Linklaters has advised Zhipu AI, formerly known as Knowledge Atlas Technology, on a fresh placement of H shares on the Hong Kong Stock Exchange, raising around HKD31.4 billion (USD4 billion).
The law firm said 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 acted as Hong Kong and US counsel to Zhipu AI, which operates under the Z.ai brand. The team comprised partners Christine Xu, head of Greater China equity capital markets, Oliver Zhong and Queenie Tong.
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.
