The Chinese artificial intelligence company Z.ai, aims to capture more than 5,000 million dollars (4.321 million euros) by selling new convertible shares and bonds to finance the development of models and infrastructures.
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14/09/2026
by
Lusa
Na statement sent on Sunday to the Hong Kong Stock Exchange, where it is quoted, the company indicated that it will sell around 22 million shares for a value equivalent to about 2,000 million dollars (1.728 million euros), with a discount of almost 10% against the last closing price, and issue about 3,016 million dollars (2.607 million euros) in convertible bonds.
About 60% of the funds will be earmarked for research and development (R&D) of the new generation of AI models and the company’s comprehensive ‘self-learning’ system, as well as for the installation and modernisation of technological infrastructure, including computing resources.
Technology will also apply 15% of the funds in “expansion initiatives, strategic investments and possible acquisitions”, aiming to accelerate the marketing of models and expand growth prospects.
According to the local press, Z.ai launched the operation immediately after the end of the 60-day lock-in period for the last sale of securities, which allowed the company to capture around US$4,000 million (EUR 3,457 million) in July, also coinciding with the end of the six-month period applicable to the initial public offer shares.
The company was part of the wave of Chinese technology that went on the market since the end of last year, having made an initial public offer in January that allowed to capture about 559 million dollars (483 million euros).
The operation made Z.ai the first Chinese company dedicated exclusively to the development of major language models to be listed on the Hong Kong Stock Exchange.
The choice of the former British colony was linked to the company's ambitions for internationalization.
Co-founder and CEO Zhang Peng pointed out Southeast Asia, Middle East, Europe and the so-called ‘Global South’ as expansion markets, presenting the lowest costs compared to other similar models as one of the main advantages for attracting users.
Since the stock exchange, the company's shares have valued 465% against the initial price, although they have retreated almost 70% since the maximum of about 307 dollars (265 euros) reached in June.
The company also prepares an entry into the Shanghai STAR market, known as the ‘Chinese Nasdaq’ due to the concentration of technology companies, through which it can capture up to 2,200 million dollars (EUR 1,900 million), although no official announcement has yet been made.