Chinese AI firm Zhipu filed for an A-share IPO on Shanghai's STAR Market, planning to raise up to 15 billion yuan for a dual A+H listing, just five months after its Hong Kong debut. Despite a 4.72 billion yuan loss, revenue surged 131.9% to 724 million yuan in 2025, with R&D spending at 3.18 billion. Its MaaS platform ARR hit 1.7 billion yuan. The move follows a STAR Market rule change allowing unprofitable AI firms to list, with other unicorns like MiniMax and Jiebu Star also pursuing domestic listings.





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