Zhipu AI (Beijing Zhipu Huazhang Technology), a prominent Chinese AI startup, has launched its initial public offering (IPO) process, becoming the first of China's "AI Six" to step onto the public markets. The China Securities Regulatory Commission (CSRC) confirmed that Zhipu signed an IPO counseling agreement with China International Capital Corp. (CICC) on March 31, 2025, and filed its pre-listing documentation in April. The company could formally apply for listing by the end of 2025.
According to Bloomberg and the South China Morning Post, Zhipu has already begun preparatory work, with formal IPO guidance scheduled between August and October 2025.
Decentralized shares, centralized control
Established on June 11, 2019, Zhipu AI has no single controlling shareholder. Its effective controllers are co-founder Tang Jie and chairman Liu Debing. IPO filings show Tang directly owns 7.4081% of the company, while Liu holds 0.2554% and controls about 17.3966% of the voting rights through a shareholding platform. Alongside co-founder Li Juanzi, CEO Zhang Peng, and other aligned stakeholders, the group collectively controls 36.9647% of voting rights.
Tang holds several prestigious titles—IEEE, ACM, and AAAI Fellow—and currently serves as Director of the Foundation Model Research Center at Tsinghua University's AI Institute. As noted by Yicai Global, Zhipu's distributed ownership structure and joint control framework appeal to institutional investors and support strong corporate governance.
Professor and Director of the Foundation Model Research Center at Tsinghua University's AI Institute, Tang Jie. Credit: Tencent
State and tech heavyweights anchor CNY16B investment
Zhipu has completed approximately 15 funding rounds since its founding, securing over CNY16 billion (approx. US$2.2 billion). By September 2024, its valuation had exceeded CNY20 billion. In March 2025, the company raised another CNY1 billion, drawing interest from state-backed entities such as Hangzhou Chengchuang Investment Management and Hangzhou Shangcheng Investment Holding—highlighting strong government alignment.
Zhipu's investor base features a mix of government-backed institutions and tech heavyweights, including Beijing Zhongguancun Science City Innovation Development Co., the Beijing Artificial Intelligence Industry Investment Fund, Alibaba, Tencent, Xiaomi, Meituan, and Ant Group. Top venture capital names like Qiming Venture Partners, Legend Capital, Sequoia Capital China, Hillhouse Group, CAS Star, and Fortune Venture Capital are also on the cap table.
In March, Zhipu restructured from a foreign-invested limited liability company to a foreign-invested joint-stock company—an essential step to expand financing options and pave the way for its IPO.
2025: Zhipu's strategic pivot to open source
In early 2024, Zhipu was added to the US trade blacklist over alleged military ties, a charge it rejected as baseless and without material impact on operations. As competition from rising players like DeepSeek intensified, the company accelerated its strategic transition.
On April 14, 2025, Zhipu open-sourced two models—GLM-Z1-Air and GLM-4-Air-0414—under MIT licensing. These models underpin AutoGLM Sensi, its free AI agent launched in March. The company has declared 2025 the "Year of Open AI," committing to release more high-performance models to promote transparency and accessibility.
China's foundation model ecosystem is being reshaped by open-source strategies. DeepSeek's approach has challenged the dominance of closed, license-driven models, prompting delays from Doubao and Kimi, and forcing firms like 01.AI and Baichuan Intelligence to recalibrate. Zhipu's open-source shift positions it as a distinct contender in the evolving AI arena.
Xiao Bing, executive partner and president of Fortune Venture Capital, remarked that the foundation model race remains highly fluid. "Some may fall behind, others may surge ahead—it's still anyone's game," he said.
Zhipu's IPO marks a pivotal shift in China's AI strategy—from technical catch-up to capital deployment and strategic expansion. Its listing could reshape the domestic AI landscape and underscore China's drive to build a self-reliant innovation ecosystem amid escalating US-Sino tech decoupling. If successful, Zhipu may emerge not just as a tech leader but as a strategic asset in the global tech power play.
Article edited by Joseph Chen
