China AI developer Z.AI launches $5 billion Hong Kong share, convertible bond sales, term sheet shows

Beijing-based artificial intelligence company Z.AI Co Ltd has launched a Hong Kong share placement of about $2 billion and a ‌concurrent convertible bond ⁠sale of ⁠about $3 billion, according to term sheets seen by Reuters on Friday.

The fundraising comes as Chinese AI developers seek capital for the costly computing infrastructure and talent needed to compete with larger US rivals.