Zhipu Proposes A-Share Issuance and STAR Market Listing

智谱：建议 A 股发行并在科创板上市

Zhipu plans to apply for an A-share issuance and STAR Market listing, with new shares accounting for 2% to 8% of post-issuance equity and proceeds allocated to foundation models, a model MaaS platform, and working capital.

Why it matters: HKR-H/K/R all pass: Zhipu’s proposed A-share STAR Market listing is a major capital-market move for a Chinese foundation-model lab. The post gives a 2%-8% issuance range and fund uses, but no amount or timeline.