OpenAI Challenger Zhipu Said to Weigh Shifting IPO to Hong Kong

Chinese AI startup Zhipu is considering shifting its planned initial public offering to Hong Kong instead of mainland China, according to people with knowledge of the matter, adding to a dealmaking boom in the city.

Zhipu, whose backers include Alibaba Group Holding Ltd. and Tencent Holdings Ltd., is working with financial advisers on a potential first-time share sale that could raise about $300 million, said the people, asking not to be named because the deliberations are private.

Zhipu, one of a handful of Chinese startups trying to take on OpenAI globally, had been initially preparing for a domestic listing ...