AI giant Zhipu, which is already listed on the Hong Kong Stock Exchange and has a market value of over HK$700 billion, recently became a limited partner again, investing HK$80 million to participate in the establishment of a HK$540 million venture capital fund brought together by state-owned assets and securities giants from multiple regions. This reflects the trend of industry giants entering the market to inject "fresh blood" into the primary market.
Article by: Wang Lu
Article Source: Investment Community - Decoding LP
According to Investment Community - Decoding LP, Shanghai Zhipu Guotai Haitong Artificial Intelligence Industry Venture Capital Partnership (Limited Partnership) has been established. Zhipu is behind this new fund.
Today, Zhipu's stock price hit a new all-time high, reaching HK$1,650 during trading, with its total market capitalization exceeding HK$700 billion.
This isn't the first time Zhipu has acted as a limited partner (LP). Back in 2024, Zhipu partnered with several parties to establish Xinglian Capital, investing in early-stage AI and cutting-edge technology projects. Meanwhile, Zhipu's direct investment firm, Jiliu Technology, has submitted its prospectus to the Hong Kong Stock Exchange—if the listing goes smoothly, Zhipu is expected to see its first IPO.
Zhipu acts as a limited partner (LP) to invest in a venture capital fund.
According to Tianyancha, Shanghai Zhipu Guotai Haitong Artificial Intelligence Industry Venture Capital Partnership (Limited Partnership) was recently established with a capital contribution of 540 million yuan. Its business scope covers venture capital (limited to investing in unlisted companies).
Partner information shows that the fund was jointly funded by Hubei Integrated Circuit Industry Investment Fund Co., Ltd., Yongzhou Yung Valley Information Management Co., Ltd., Guotai Junan Innovation Investment Co., Ltd. (a subsidiary of Guotai Haitong Securities), and Beijing Zhipu Future Technology Co., Ltd. (a wholly-owned subsidiary of Zhipu).
According to the disclosure, Beijing Zhipu Future Technology holds 14.8% of the shares with a subscribed capital of 80 million yuan; Guotai Junan Innovation Investment has a subscribed capital of 95 million yuan and serves as the general partner and private fund manager.
More noteworthy is that, in addition to state-owned assets from Hubei and Hunan, the fund's LP portfolio also includes Guangzhou Haizhu Digital Economy Phase II Venture Capital Partnership (Limited Partnership), Rugao Zhihui Industrial Investment Partnership (Limited Partnership), Shandong Dynamic Future Industry Investment Fund Partnership (Limited Partnership), and Guang'an Xiaoping's Hometown Development Fund Center (Limited Partnership), which respectively point to state-owned assets from Guangdong, Jiangsu, Shandong, and Sichuan.
The relationship between Zhipu and Guotai Haitong Securities goes beyond this fund.
On January 8th of this year, Zhipu was listed on the main board of the Hong Kong Stock Exchange, becoming the "world's first large-scale model stock". In less than five months since its listing, Zhipu's stock price has soared, and its total market value is now approximately HK$700 billion.
Following its H-share listing, Zhipu is still pushing forward with its A-share listing plan. In February of this year, the China Securities Regulatory Commission (CSRC) updated information on Zhipu's IPO preparation progress on its official website, adding Guotai Haitong Securities as a new sponsoring broker.
A new fund connects state-owned assets in multiple regions with leading securities firms, giving Zhipu's AI story a new dimension.
Innovation leads to investment
In fact, this is not the first time Zhipu has done LP.
Back in 2024, Zhipu, together with Shijingshan Modern Innovation Industry Development Fund, Aofei Data, Yanbei Capital, and Fuzhuo Investment, officially established Z Fund, also known as Xinglian Capital. The fund initially managed 1.5 billion yuan, focusing on the early stages of AI and cutting-edge technologies.
This strategy is now beginning to bear fruit, with Starlink Capital having already invested in more than 30 companies, including Mianbi Intelligent, Shengshu Technology, Wuwenxinqiong, Amio Robotics, Silicon-based Flow, and Jiliu Technology.
The investments are already reflected in Zhipu's balance sheet. According to Zhipu's 2025 financial report, as of the end of 2025, Xinglian Capital's overall value was RMB 1.3027 billion, an increase of 186.26%. Among them, Zhipu's financial book value (the group's effective equity) reached RMB 279 million.
Meanwhile, Zhipu is also making direct investments. Public information shows that Zhipu has directly invested in companies such as Shengshu Technology, Jiliu Technology, Wuwenxinqiong, Qingcheng Jizhi, and Silicon-based Flow. Among them, Jiliu Technology has submitted its prospectus to the Hong Kong Stock Exchange. If the listing is successful, Zhipu is expected to achieve its first IPO.
This scene is a microcosm of listed companies flocking to the primary market.
Previously, internet giants like Tencent, Alibaba, and Meituan frequently made moves and have long been active in the venture capital circle. Now, more industrial capital is also starting to enter the fray.
Taking Zhongji Xuchuang as an example, it has participated in the establishment of more than ten funds to date. It has not only invested in well-known institutions such as Zhongke Chuangxing, but has also given back to early investors many times. Existing shareholders such as Kaifeng Venture Capital and Datai Capital have all received investment.
As we have seen, an increasing number of industry giants and listed companies are becoming limited partners (LPs) in the primary market. They have ample funds and a clear need for industry synergy: on the one hand, they seek business growth through investment, and on the other hand, they share in the dividends of the new technology cycle.
For the primary market, this is undoubtedly a rare source of fresh capital.
