Shares of Knowledge Atlas Technology JSC, better known as Zhipu, rose 13.2% on their Hong Kong debut, following a $558 million IPO that made it the first of China’s “AI tigers” to go public. The stock closed at HK$131.50 ($16.90), above its offer price of HK$116.20 ($15). Founded in 2019 by researchers from Tsinghua University, Zhipu represents the country’s first major large language model company to go public. The firm reported revenue of 312.4 million RMB ($44.7 million) in 2024. Zhipu plans to use 70% of IPO proceeds for R&D of its AI models.

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