Zhipu AI Denies Rumors of Withdrawing A-Share IPO Tutoring Filing; HK$26.9 Billion Lock-up Expiry Looms Tomorrow

Chinese artificial intelligence company Zhipu AI officially issued a statement on July 7 denying recent media reports claiming it had "withdrawn its A-share initial public offering tutoring filing," stating that such descriptions are seriously inconsistent with the facts and suggest malicious speculation. The company emphasized that its A-share issuance plan has been approved by its shareholders' meeting and that all IPO tutoring work has been completed.

In its statement, Zhipu AI pointed out that the proposed A-share issuance plan was reviewed and approved at the annual shareholders' meeting on June 22, 2026. According to information publicly available on the official website of the China Securities Regulatory Commission (CSRC), the IPO tutoring work related to this A-share issuance has been fully completed, and there is no so-called "withdrawal of tutoring filing."

In a further clarification published in an announcement on the Hong Kong Stock Exchange, the company stated: "The Company noted certain media reports claiming that the Company has withdrawn the tutoring filing for the proposed initial public offering of A Shares. The Company clarifies that such reports are inaccurate, the events described do not reflect the actual situation, and there is suspicion of malicious speculation." Zhipu AI stated it will strictly comply with the listing rules of the Stock Exchange of Hong Kong and relevant laws and regulations, and will issue further announcements in due course to disclose any material updates and progress regarding the proposed A-share issuance.

As the company grapples with the unfounded rumors, another significant milestone is approaching. According to public information, Zhipu AI will see its first batch of post-IPO lock-up shares released on July 8, involving 25.68 million shares. Based on the current share price, the corresponding market value of the unlocked shares is approximately HK$26.91 billion (approximately $3.4 billion), a considerable scale.

Prior to the expiry, the company's free float was approximately 17.35 million shares, representing less than 4% of total shares outstanding, resulting in an extremely limited market float. Following this expiry, the number of tradable shares will increase substantially, significantly expanding the free float. Market participants are broadly concerned about whether such a large-scale lock-up expiry could exert short-term pressure on the company's share price and secondary market liquidity.

Notably, the sudden emergence of rumors about obstacles to the A-share listing process at this sensitive time, just before the lock-up expiry, has sparked market speculation about the underlying motives. Some analysts suggest the possibility that certain capital interests are leveraging information asymmetry to shape public opinion, aiming to influence the stock price or acquire positions. Zhipu AI's explicit use of the phrase "suspicion of malicious speculation" in its statement demonstrates the company's high level of vigilance regarding the spread of this false information.

As one of the leading players in China's large language model sector, Zhipu AI's every move captures the attention of the capital markets. From its Hong Kong listing to advancing its A-share issuance, the company has consistently been in the spotlight. The combination of this rumor风波 and the lock-up expiry introduces considerable uncertainty into the company's short-term stock price trajectory. While investors focus on the company's fundamentals and technological capabilities, they also need to closely monitor the share exchange dynamics following the lock-up expiry and the company's substantive progress on the A-share issuance going forward.