HK Grey Market | Knowledge Atlas Jumps 21%; Iluvatar CoreX Surges 38%; Edge Medical Soars 39%

Chinese artificial intelligence firm Knowledge Atlas jumped 21% in the Hong Kong grey market.

The Beijing-based start-up, marketed overseas as Z.ai, is widely seen as one of China’s “new AI tigers”.

Ahead of the proposed listing, Zhipu had completed eight fundraising rounds, raising a total of 8.36 billion yuan (US$1.19 billion). Its latest valuation was estimated at about 40 billion yuan, based on a late 2025 financing round that roughly doubled its valuation from a year earlier.

Founded in 2019 by professors at Tsinghua University, Zhipu is regarded as one of China’s leading AI start-ups. It filed for a mainland listing earlier this year, but has since shifted its focus to Hong Kong.

Chinese artificial intelligence chipmakers Iluvatar CoreX jumped 38% in the Hong Kong grey market.

Iluvatar CoreX is one of several startups vying to make chips to compete with Nvidia and boost China’s semiconductor capabilities. Founded in 2015, the company raised 1.2 billion yuan ($167 million) in a funding round in 2021 led by Centurium and Cedarlake Capital. Another round in 2022 included Beijing Financial Street Capital and Hopu and raised 1 billion yuan.

Chinese surgical robot firm Edge Medical jumped 39% in the Hong Kong grey market.

Founded in 2017, Edge Medical offers multi-port, single-port and bronchoscopic surgical robots. It was valued at over $1.5 billion in a crossover round in 2021, its website shows. Its other investors include Boyu and OrbiMed Advisors.