Kong Equity Market Return

Zhipu AI, a Chinese artificial intelligence company behind the GLM series of large language models, made a significant return to Hong Kong's equity market after its six-month post-IPO lockup expired on July 8, 2026. The company raised approximately HK$31.41 billion, roughly $4 billion, through a share placement just days after insiders were free to sell.

This massive placement exceeded the funds Zhipu AI generated during its January 2026 IPO by seven times, with shares priced at HK$116.2 apiece and raising about $558 million. The stock surged more than 2,000% after its debut, briefly pushing the company's market capitalization above HK$1 trillion.

The $4 billion placement was not a standalone event, as Zhipu AI returned to the market again by September 2026 and raised an additional $5 billion through new shares and zero-coupon convertible bonds set to mature in 2027. Across the IPO and two follow-on rounds, Zhipu has pulled in close to $9.5 billion in less than nine months.