01.ai, founded by Kai-Fu Lee, is planning an initial public offering in Hong Kong in 2027, according to reports citing statements made by Lee at the World AI Conference in Shanghai. The company is also raising a pre-IPO round ahead of the planned listing. Both outlets link the IPO timeline to changes in the company’s business focus. 01.ai has shifted away from developing frontier large language models and toward selling enterprise AI infrastructure, positioning its offerings around data and enterprise infrastructure rather than model training alone. The reports also say the company is unwinding its offshore holding structure, which they describe as a prerequisite for the IPO. This restructuring is presented as part of a broader process to prepare for a public listing. The information does not specify deal size, valuation, or the timing of additional steps beyond the 2027 target, and it does not detail the specific enterprise infrastructure products involved. Overall, the coverage converges on the IPO plan, the fundraising stage, the business pivot, and the need for corporate restructuring for Hong Kong.