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 and 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 notable share placings for CATL, Kelun-Biotech and RoboSense.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
