Zhipu: Raises $5 Billion Through Zero-Interest Financing With Conversion at a Premium, Signaling Long-Term Equity Expectations

Mars Finance News, September 13 — Zhipu (02513.HK) announced the completion of approximately $5 billion in financing, including approximately $2 billion through a share placement and approximately $3 billion through the issuance of convertible bonds. The financing will primarily be used for next-generation GLM models, a fully self-trained system, and related computing infrastructure.

According to the announcement, Zhipu’s share placement price was HK$714 per share, representing a discount of approximately 9.96% to the closing price before the announcement. The placement shares accounted for approximately 4.50% of the enlarged issued share capital. The convertible bonds carry a zero-coupon structure, with an issue price of 100.5% of the principal amount and redemption at par upon maturity. The initial conversion price was HK$892.50 per share, representing a 25% premium to the placement price and a premium of approximately 12.55% to the closing price before the announcement.

The combination of a zero-coupon structure and issuance at a premium is an important signal from this round of financing. As its R&D budget and funding arrangements become clearer, Zhipu’s capital base for continuing training experiments, advancing model iterations, and improving its computing infrastructure has been strengthened, giving it greater resources to participate in the next stage of global competition among frontier models. (Cailian Press)