China’s Z.AI raises $5 billion from new share, convertible bond sales, filing shows

Beijing-based artificial intelligence company Z.AI ​Co Ltd raised a total ​of $5 billion from a Hong Kong share placement ​of about $2 billion and a concurrent convertible bond sale of about $3 billion, the company said in a Hong Kong stock exchange filing on Sunday.

Z.AI launched ‌the sales ⁠on ⁠Friday, offering 21.97 million new Hong Kong shares at HK$714 ($91.05) each, a 10% ​discount to Friday’s closing price of HK$793.

The company also raised 20.14 billion yuan ($3 ​billion) of zero-coupon bonds due in September 2027, the filing showed. The yuan-denominated bonds will be settled in U.S. dollars.