Zhipu AI plans to raise 15 billion yuan through an IPO on the Science and Technology Innovation Board, and will join forces with MiniMax to build an "A+H" dual listing platform on the A-share market According to Beating monitoring, Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu Stock", Hong Kong stock code: 2513.HK, formerly known as Knowledge Atlas Technology), the first domestic large model company listed on the Hong Kong stock market, has announced that its board of directors has approved the proposal to issue and distribute A-shares and apply for listing on the Shanghai Stock Exchange's Science and Technology Innovation Board. This means that following its listing on the Hong Kong Stock Exchange on January 8th this year, Zhipu Shares has officially kicked off its return to the domestic A-share market and the construction of a "A+H" dual listing platform. At the same time, the company plans to change its English name to "Z.AI Co., Ltd." (with the Chinese name remaining unchanged) to demonstrate its global strategic positioning centered around general artificial intelligence. According to the announcement, Zhipu Shares plans to issue new A-shares, accounting for 2% to 8% of the total share capital after issuance (approximately 9.0988 million shares to 38.769 million shares). After introducing the over allotment option (green shoe mechanism), the maximum issuance size can reach approximately 10.4637 million shares to 44.5843 million shares. The total amount of funds planned to be raised in this Sci Tech Innovation Board IPO will not exceed RMB 15 billion, of which RMB 12 billion will be used for the research and development and construction of the "Artificial Intelligence Universal Base Large Model" project, RMB 2 billion will be used for the "Large Model MaaS One stop Service Platform" project, and the remaining RMB 1 billion will be used to supplement working capital. This move will fully support the construction of computing infrastructure and core technology iteration for its general large model GLM series. The return of Zhipu shares to A-shares has already been prepared. In February of this year, Zhipu Co., Ltd. resubmitted its listing guidance filing to the Beijing Securities Regulatory Bureau. The guidance institutions were changed to Guotai Haitong Securities and CICC, officially locking in the guidance direction for the Sci Tech Innovation Board IPO. Another domestic large model company, MiniMax (Hong Kong stock abbreviation: MINIMAX-W, code: 00100. HK), has also signed a listing guidance agreement with CITIC Securities on May 29, 2026, officially launching the IPO process on the Science and Technology Innovation Board. After the two companies successively listed on the Hong Kong stock market in January this year, Zhipu and MiniMax are expected to meet again on the A-share Science and Technology Innovation Board, opening up a new competitive landscape for domestic big model giants under the "A+H" dual equity capital channel. [Original link]