Chinese artificial intelligence firm Knowledge Atlas jumped 14.6% on debut in the Hong Kong.

The Beijing-based start-up, marketed overseas as Z.ai, is widely seen as one of China’s “new AI tigers”.

Ahead of the proposed listing, Zhipu had completed eight fundraising rounds, raising a total of 8.36 billion yuan (US$1.19 billion). Its latest valuation was estimated at about 40 billion yuan, based on a late 2025 financing round that roughly doubled its valuation from a year earlier.

Founded in 2019 by professors at Tsinghua University, Zhipu is regarded as one of China’s leading AI start-ups. It filed for a mainland listing earlier this year, but has since shifted its focus to Hong Kong.