The Chinese artificial intelligence company Z.ai intends to raise over 5,000 million dollars (4,321 million euros) through the sale of new shares and convertible bonds to finance the development of models and infrastructures. In a statement sent to the Hong Kong Stock Exchange, where it is listed, the company indicated that it will sell approximately 22 million shares for approximately 2,000 million dollars (1,728 million euros), with a discount of almost 10% relative to the last closing price, and issue approximately 3,016 million dollars (2,607 million euros) in convertible bonds.
Approximately 60% of the funds will be destined for research and development of the new generation of AI models and the company's self-learning system, as well as for the installation and modernization of technological infrastructures. The remaining 15% will be applied to expansion initiatives, strategic investments and possible acquisitions to accelerate the commercialization of models and expand growth prospects.
Z.ai launched the operation immediately after the end of the 60-day lock-up period relative to the last securities sale, which allowed it to raise approximately 4,000 million dollars (3,457 million euros) in July. The company entered the stock market in January through an initial public offering that allowed it to raise approximately 559 million dollars (483 million euros), becoming the first Chinese company exclusively dedicated to the development of large language models listed on the Hong Kong Stock Exchange.
Since the stock market entry, the shares have appreciated 465% relative to the initial price, although they have retreated almost 70% from the peak of approximately 307 dollars reached in June. Executive President Zhang Peng pointed to Southeast Asia, the Middle East, Europe and the Global South as expansion markets. The company is also preparing an entry into the Shanghai STAR market, through which it could raise up to approximately 2,200 million dollars (1,900 million euros), although no official announcement has yet been made.
