Z.AI (02513.HK) announced on September 13 that it has completed a funding round totaling approximately $5 billion, comprising a share placement of about $2 billion and the issuance of convertible bonds worth roughly $3 billion. The proceeds are earmarked for the development of its next-generation GLM models, a fully self-trained AI system, and associated computational infrastructure.

According to the official statement, the placement price was set at HK$714 per share, reflecting a discount of about 9.96% to the closing price prior to the announcement. The newly placed shares account for approximately 4.50% of the company's enlarged issued share capital.

The convertible bonds feature a zero-coupon structure, issued at 100.5% of their principal value and redeemed at par upon maturity. The initial conversion price is HK$892.50 per share, representing a premium of 25% over the placement price and approximately 12.55% above the pre-announcement closing price.

This strategic financing move underscores the company's confidence in its long-term growth trajectory, with the premium conversion price signaling bullish expectations for future share appreciation.