Z.ai raises $5bn in Hong Kong including $3bn of zero-interest bonds

Z.ai raised about $5 billion by issuing 21.97 million shares at HK$714 and selling RMB 20.14 billion of zero-coupon convertible bonds maturing September 2027, yielding –0.5% to 0% with conversion at HK$892.5. Proceeds will fund research, a China-built data centre using domestic accelerators, strategic investments, potential acquisitions, and working capital. Revenue approaches $1 billion, and U.S. agencies have cited the firm for alleged large-scale token extraction from American AI models.