Z.AI announces about $5 billion share and convertible raise

Z.AI said in a September 13 Hong Kong filing that it signed agreements on September 12 for a best-efforts placing of up to 21.965 million new H shares at HK$714, about 10 percent below the September 11 close of HK$793, plus RMB 20.14 billion of US-dollar-settled zero-coupon convertibles due September 2027 with an initial conversion price of HK$892.50. Combined proceeds are about $5 billion, with roughly 60 percent earmarked for next-generation model R&D and a fully self-training system. Placing completion is expected September 16 subject to conditions; shares tumbled more than 10 percent on September 14 after the second major raise in two months.