Chinese AI start-up Zhipu AI, backed by Alibaba, is reportedly planning an initial public offering as early as this year. The company has enlisted China International Capital Corp to spearhead the IPO, aiming to be the first of China's ChatGPT-like competitors to tap into public markets. Zhipu AI, also backed by Tencent and Xiaomi, is known for its GLM series of large language models and is considered one of China's leading AI companies, even being dubbed one of the country's "AI Tigers".
Founded in 2019, Zhipu AI has secured significant funding rounds, including investments from Saudi Arabia's Aramco. The company's valuation has reached approximately 20 billion yuan. Zhipu AI's move to go public reflects the intensifying competition in China's generative AI market, where over 100 large language models have emerged. The IPO could signal confidence in the Chinese AI industry, despite challenges such as being added to the US Commerce Department's export control list, restricting access to American components.