Knowledge Atlas (also known as Zhipu) debuted on the HKEX main board on 8 January, becoming the world’s first listed company whose core business focuses on general-purpose large language models (LLMs). Linklaters, Tian Yuan Law Firm, Bayfront Law, King & Wood Mallesons (KWM), Baker McKenzie, FenXun Partners and Commerce & Finance Law Offices advised on the transaction.
The company offered around 37.42 million shares globally, with 5% allocated to the Hong Kong public and the remainder placed internationally. The offer price was set at HKD116.20 per share, raising more than HKD4.3 billion in gross proceeds. CICC acted as sole sponsor.
Linklaters advised Knowkedge Atlas on Hong Kong and US law, with the transaction led by partner and Greater China head of equity capital markets Christine Xu. The team included partner and Greater China New Economy team leader Oliver Zhong, partner Lipton Li and counsel Queenie Tong, with specialist support from litigation, arbitration and investigations counsel Michael Lamson. Tian Yuan acted as PRC legal adviser, led by managing partner Wu Guanxiong and partner Wang Yanchun, with partners Han Xukun and Guo Wenjia also advising. Tian Yuan partner Zeng Wenwen led the team providing data compliance services.
Knowledge Atlas also engaged specialist legal advisers. KWM provided international sanctions advice, led by partner Dai Menghao, while Bayfront Law advised on Singapore data protection matters, with partner Ryan Lin leading the team.
Baker McKenzie served as Hong Kong and US legal adviser to the sole sponsor, with the team led by partner and Asia-Pacific and China co-head of capital markets Ouyang Dan. The team included partner Winfield Lau, as well as partner Ronnie Li and counsel Bao Zhenzhen from Baker McKenzie’s China joint operation firm FenXun Partners. Commerce & Finance Law Offices provided PRC legal advice to the sponsor, led by partner Lin Jing.
Founded in 2019, Knowledge Atlas is the first company among China’s so-called “AI Six Tigers” to go public. MiniMax followed on 9 January with its listing on the HKEX. The “AI Six Tigers” refers to six domestic LLM developers established in recent years, the others being Moonshot, StepFun, Baichuan and 01.AI.
The Knowledge Atlas prospectus states that proceeds from the global offering will be used to enhance research and development capabilities for general purpose LLMs, optimise its MaaS (mobility as a service) platform, expand its business partner network, pursue strategic investments, and for working capital and other general corporate purposes.
