On December 30, Chinese AI company Z.ai launched a share sale to raise HK$4.35 billion (approx. US$560 million), aiming to become the first large language model (LLM) developer listed in Hong Kong amid a tech IPO surge, with a scheduled listing for January 8, 2026. Meanwhile, Z.ai has recently launched its latest open-source model, GLM-4.7, signaling a shift toward enterprise-focused AI and broader global adoption. As the company prepares for a 2026 IPO, the release highlights the growing influence of independent developers in a market increasingly shaped by hyperscale competitors and ecosystem distribution.