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Z.ai Raises $5 Billion for Expansion, Research

By Drooid · Sep 13, 2026, 11:00 PM UTC · How we work

Summary

Story summary

Z.ai raised about $5 billion through a share placement and bond sale.
It sold 21.97 million H shares at HK$714 each, 10% below the prior close.
The convertible bonds total RMB 20.14 billion, mature September 2027, with coupon and –0.5% to zero yield.
Proceeds will fund research, computing resources, infrastructure, expansion, strategic investments, acquisitions and working capital.
NSA, FBI and CISA accused Z.ai of extracting tokens from GPT-5.5 and Claude Opus, which Beijing called unfounded.

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Story summary

Z.ai raised about $5 billion through a share placement and bond sale.
It sold 21.97 million H shares at HK$714 each, 10% below the prior close.
The convertible bonds total RMB 20.14 billion, mature September 2027, with coupon and –0.5% to zero yield.
Proceeds will fund research, computing resources, infrastructure, expansion, strategic investments, acquisitions and working capital.
NSA, FBI and CISA accused Z.ai of extracting tokens from GPT-5.5 and Claude Opus, which Beijing called unfounded.