Shares soar as recently-listed Zhipu AI and Iluvatar CoreX launch secondary placements

GLM-5.2 model developer Zhipu AI is seeking to raise HK$31.4 billion, while chipmaker Iluvatar CoreX is targeting HK$7.1 billion Shares 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. Investor 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. Surging 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. Their 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.

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