SmartMind AI is planning to raise $15 billion in an IPO on the Science and Technology Innovation Board, and will meet with MiniMax in the A-share market to build a dual-listed "A+H" platform.

According to Dynamica Beating monitoring, Beijing Knowledge Atlas Technology Co., Ltd. (referred to as "Knowledge Atlas" or "the Company", HKEX: 2513.HK, formerly known as Knowledge Atlas Technology), the first domestic large-scale model company listed on the Hong Kong Stock Exchange, has announced that its Board of Directors has reviewed and approved a proposal to issue A shares and apply for listing on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. This signifies that following its listing on the HKEX on January 8 this year, Knowledge Atlas has officially initiated its return to the domestic A-share market and the establishment of an "A+H" dual listing platform. At the same time, the Company plans to change its English name to "Z.AI Co., Ltd." (with the Chinese name remaining unchanged) to demonstrate its global strategic positioning centered around General Artificial Intelligence.

According to the announcement, Knowledge Atlas plans to issue new A shares this time, accounting for 2% to 8% of the post-issue total share capital (approximately 9.0988 million to 38.769 million shares). After introducing the over-allotment option (greenshoe mechanism), the maximum issuance size could reach around 10.4637 million to 44.5843 million shares. The total amount of funds to be raised in this STAR Market IPO is not more than 15 billion RMB, of which 12 billion RMB will be used for the research and construction of the "General AI Base Large-scale Model" project, 2 billion RMB for the "Large-scale Model MaaS One-stop Service Platform" project, and the remaining 1 billion RMB for supplementary working capital. This move will comprehensively support the infrastructure construction and core technology iteration of its General Large-scale Model (GLM) series.

Knowledge Atlas's return to the A-share market has been premeditated. In February of this year, Knowledge Atlas resubmitted the listing guidance filing to the Beijing Regulatory Bureau, with the guidance institutions changed to Guotai Junan Securities and CICC, formally locking in the direction for the STAR Market IPO guidance.

Another domestic large-scale model company, MiniMax (HKEX: MINIMAX-W, code: 00100.HK), also signed a listing guidance agreement with CITIC Securities on May 29, 2026, officially initiating the STAR Market IPO process. Following the listing of the two companies on the HKEX in January this year, Knowledge Atlas and MiniMax are expected to once again "meet" on the A-share STAR Market, ushering in a new competitive landscape for domestic large-scale model giants under the "A+H" dual equity capital channel.