Zhipu Raises HK$18.68 Billion via New H Shares and Zero-Coupon Convertible Bonds

Zhipu announced on the Hong Kong Stock Exchange that it has completed a placement of new H shares under a general mandate and the issuance of RMB20.14 billion of US dollar-settled zero-coupon convertible bonds due 2027.

All conditions precedent under the placement agreement were fulfilled, and the placement was completed on September 16, 2026. The company allotted and issued a total of 21,965,000 new H shares to no fewer than six placees at HK$714.00 per placement share, representing approximately 4.50% of the total number of issued shares as enlarged. All placees and their ultimate beneficial owners are independent third parties, and no placee became a substantial shareholder of the company upon completion of the placement.

Gross proceeds from the placement were approximately HK$15,683.01 million, with net proceeds of approximately HK$15,664.13 million. Regarding the bond issuance, all conditions precedent under the subscription agreement were fulfilled, and the bonds with an aggregate principal amount of RMB20.14 billion were issued on September 18, 2026, with gross proceeds of approximately US$3,015.64 million and net proceeds of approximately US$3,010.77 million. The company has obtained approval for the listing and trading of the placement shares and conversion shares on the Hong Kong Stock Exchange, and has received approval for the listing of the bonds on the Vienna MTF.