Z.ai raises $5bn in Hong Kong including $3bn of zero-interest bonds

Z.ai, a Chinese AI model developer listed in Hong Kong as Zhipu, raised about $5 billion through a $2 billion share placement and $3 billion in zero-coupon convertible bonds. The funds will support research, infrastructure, and expansion, including scaling its data center using Chinese-made accelerators. Despite accusations from US agencies of illicitly extracting data from American models, investor interest remained strong, with Z.ai nearing $1 billion in revenue while offering its models for免费