China's AI startup Z.ai is pushing for a Hong Kong stock market listing on Jan. 8. Through the IPO, Z.ai plans to raise $560 million at a $6.5 billion valuation.
According to a report by SiliconANGLE, Z.ai is one of China's large language model developers and changed its name from Zhipu AI. It is known to have developed the GLM series of LLMs and the video generation model Ying, and has also secured investment from major Chinese IT companies including Tencent and Alibaba.
Z.ai plans to use 70 percent of the funds after the IPO for R&D, 10 percent for commercial product development, 10 percent to expand partnerships and the remaining 10 percent as operating funds.
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Chi-gyu Hwang
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