Z.AI files ~$5B Hong Kong share placement and convertible bonds

13 Sep 2026: Beijing-based Z.AI Co Ltd (2513.HK, formerly Zhipu AI) published a Hong Kong exchange announcement for a new H-share placing and concurrent zero-coupon convertible bonds. The filing’s own figures total about US$2B (share placing gross ~HK$15.68B) plus about US$3.02B (bonds gross) — ~$5B package. Completion is still conditional.

13 Sep 2026: Z.AI Co., Ltd. / 北京智譜華章科技股份有限公司 (stock code 2513; H shares on HKEX) published a Hong Kong exchange announcement dated Hong Kong, 13 September 2026, for (1) placing of new H shares under general mandate and (2) a concurrent proposed issue of RMB 20.14 billion U.S. dollar settled zero-coupon convertible bonds due 2027. Press also calls the company formerly Zhipu AI. The Placing Agreement and the Subscription Agreement were signed 12 Sep 2026. That dated HKEX announcement is the filing event. Completion is still conditional — this desk does not treat the cash as closed or already in the bank.

12 Sep 2026 Placing Agreement: up to 21,965,000 new H shares at HK$714.00 each, about a 9.96% discount to the 11 Sep close of HK$793. Gross proceeds if fully placed about HK$15,683.01 million; net about HK$15,664.13 million. The placing is on a best-effort basis. Target placing closing 16 Sep 2026, subject to conditions (including listing permission) and the placing agents’ termination right.

Concurrent 12 Sep 2026 Subscription Agreement: RMB 20.14 billion zero-coupon USD-settled convertible bonds due 16 Sep 2027, issue price 100.5%, initial conversion HK$892.50 per H share. Subject to completion, bond gross proceeds about US$3,015.64 million; net about US$3,010.77 million. Target Issue Date 18 Sep 2026. The bonds may or may not be issued.

The placing and the bonds are independent of each other and are not inter-conditional. Both remain subject to conditions. Do not read this filing as a closed dual raise.

Use of proceeds, as stated in the announcement: about 60% for R&D of next-generation GLM foundation models and the Fully Self Training system, plus training, inference, and compute infrastructure; about 15% for business expansion, strategic investment, and potential M&A; about 25% for capital structure, working capital, and general corporate purposes.

Prior equity in the same filing: January 2026 IPO / global offering; July 2026 First Placing of 19.78 million H shares at HK$1,588, completed 13 Jul 2026. This filing is the 13 Sep announcement only — not those earlier closes. Distinct from already-filed MONEY items on other labs’ raises.

Same-day HKEX primary puts a named ~$5B dual capital package on a listed Chinese frontier-model lab aimed at next-gen GLM and self-training compute.