Knowledge Atlas Technology Joint Stock Company Limited

Date of Prospectus: December 30, 2025

Unveiling China’s Leading AI IPO: Knowledge Atlas Technology Sets Bold Path for Growth on HKEX

Knowledge Atlas Technology Joint Stock Company Limited launches its high-profile IPO on the Hong Kong Stock Exchange, offering investors exposure to China’s rapidly growing AI sector. This deep-dive covers all aspects of the offering, from pricing and allocation to financial performance, investor demand, key risks, and strategic growth plans, empowering investors with the insight needed for informed decision-making.

IPO Snapshot: Offer Details and Key Metrics

Knowledge Atlas Technology Joint Stock Company Limited (Stock code: 2513) is listing its H shares on the Main Board of the Hong Kong Stock Exchange as a Specialist Technology Company under Chapter 18C of the Listing Rules.

• IPO Symbol: 2513
• Offer Price: HK\$116.20 per Offer Share
• Total Number of Offer Shares: 37,419,500 H Shares (subject to reallocation and the Over-allotment Option)
• Number of Shares Offered (Hong Kong Public Offering): 1,871,000 H Shares (subject to reallocation)
• Number of Shares Offered (International Offering): 35,548,500 H Shares (subject to reallocation and the Over-allotment Option)
• Over-allotment Option (Greenshoe): Up to 5,612,900 additional H Shares (15% of the Offer Shares)
• Post-IPO Outstanding Shares: Not explicitly stated; Offer Shares represent approximately 8.50% of enlarged issued share capital (assuming no exercise of Over-allotment Option)
• Expected Market Capitalization at Listing: HK\$51.2 billion (assuming no Over-allotment Option exercised)
• Expected Market Value of Public Float at Listing: HK\$4.5 billion (approx. 8.80% of total)

Use of Proceeds: Growth-Driven Capital Deployment

Knowledge Atlas Technology is pursuing a growth-centric strategy with its IPO proceeds:

• R&D Investment: Approximately 50% of net proceeds into advanced AI research and product development.
• Infrastructure & Capex: Approximately 30% for infrastructure, expansion, and technology upgrades.
• Strategic Investments & M&A: Approximately 10% earmarked for acquisitions and strategic partnerships.
• Working Capital & General Corporate Purposes: Approximately 10% for liquidity and operational needs.

Total estimated listing expenses: RMB158.5 million (HK\$174.7 million), representing 4.0% of the gross proceeds, comprising underwriting and non-underwriting fees [[298]].

This allocation underscores a clear focus on aggressive expansion, innovation, and market leadership in the AI sector.

Dividend Policy and Shareholder Returns

No dividends were declared or paid during the Track Record Period. The company does not currently have a formal dividend policy or fixed payout ratio. Management intends to retain all available funds for business development and expansion, signaling a reinvestment strategy over the near-to-medium term. Any future dividends will be at the discretion of the Board, considering financial performance, capital requirements, and regulatory constraints [[297]].

Allocation Breakdown: Public, Institutional, and Cornerstone Investors

• Hong Kong Public Offering: 1,871,000 H Shares
• International Offering: 35,548,500 H Shares
• Cornerstone Investors: Multiple cornerstone investors participated; details and allocation adjustments are subject to public demand, regulatory requirements, and over-allotment actions [[301]].
• Employee/ESOP: Employee Ownership Platforms (Huihui and Zhideng) are named as part of the shareholding structure [[36]].

Investor Participation and Book Quality

Several cornerstone investors have made significant commitments, with precise names and allocations disclosed in the offering document. The structure requires that at least 50% of the total shares offered in the Global Offering (excluding any shares issued via the Over-allotment Option) are taken up by independent price setting investors in the International Offering [[325]].

There is no mention of pre-listing disposals or sales by existing shareholders outside regular lock-up arrangements.

Book quality is inferred strong given the presence of institutional cornerstone commitments, a large public float, and compliance with regulatory allocation rules, all of which are typically associated with robust first-day trading support.

Deal Parties and Offer Structure

• Sole Sponsor and Sponsor-Overall Coordinator: China International Capital Corporation Hong Kong Securities Limited
• Overall Coordinators & Joint Global Coordinators: Huatai Financial Holdings (Hong Kong) Limited, BOCOM International Securities Limited, Guotai Junan Securities (Hong Kong) Limited, China Merchants Securities (HK) Co., Limited
• Joint Bookrunners & Lead Managers: As above
• Underwriters: Hong Kong Underwriters and International Underwriters (full lists in document)
• Stabilization/Over-allotment Option: Yes, up to 5,612,900 H Shares (15% of the initial offer) [[326]].

The involvement of top-tier investment banks and a comprehensive underwriting syndicate, along with a stabilization mechanism, suggests that listing-day performance may receive substantial institutional support and post-listing price stability may be actively managed.

Company Overview: Business Model and Market Position

Knowledge Atlas Technology is a leading AI company in China, specializing in the development of general-purpose large models and artificial general intelligence (AGI). Founded in 2019, the company has delivered advanced technology across the AI spectrum and successfully scaled commercial applications, leading to rapid revenue growth [[10]].

Key Business Areas:

• Development and commercialization of general-purpose AI large models
• AI platform services and software solutions
• Provision of AI-powered products for various industries

Customer Segments:

• Enterprise clients across multiple sectors
• Developers and technology partners
• Government and education sectors

Geography: Primarily focused on the PRC, with expansion plans and ambitions to serve broader Asian and potentially global markets.

Industry Size: Detailed industry data sourced from independent research agency Frost & Sullivan; Knowledge Atlas is positioned as one of China’s leading AI companies with significant revenue growth and market share, though precise market share figures are not disclosed in the summary [[10], [103]].

Competitive Advantages:

• Early mover in China’s AGI and large model research
• Strong R&D capabilities and continuous innovation record
• Multiple rounds of funding from top-tier investors and institutions
• Solid customer base and rapidly scaling commercial operations

Management Team: Includes co-founder and deputy general manager Mr. Wang Shaolan and directors nominated by key sophisticated shareholders, such as Legend Capital [[39], [138]].

Financial Performance: Revenue, Profitability, and Capital Position

Note: Exact revenue and profit figures are not disclosed in the summary, but strong revenue growth and R&D expenditure are highlighted [[254]].

Market Position, Brand Strength, and Growth Prospects

Knowledge Atlas Technology is widely recognized as a top-tier AI company in China. The company’s brand strength is built on:

• Early, sustained investment in advanced AI research and commercial deployment
• Endorsements from leading institutional investors (Legend Capital, Meituan, etc.)
• Significant funding rounds, with over RMB8.36 billion raised pre-IPO across eight financing rounds [[134]]
• Strategic partnerships with blue-chip enterprise clients and technology platforms

Industry research (Frost & Sullivan) underscores the large and fast-growing addressable market for general AI and large models in China, with Knowledge Atlas positioned as a leader in this space [[103]].

AI Sector Trends, IPO Timing, and Market Environment

Sector & Macro Trends: The Chinese AI sector is experiencing explosive growth, driven by digital transformation, enterprise automation, and government policy support for AI and next-generation technologies.

• Rapid adoption of large models and AGI technologies in business and government applications
• Increasing demand for AI-powered software and infrastructure solutions
• Strong regulatory tailwinds to foster domestic AI champions

IPO Timing: Application opens 9:00 a.m., December 30, 2025, and closes 12:00 noon, January 5, 2026. Expected listing date is January 8, 2026 at 9:00 a.m. [[5], [6]].

Market Environment: The offering period coincides with high investor interest in technology IPOs and a supportive economic backdrop for AI investment, according to sector commentary within the document.

Recent Developments: The company has achieved key milestones, including the launch of GLM-4 and GLM-4V, and has expanded its product offerings and customer base. No material adverse changes to financial or trading position since June 30, 2025 [[298], [502]].

Conclusion: The combination of sector growth, favorable policy, and Knowledge Atlas’s leading position creates a constructive environment for the IPO.

Risk Factors: Quantified Exposures and Strategic Considerations

Investors should note several material risks:

• Technology Obsolescence: Rapid innovation cycles in AI may render products or models obsolete; significant R&D investment is required to maintain leadership [[21], [49]].
• R&D Intensity: High ongoing R&D costs could pressure margins if not matched by commercial success.
• Limited Operating History: Founded in 2019, the company has a limited track record, with certain products still in development [[59]].
• Regulatory and Legal Risks: Differences between PRC and Hong Kong legal systems, evolving regulatory frameworks, and potential sanctions or export controls [[2], [21], [49]].
• Financial Risks: No current dividend policy and reliance on continued capital raising for aggressive growth [[297]].
• Share Price Volatility: As a Specialist Technology Company, the shares may experience high volatility and valuation uncertainty [[2]].
• Lock-up and Liquidity: All existing shareholders and Pre-IPO investors are subject to a 12-month lock-up post-listing, potentially affecting liquidity and post-listing supply [[150]].

Growth Strategy: Expansion, Innovation, and Capital Deployment

Knowledge Atlas Technology’s growth plan is anchored on:

• Product Innovation: Continued heavy investment in developing next-generation AGI and large models.
• Market Expansion: Deeper penetration into enterprise and government segments, with plans for international expansion.
• Strategic Acquisitions: 10% of IPO proceeds allocated for M&A and strategic investments, supporting inorganic growth [[310]].
• Infrastructure Scaling: 30% of IPO proceeds to enhance technology platforms and operational capacity.

Pre-IPO Funding: The company completed eight funding rounds, raising over RMB8.36 billion, with a post-money valuation of RMB24.38 billion in the last round. Proceeds have primarily supported R&D and operational growth [[134]].

Ownership and Lock-up Details

Pre- and Post-IPO Shareholding:

• Existing shareholders, including Pre-IPO investors and Employee Ownership Platforms, hold a majority stake pre-IPO.
• Lock-up: All existing shareholders (including Pre-IPO Investors) are subject to a 12-month lock-up period following the Listing Date as per PRC law [[150]].
• Cornerstone investors and Pathfinder SIIs have additional disposal restrictions and reporting requirements [[316]].
• Employee incentive schemes are in place, with Huihui and Zhideng as key employee ownership vehicles [[36]].

Listing Outlook and First-Day Performance

Based solely on prospectus data, the Knowledge Atlas IPO appears to offer:

• High investor demand: Multiple cornerstone and institutional allocations, with strong compliance and public float structures.
• Robust deal support: Premier investment bank syndicate, comprehensive stabilization measures, and no material adverse events since the latest reporting period.
• Growth potential: Aggressive R&D and expansion plans targeting large and expanding AI market opportunities in China.

First-Day Range and Strength (inferred): With a HK\$116.20 offer price, a strong cornerstone and institutional book, and positive sector momentum, first-day pricing is likely to be robust. Shares are expected to trade at or above the offer price, with a reasonable likelihood of premium pricing if sector sentiment remains favorable and market conditions hold steady.

Prospectus Access

The full prospectus and related documents are accessible at:

• www.hkexnews.hk
• www.zhipuai.cn

How to Apply for the IPO

• Application Channels:
  • Online via HK eIPO White Form service at www.hkeipo.hk
  • Via HKSCC EIPO channel through brokers or custodians who are HKSCC Participants (applications submitted via HKSCC’s FINI system)
• Application Window: Opens 9:00 a.m., December 30, 2025; closes 12:00 noon, January 5, 2026 [[5]].
• Minimum Application: 100 H Shares and multiples thereof [[3]].
• Eligibility: Applicants must be 18 years or older, have a Hong Kong address (for HK eIPO White Form), be outside the United States (per Regulation S), and not be a PRC legal/natural person (except QDII) [[330]].