Chinese artificial intelligence firm Knowledge Atlas Technology, known as Zhipu AI, is reportedly exploring a large-scale share sale in Hong Kong that could raise several billion U.S. dollars, significantly surpassing the approximately US$558 million raised during its January initial public offering (IPO). The company’s shares have surged more than 2,000 percent since their market debut, prompting discussions with financial advisors about a potential share placement that could launch as soon as next month. However, the deal remains uncertain and may not materialize.

Zhipu AI’s stock recently reached HK$2,410 per share, nearly 20 times its initial offering price of HK$116.2, pushing the company's market capitalization above HK$1 trillion. The stock closed marginally higher at HK$2,174 in the most recent trading session. The six-month lock-up period following its Hong Kong IPO is set to expire on July 8, potentially allowing early investors to sell their shares.

In addition to the Hong Kong market, Zhipu AI has announced plans for a listing in Shanghai, aiming to raise further capital to support the development of its artificial intelligence models.

Meanwhile, the competitive landscape in China's AI industry continues to evolve. ByteDance launched a professional version of its AI chatbot Doubao, introducing a subscription service starting at 68 yuan (approximately HK$78.3) per month. The updated Doubao 2.1 Pro model includes features tailored for office use, such as the ability to control local computers, navigate web browsers, and schedule tasks, along with integration of a built-in Office Suite.

At the same time, Masayoshi Son, founder and CEO of Japan’s SoftBank, addressed shareholder concerns about an AI market bubble during the company’s annual general meeting. Son dismissed the idea that AI valuations represent a bubble, describing such claims as “an insult to AI” and emphasizing that the technology is still in its early phases. “It’s just the beginning. AI’s potential will be unlocked,” he said.

SoftBank’s aggressive AI investments, including its significant stake in OpenAI, have fueled market enthusiasm, though some analysts remain cautious about the durability of the rally. Son also revealed that SoftBank has begun manufacturing robots at its “physical AI plant,” reportedly becoming one of the first companies to mass-produce robots capable of building other robots. Further announcements on this development are expected in the near future.