{"slug": "shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary", "title": "Shares soar as recently-listed Zhipu AI and Iluvatar CoreX launch secondary placements", "summary": "Chinese AI firm Zhipu AI and chipmaker Iluvatar CoreX Semiconductor saw their shares surge after launching secondary placements to raise HK$31.4 billion and HK$7.1 billion, respectively, for hardware and research. The placements come as investor appetite remains strong despite the expiration of lock-up periods, highlighting a trend for newly listed Chinese tech firms to quickly return to Hong Kong's equity markets.", "body_md": "# Shares soar as recently-listed Zhipu AI and Iluvatar CoreX launch secondary placements\n\nGLM-5.2 model developer Zhipu AI is seeking to raise HK$31.4 billion, while chipmaker Iluvatar CoreX is targeting HK$7.1 billion\n\n[Ann Cao](/author/ann-cao)in Shanghai\n\nShares of Chinese artificial intelligence model developer Zhipu AI and chipmaker Iluvatar CoreX Semiconductor surged on Thursday after the tech companies launched separate secondary share placements to raise billions of Hong Kong dollars for hardware and research.\n\n[Zhipu AI, which trades as Knowledge Atlas Technology](https://www.scmp.com/tech/tech-trends/article/3357115/zhipu-ais-stock-rockets-after-chinese-firm-makes-glm-52-open-source?module=inline&pgtype=article), saw its stock surge as much as 9 per cent to HK$1,989 (US$253.73) on Thursday morning after launching an accelerated bookbuild to raise HK$31.4 billion. The company is offering 19.8 million primary shares at HK$1,588 each, representing a 13 per cent discount to Wednesday’s close.\n\n[Shanghai Iluvatar CoreX Semiconductor](https://www.scmp.com/tech/article/3357545/bytedance-spends-billions-ai-which-chinese-chip-start-ups-stand-gain?module=inline&pgtype=article)gained 7.8 per cent to HK$603.50 as the graphics processing unit (GPU) maker prepares to raise HK$7.1 billion by offering 14.9 million shares at HK$476 each, a 15 per cent discount to Wednesday’s closing price.\n\nInvestor appetite remained robust despite the recent expiration of lock-up periods following the companies’ initial public offerings – which freed up a significant tranche of cornerstone investor shares.\n\nSurging valuations and favourable market sentiment have provided a window for the two mainland Chinese firms to lock in heavy funding to pursue their chip ambitions.\n\nTheir share sales also exemplify an increasingly common playbook for newly listed Chinese tech companies to quickly return to Hong Kong’s equity markets shortly after their market debuts.", "url": "https://wpnews.pro/news/shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary", "canonical_source": "https://www.scmp.com/tech/article/3359941/shares-soar-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary-placements?utm_source=rss_feed", "published_at": "2026-07-09 05:00:12+00:00", "updated_at": "2026-07-09 05:23:51.998514+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-chips", "ai-startups", "ai-products"], "entities": ["Zhipu AI", "Iluvatar CoreX Semiconductor", "Knowledge Atlas Technology", "Shanghai Iluvatar CoreX Semiconductor"], "alternates": {"html": "https://wpnews.pro/news/shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary", "markdown": "https://wpnews.pro/news/shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary.md", "text": "https://wpnews.pro/news/shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary.txt", "jsonld": "https://wpnews.pro/news/shares-soar-as-recently-listed-zhipu-ai-and-iluvatar-corex-launch-secondary.jsonld"}}