Linklaters has acted as Hong Kong and US counsel for Knowledge Atlas Technology Joint Stock Company Limited (Zhipu AI) on its placing of new H shares on the Hong Kong Stock Exchange, raising approximately HK$31.41bn (US$4bn).
The transaction represents one of this year’s largest equity capital markets fundraisings in Asia and by far the largest in the technology and AI sector. It closely follows Zhipu AI’s landmark listing on the Main Board of the Hong Kong Stock Exchange in January 2026 – the first large AI model developer IPO globally – on which Linklaters also acted as Hong Kong and US counsel to Zhipu AI.
Zhipu AI, operating under the Z.ai brand, is a leading AI company focused on developing advanced general-purpose large models, with the goal of advancing artificial general intelligence.
The Linklaters team was led by partner and Head of Greater China ECM Christine Xu, capital markets partner Oliver Zhong and corporate partner Queenie Tong.
Linklaters’ partner and Head of Greater China ECM Christine Xu commented:
“We are delighted to have supported Zhipu AI on this significant H-share placing, following its landmark Hong Kong listing earlier this year. We are grateful for the continued trust and confidence Zhipu AI has placed in our team across important milestones of its capital markets journey. This transaction also reflects the important role of Hong Kong’s capital markets in supporting innovative companies with long-term growth ambitions. We look forward to continuing to support clients across the fast-evolving technology and AI sectors.”
With over 50 years on-the-ground expertise in Hong Kong SAR and the wider Asia region, Linklaters’ highly regarded Greater China ECM team has deep local insights combined with the strength of the firm’s global platform. The team provides seamless legal support on pre-IPO investments, IPOs, post-listing compliance and financing, having advised on a number of high-profile Hong Kong IPOs, including CATL, Chery and SANY Heavy Industry, as well as share placings for CATL, Kelun-Biotech and RoboSense.
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