China AI Developer Zhipu Hits Record $112 Billion Valuation

Shares of Hong Kong-listed artificial intelligence developer Zhipu AI surged to a record high Thursday, briefly reaching HK$1,993 intraday and pushing the company’s market capitalization above HK$880 billion ($112 billion).

The rally — which has seen the stock climb nearly 1,600% since its January listing — underscores investors’ growing appetite for China’s leading AI companies despite intensifying domestic price competition and persistent concerns over profitability.