Chinese artificial intelligence company Zhipu AI kicked off a share sale on Tuesday aiming to raise HK$4.35 billion (US$560 million), bringing it closer to becoming the first large language model (LLM) developer listed in Hong Kong amid a wave of technology IPOs.

The start-up, officially named Knowledge Atlas Technology and marketed internationally as Z.ai, set its offer price at HK$116.20 per share for over 37 million shares, with 10 percent reserved for retail investors. The company plans to make its market debut on January 8.

With rival Minimax Group still preparing for its listing, Zhipu is poised to become the first Chinese AI LLM developer traded on the Hong Kong Stock Exchange.