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Story summary
- Z.ai raised roughly $5 billion via a Hong Kong share placement and convertible-bond sale.
- The placement issued 21.97 million H shares at HK$714 each, a 10% discount to the prior close.
- Z.ai also sold 20.14 billion yuan zero-coupon convertible bonds due September 2027.
- Shares fell more than 10% after the fundraising announcement.
- First-half revenue jumped 400% to 953.9 million yuan.