Chinese AI firm Z.AI, formerly known as Zhipu AI, has successfully raised $5 billion through a new stock and convertible bond offering. Approximately $2 billion was generated from the sale of 21.97 million shares on the Hong Kong Stock Exchange, while the remaining $3 billion was acquired through bonds maturing in September 2027. The company plans to allocate around 60% of its net proceeds towards the development of next-generation models and a comprehensive self-learning system, with an additional 15% earmarked for business expansion.
Since reaching a peak of about $150 in July, the company’s stock price has dropped to around $95 at the start of trading on September 14. During the trading session, the shares fell further by 9%. When the startup went public earlier this year, its share price was approximately $15.