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08 Jan 2026
OpenAI's Chinese rival Zhipu has muted debut after US$558m IPO
Summary
Zhipu, a Chinese generative AI start-up, debuted on the Hong Kong stock exchange after a US$558 million IPO. Despite US export controls limiting access to advanced chips, Zhipu’s strong performance and backing from major Chinese tech companies highlight investor confidence in China’s AI industry. The company plans to use the IPO proceeds to further develop its AI models.