Zhipu AI and Iluvatar CoreX shares soar after secondary placements
On Thursday, shares of Zhipu AI, a Chinese AI model creator known for the GLM-5.2 model, and Iluvatar CoreX Semiconductor, a chip manufacturer, experienced a notable increase following their announcements of separate secondary share offerings. Zhipu AI is looking to raise HK$31.4 billion, while Iluvatar CoreX aims for HK$7.1 billion. The proceeds are designated for hardware development and research initiatives. Despite the recent end of lock-up periods from their IPOs, which allowed many cornerstone investor shares to be released, investor interest remained robust. This trend highlights a growing pattern among newly listed Chinese tech firms returning swiftly to Hong Kong's equity markets post-IPO.
Key facts
- Zhipu AI and Iluvatar CoreX shares surged on Thursday after launching secondary placements.
- Zhipu AI seeks to raise HK$31.4 billion.
- Iluvatar CoreX targets HK$7.1 billion.
- Funds will be used for hardware and research.
- Investor appetite remained robust despite expiration of lock-up periods.
- Lock-up expiration freed up cornerstone investor shares.
- Surging valuations and favorable market sentiment provided a window for funding.
- The placements exemplify a trend of newly listed Chinese tech companies returning to Hong Kong equity markets shortly after IPOs.
Entities
Institutions
- Zhipu AI
- Iluvatar CoreX Semiconductor
Locations
- Hong Kong
- China