Knowledge Atlas Technology proposes issuing 9.1 million to 38.8 million new A shares (2%-8% of share capital) for listing on Shanghai's STAR Market, subject to shareholder and regulatory approvals. The company also plans to rebrand as Z.AI Co., Ltd.
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Knowledge Atlas proposes A-share issuance of up to 8% for STAR Market listing
Knowledge Atlas Technology Joint Stock Co., the Chinese artificial intelligence company known as Zhipu AI, plans to issue as many as 38.8 million new A shares for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, the company said Monday.
The proposed issuance represents between 2% and 8% of the company's total share capital upon completion, or 9.1 million to 38.8 million new A shares with a nominal value of 0.10 yuan each, according to a filing. The company did not disclose the amount it plans to raise.
"The proposed A-share issuance will broaden our investor base and enhance visibility among domestic sci-tech investors," the company said in its board resolution. The plan requires approval by shareholders via a special resolution at the annual general meeting, as well as clearance from the China Securities Regulatory Commission and the Shanghai Stock Exchange.
Knowledge Atlas, which trades in Hong Kong under the ticker 2513, had a market capitalization of about HK$711 billion as of Monday's close. The stock fell 1.4% to 1,446 Hong Kong dollars, paring its year-to-date gain to 7.7%. Short selling activity reached $203 million, representing 8.2% of total turnover, ahead of the announcement.
The company also plans to change its English name from Knowledge Atlas Technology Joint Stock Company Limited to Z.AI Co., Ltd, citing operational needs. The rebranding aligns with the company's push to strengthen its AI identity as it competes with other Chinese large-language model developers including Baidu's Ernie and ByteDance's Doubao.
Knowledge Atlas reported full-year 2025 revenue of 724.3 million yuan, up 132% from a year earlier, though its net loss widened. The company has 1,094 employees and serves clients across smart devices, technology, financial services, manufacturing, retail and healthcare.
The proposed A-share issuance would give the company access to mainland China's capital markets, where technology stocks on the STAR Market typically command higher valuations than their Hong Kong-listed counterparts. The company plans to issue the shares within 12 months of obtaining the CSRC registration document.
The dual-listing strategy could unlock a valuation premium for existing shareholders if STAR Market investors assign a higher multiple to the AI company. Investors will watch for the shareholder vote date and CSRC filing timeline as the next catalysts.
This article is for informational purposes only and does not constitute investment advice.
[1] KNOWLEDGE ATLAS Proposes Issuance of A Shares for Listing on STAR Mkt[2] KNOWLEDGE ATLAS Proposes Issuance of A Shares for Listing on STAR Mkt - AASTOCKS.com[3] China's Zhipu AI plans to apply for Shanghai's Sci-Tech Board, issue A shares - marketscreener.com[4] Knowledge Atlas Plans A-Share Issue on Shanghai Sci-Tech Board and Rebranding to Z.AI - TipRanks
