Z.ai shares fall after announcing about $5 billion fundraising plan
Z.ai shares fell more than 10% after the Chinese AI company said it plans to raise about $5 billion through a new share placement and convertible bond sale. The fundraising would include up to 21.97 million new shares at HK$714 each and 20.14 billion yuan in zero-coupon convertible bonds due in 2027. Z.ai said the proceeds will support development of next-generation AI models, including R&D, training and inference infrastructure, and commercialization. It is the company’s second major fundraising in two months.
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