Shares of KNOWLEDGE ATLAS (02513) rose nearly 5% in early morning trading.
The company has announced plans to issue A-shares and seek a listing on Shanghai's STAR Market.
KNOWLEDGE ATLAS (ASX: 02513)
The stock gained 4.96% to HK$1,484, with a trading turnover of approximately HK$93.18 million.
In a filing to the Hong Kong stock exchange, the company stated that its board, in a meeting held on June 1, 2026, proposed applying to the relevant Chinese regulatory authorities for the allotment and issuance of A-shares.
The company also plans to apply to the Shanghai Stock Exchange for the listing and trading of these A-shares on the Science and Technology Innovation Board, commonly known as the STAR Market.
The proposed number of A-shares to be issued would represent between 2% and 8% of the company's total share capital after the issuance, excluding any shares that might be issued if an over-allotment option is exercised.
This translates to no fewer than 9.0988 million and no more than 38.769 million new A-shares.
The board also passed additional resolutions related to the proposed A-share issuance, which will be submitted to the annual general meeting for shareholder approval.
Analysts point out that while KNOWLEDGE ATLAS's business model has been primarily based on localized deployment, which accounted for about 74% of its revenue in 2025, its cloud platform revenue is accelerating rapidly following the release of its GLM-5 model.
In 2025, the company's cloud deployment revenue surged by approximately 293% year-over-year.
Drawing parallels with the development path of AI firm Anthropic, as token usage increases and computing power utilization optimizes, the company's growth trajectory is expected to shift away from a project-based model.
Instead, it is anticipated to move towards an exponential growth curve driven by token-based billing.
The gross margin for cloud deployment is also forecast to improve continuously, which is likely to enhance the company's overall profitability.
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