Yesterday, Jan 8, 2026, Beijing-based Zhipu AI made history by becoming the first Chinese AI software maker to list publicly on the Hong Kong Stock Exchange 🚀. Here's what young techies in South and Southeast Asia need to know:
1. Landmark IPO Debut
Zhipu AI raised over HK$4.3B (US$558M) at HK$116.2 per share. Shares jumped as high as HK$130 on day one, giving it a market cap north of HK$57B. Demand was off the charts – the local tranche was 1,159x oversubscribed, and the international book saw 15.3x.
2. Low-Price Strategy 🔥
The game-changer? Offering AI coding tools for just 20 yuan per month (under US$3) – about one-seventh the price of major US rivals. By late 2025, Zhipu had 150K paying developers across 184 countries and hit 100 million yuan (US$13.9M) in annual recurring revenue. Chairman Liu Debing says this price war is going global, and US firms will have to follow suit.
3. MaaS Growth Meets R&D Push 📈
Model as a Service (MaaS) is Zhipu's bread and butter. It powers 2.9M users (15% paid) and 12K enterprise clients worldwide, including half of China's top 10 internet giants. In H1 2025, MaaS revenue soared 325% year-on-year to 190.9 million yuan (US$27M), but R&D costs drove a 2.36B yuan (US$330M) loss. With 2.55B yuan (US$358M) in cash, Zhipu is betting big on AGI over short-term profits.
4. Global Expansion & Sovereign AI 🌍
Zhipu isn't just eyeing China. Overseas sales hit 11.6% of total revenue by mid-2025, with Southeast Asia contributing 17.9M yuan (US$2.5M). It's also leading the International Alliance for Independent Large Model Co-construction, teaming up with 10 ASEAN members and 10 Belt and Road nations to build national AI infrastructure – the new frontier in sovereign AI.
Bottom line: Zhipu AI's bold IPO, budget-friendly model, and global push could reshape how we all use AI – from coding hacks in Ho Chi Minh City to chatbots in Mumbai. Stay tuned! 😉
Reference(s):
4 key takeaways: Zhipu becomes first Chinese AI firm to go public
cgtn.com
