Linklaters, Tian Yuan Law Firm and Baker McKenzie have advised Zhipu AI on a fresh placement of H shares on the Hong Kong Stock Exchange, raising around HKD31.4 billion (USD4 billion).
The transaction ranked among the largest equity capital markets fundraisings in Asia this year and represented the biggest in the technology and AI sector, Linklaters said.
Linklaters acted as Hong Kong and US counsel to Zhipu AI, which operates under the Z.ai brand and is formerly known as Knowledge Atlas Technology. The team comprised partners Christine Xu, head of Greater China equity capital markets, Oliver Zhong and Queenie Tong.
Tian Yuan Law Firm advised Zhipu AI on PRC law. The team was led by Wu Guanxiong, managing partner and head of the capital markets and securities department, together with partners Wang Yanchun and Han Xukun.
Baker McKenzie acted as the special legal counsel to the sole placement agent, with the firm’s team led by Ouyang Dan, partner and co-chair of the Asia-Pacific and China capital markets practices.
The fresh placement follows Zhipu AI’s landmark HKD4.3 billion IPO in January 2026, which saw it become the first publicly listed company globally with a core focus on general purpose large language models.
