Z.ai Raises $5 Billion in Hong Kong to Fund AI Expansion Amid Cash Burn
Covered by 2 sources
Z.ai, a Chinese AI developer listed in Hong Kong, secured about $5 billion through a $2 billion share placement and $3 billion in zero-coupon convertible bonds to support research and infrastructure growth. The company returned to the equity market soon after a lockup expiration, driven by rapid cash burn and plans to scale its data center with domestic accelerators. Despite US allegations of illicit data extraction, investor demand remained strong as Z.ai approaches $1 billion in revenue while,