SOLOMON GREY
CAPITAL

By John Ian Lau
 January 9, 2026 Yesterday, on January 8, 2026, Z.ai (formerly Zhipu AI, stock code 02513.HK) made history as the world’s first publicly listed company focused on large language models (LLMs), debuting on the Hong Kong Stock Exchange. Priced at HK$116.20 per share, it opened at HK$120.00, achieving a market capitalization exceeding HK$51 billion (approximately US$6.6–6.8 billion). This landmark event provides fresh transparency into the AI sector’s realities,