Zhipu raises $5bn in two months

Zhipu AI, listed in Hong Kong as Z.ai, raised approximately $5bn in its second financing round in two months, according to trade coverage of the Hong Kong Stock Exchange disclosure. The round combined a share placement of roughly 22 million shares priced at HK$714 each — a discount to the prior close — raising about $2bn, with roughly $3bn in zero-coupon convertible bonds due September 2027, convertible at HK$892.50 per share.

The deal terms are as reported from the HKEX filing: coverage put around 60% of the proceeds toward development of Zhipu’s next-generation GLM models and its self-trained training framework, with the remainder split between business expansion and general working capital, including further compute infrastructure.

The round follows a roughly $4bn Hong Kong share sale in July 2026, itself coming after Zhipu’s January 2026 Hong Kong listing. Coverage of the September round put the company’s total raised since the IPO at approximately $9.6bn across the three transactions — a pace of capital-raising unusual even among well-funded Chinese frontier labs, and one that follows Zhipu’s first interim results as a public company, which showed revenue growing sharply but missing analyst estimates as competition among Chinese model developers intensified on price.

No English-language primary filing text could be independently opened for this entry; the figures above are drawn from financial trade press reporting on the HKEX disclosure, corroborated across at least two independent outlets, rather than from Zhipu’s own statement.