(Yicai) June 2 -- Zhipu AI’s shares fell after the Chinese startup said it aims to raise CNY15 billion (USD2.2 billion) from a secondary listing in Shanghai just four months after going public in Hong Kong and a day after rival MiniMax Group made a similar announcement.

Knowledge Atlas Technology Joint Stock [HKG: 2513], as Zhipu AI is formally known, ended 3.7 percent lower at HKD1,412 (USD180.16) a share today, paring its market capitalization to about HKD629.5 billion (USD80.3 billion). Since the Beijing-based firm listed in January, the stock has soared more than 12 times in value.

Zhipu plans to list between 9.1 million and 38.8 million shares, or between 2 percent and 8 percent of its equity, on Shanghai’s Nasdaq-style Star Market, it said yesterday. If the underwriters exercise the over-allotment option, that could increase to 44.6 million shares.

Shares of MiniMax, another of China's six “AI tigers,” tumbled almost 16 percent yesterday and a further 5.7 percent today after the firm said it has begun preparing for a secondary listing on the Star Market about five months after completing an initial public offering in Hong Kong. The stock is up four-fold since being listed.

Zhipu had already been planning to list in the Chinese mainland before going public on Jan. 8. It submitted a listing guidance record to the China Securities Regulatory Commission in April last year, with China International Capital its sole guidance provider, before updating the filing information in February, adding Guotai Haitong Securities as joint provider.

Zhipu said CNY12 billion from its Shanghai raise will be used to develop general-purpose large language models and CNY2 billion (USD300 million) is earmarked to create a one-stop Model-as-a-Service platform, with the rest going to supplement working capital.

The company, which has garnered attention for the strong programming capabilities of its GLM model series, was set up in 2019. It raised HKD4.9 billion (USD625.2 million) from the IPO, which made Zhipu the world's first listed AI startup.

Zhipu’s net loss widened 59 percent to CNY4.7 billion last year, while revenue soared 132 percent to CNY724 million (USD107.1 million), its financial report showed.

Editor: Martin Kadiev