Zhipu AI returns to Hong Kong equity market after lockup, raises $4B in massive placement

Zhipu AI, the Chinese artificial intelligence company behind the GLM series of large language models, returned to Hong Kong’s equity market with force 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. For context, that single placement raised more than seven times what the company pulled in during its January 2026 IPO. From IPO darling to fundraising machine Zhipu AI first listed on the Hong Kong Stock Exchange in January 2026, pricing shares 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 wasn’t the end of it, either. By September 2026, the company had returned to the market again, raising an additional $5 billion through a combination of 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. Where the money is going Zhipu AI has earmarked proceeds from its fundr...