Z.AI Raises About $5B in a Share Placement and Zero-Coupon Convertibles, Its Second Raise in Two Months
Caixin Global·medium signal
Z.AI (Zhipu) agreed on September 12 to place up to 21.965 million new H shares at HK$714 and sell roughly RMB 20.14 billion in zero-coupon convertible bonds maturing in 2027, for about HK$39.3 billion ($5B) combined. Around 60% of net proceeds go to next-generation GLM foundation models, large-scale training, production inference and compute infrastructure. Its shares fell to a five-and-a-half-month low after the terms were disclosed.