China’s Z.ai Raises $5 Billion Through Shares and Convertible Bonds

The company plans to issue around 21.97 million new H shares at HK$714 per share according to a filing with the Hong Kong Stock Exchange.

Z.ai also announced plans to raise 20.14 billion yuan (US$3 billion) through a convertible bond sale. Together the fundraising efforts could help the company raise around US$5 billion.

The funds come as Z.ai continues to invest heavily in developing advanced AI models. The company reported 953.89 million yuan (US$142 million) in revenue for the six months ended June 30, up 400% from the same period last year.

Z.ai is also working toward a potential listing on Shanghai’s Star Market.

The latest fundraising plans include both new shares and convertible debt. The final amount raised, timeline and number of shares issued will depend on the completion of the transactions and the terms of the bonds.

The Hong Kong filing outlines the expected proceeds and planned use of the funds, but the transactions have not yet been completed.

Z.ai (formerly Zhipu AI) is a major Beijing-based Chinese artificial intelligence company known for developing the GLM (General Language Model) series of large language models. It became China's first major publicly traded AI model company following its Hong Kong Stock Exchange debut in January 2026.

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