China's Z.AI hits 5-1/2-month low on discounted share sale, bond issue

Z.AI

14/09/2026 02:59

** Shares of large language model developer Zhipu AI 2513.HK drop 10.5% to HK$710, their lowest level since March 31 and falling for a tenth straight session
** Stock last down 6.9%; top pct loser in Hang Seng TECH Index .HSTECH, which slips 0.5%  
** The Beijing-based AI startup raised a total of $5 billion from a Hong Kong share placement of about $2 billion and a concurrent convertible bond sale of about $3 billion, the company said in a Hong Kong stock exchange filing on Sunday
** Z.AI launched the sales on Friday, offering 21.97 million new Hong Kong shares at HK$714 ($91.05) each, a 10% discount to Friday's closing price of HK$793
** Company also raised 20.14 billion yuan ($3 billion) of zero-coupon bonds due in September 2027, which are convertible into 26.37 million H shares, or 5.36% of the enlarged share capital
** Since debut on January 8, stock up 536.4% from the offer price of HK$116.20 per share
** YTD, the Hang Seng Index .HSI down 3.7%
     
     

(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))