Baker McKenzie acted as the Hong Kong and US legal adviser to the sole sponsor and underwriters in connection with Knowledge Atlas Technology Joint Stock Company Limited (Knowledge Atlas Technology)’s global offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited. The offering raised over HKD 4.3 billion (approximately USD 560 million) based on the offer price of HKD 116.2 per share for 37,419,500 shares, with an IPO valuation of approximately HKD 51 billion (USD 6.55 billion), without taking into account the over-allotment option. This marks it the "first global large model stock" and one of the largest IPOs in Hong Kong's technology sector in recent years. The company’s H shares (stock code: [2513]) commence trading today.
Knowledge Atlas Technology (智谱) is a leading artificial intelligence and big data solutions provider in China, with a strong market position in AI model development and industry-specific intelligent applications. Proceeds from the offering will be used to further strengthen R&D capabilities, expand global market presence, deepen industry partnerships, enhance AI infrastructure, as well as for working capital and general corporate purposes.
The deal team was led by Dan Ouyang, partner and co-chair of Baker McKenzie’s Asia Pacific and China Capital Markets practices and Winfield Lau, partner of Baker McKenzie, alongside Ronnie Li and Zhenzhen Bao from FenXun’s International Capital Markets Practice.* The team included Haoqian Chen, Yu Ma, Celia Li, Robin Liu, Layla Du, Yaqi Yang, Aileen Xu, Tiffany Mak and Helen Zhang.
Commenting on the transaction, Dan Ouyang said: “We are delighted to have supported Knowledge Atlas Technology in this landmark listing. As a frontrunner in the AI sector, this listing will provide the company with significant capital to fuel its next phase of growth. This transaction also underscores our firm’s strong capabilities at the intersection of technology and capital markets.”
With more than 2,700 deal practitioners across over 40 jurisdictions, Baker McKenzie is a transactional powerhouse specializing in complex cross-border matters. Over the past three years, the firm has assisted clients in raising capital across more than 40 stock exchanges worldwide. Baker McKenzie has been ranked for capital markets in more jurisdictions than any other law firm by Chambers.
*Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun, approved by the Shanghai Justice Bureau in 2015.