On June 1, Zhipu (stock code: 02513.HK) – the world’s first publicly listed large model company –put outan official noticesayingthat,at a board meeting held that day,the company proposed to apply to China’s relevant regulators for the issuance of A-shares and to apply to the Shanghai Stock Exchange for those A-shares to be listed and traded on the STAR Market.This time around,Zhipu is looking to raise 15 billion yuan.
Earlier this year,on January 8, Zhipu made its debut on the Hong Kong Stock Exchange, raising a total of 4.348 billion Hong Kong dollars.Now,with this A-share plan,Zhipu is clearly speeding up its “A+H” dual capital platform strategy.
In yesterday’s announcement,Zhipu saidthe proposed A-share issuance will account for between 2% and 8% of the company’s total share capital after the issuance (excluding any A-shares issued due to the exercise of the over-allotment option). That means no less than 9,098,800 and no more than 38,769,000 new A-shares. The plan still needs to be approved by shareholders at the annual general meeting as a special resolution, and then get the green light from the China Securities Regulatory Commission and the Shanghai Stock Exchange before it can actually happen.
The exact number of A-shares to be issued will be adjusted by the board of directors based on the actual situation, with the final number subject to the approval and registration by the CSRC. It’s expected that all A-shares issued will be new shares – no existing shareholders will be selling their shares in the offering.
According to the notice, Zhipu plans to handle the A-share issuance within 12 months after getting the registration document from the CSRC, and will apply for listing and trading on the STAR Market as soon as possible after the issuance is done.
Per the notice, Zhipu is aiming to raise 15 billion yuan, of which 12 billion will go into a general-purpose AI foundational model project, 2 billion into a large model MaaS one-stop service platform, and 1 billion to supplement working capital.
As for thegeneral-purpose AI foundational model project,Zhipu explained thatthis project is all about exploring the paradigm shift from“chatbots”to“agent systems”and“social governance safety.”On the tech side, the company will focus on pushing the upper bound of the foundational model’s intelligence,achieving infinite memory and sustainable self-learning capabilities,enabling autonomous intelligence through multi-agent collaboration,and pursuing ultra-efficient chip-compute integration for reasoning.The project is expected to be completed by the end of 2030.
For thelarge model MaaS one-stop service platform,Zhipu saidthe platform is designed to connect AI with all existing tools and databases, acting as an AI connector – even capable of directly operating computers like a human, delivering true end-to-end automation. They’ll also be developing an LLM-based operating system (LLM-OS), which should lower the barrier to building large model applications and help push AI into the real economy at scale. On top of that, the company will explore AI4Science (AI for science) and social governance, studying the physical fields where large model intelligence can create the most value, and redefining the collaborative model between humans and AI. This project is also expected to be completed by the end of 2030.
Zhipu noted thatthe proceeds from this A-share offering will be used for the projects mentioned above, which is different from how the global offering money was used. The earlier funds were mainly to boost the overall capabilities of the existing GLM model series, including scaling up pre-training, deepening reasoning abilities, improving long-range task handling, and engineering optimization. In contrast, the A-share capital will go into a new general-purpose foundational model R&D project that aims to push the entire AGI tech stack forward with a new scaling paradigm and new capabilities, while systematically rebuilding the underlying architecture and training framework. Together, these form the next phase of Zhipu’s AGI R&D roadmap.
Talking aboutthe rationale behind the proposed A-share listing on the STAR Market, Zhipu saidthis isa key strategic move that aligns with national development goals. It will help the company build a “A+H” dual listing structure, broaden its financing channels, and give it more flexibility in long-term capital planning.
Zhipu’s 2025 financial results show that during the reporting period, the company’s total operating revenue reached 724 million yuan, up 131.9% year-on-year. However, its net loss for the year was 4.718 billion yuan, widening by 59.5%. Adjusted net loss was 3.182 billion yuan, up 29.1%. On the R&D side, Zhipu’s R&D spending in 2025 hit 3.18 billion yuan, a 44.9% increase from the prior year. According to the announcement, the increase was mainly driven by higher employee costs and more spending on computing services from third-party providers.
Zhipu isn’t the only one making this move –MiniMax also kicked off its A-share listing process just recently. According tothe CSRC website, on May 29, MiniMax signed a coaching agreement with CITIC Securities, officially launching its A-share IPO.This means that after both companies listed on the H-share market earlier this January, Zhipu and MiniMax could very well meet again on the A-share market.
Someanalystsbelievethat pushing forward “A+H” listings simultaneously not only reflects these top-tier companies’ hunger for both capital and industrial resources, but also signals a long-term trend where China’s homegrown AI hard-tech assets are returning to domestic pricing.
During the call auction on June 2,Zhipu’s shares at one point surged over 14%. As of the time of writing,the stock is trading at 1,500 Hong Kong dollarsper share,up 2.32%, giving the company a market cap of 668.76 billion Hong Kong dollars.
