Z.AI Raises $5 Billion Amid Stock Price Decline

Chinese AI firm Z.AI (formerly Zhipu AI) has raised $5 billion through a new share placement and convertible bond issuance. The company secured $2 billion from selling 21.97 million shares on the Hong Kong Stock Exchange and $3 billion from bonds maturing in September 2027. Approximately 60% of the proceeds will fund next-generation model development. Shares fell to approximately $95 on September 14, down from a July peak of $150.