TECH

Z.AI Raises $5 Billion in Share Placement, Convertible Bond Sale

Published: Sep. 14, 2026 6:30 p.m. GMT+8

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Hong Kong-listed AI model developer Z.AI Co. Ltd. raised about HK$39.3 billion ($5 billion) through a share placement and a concurrent convertible bond sale, marking its second fundraising effort in just two months.

The massive capital injection highlights an intensifying arms race among Chinese AI companies, which are frantically stockpiling computing power and accelerating model iterations to stay competitive in a booming industry.

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Z.AI raised HK$39.3B ($5B) via share placement and convertible bonds, its second fundraising in two months.
60% of funds for R&D, computing infrastructure, talent; 15% for expansion, investments, M&A; 25% for capital structure.
Chinese AI race intensifies: MiniMax raised HK$16B on July 10; ByteDance secured a $29.6B loan, budgeting ~160B yuan for 2026 AI investments.

AI generated, for reference only

Who’s Who

Z.AI Co. Ltd.: Z.AI Co. Ltd., a Hong Kong-listed AI model developer, raised ~HK$39.3 billion ($5 billion) via a share placement and convertible bonds. It offered 21.97 million shares at HK$714 each and issued ¥20.14 billion in bonds. Funds will support R&D, infrastructure, M&A, and liquidity. This follows a HK$31.4 billion placement in July and its January IPO.

MiniMax Group Inc.: Based on the article, MiniMax Group Inc. is a Hong Kong-listed AI firm. It announced a HK$16 billion fundraising on July 10, conducted through a share placement and a zero-coupon convertible bond sale, as part of the escalating AI arms race among Chinese tech companies.

ByteDance Ltd.: According to the article, ByteDance Ltd. secured a $29.6 billion loan this month to fund its AI ambitions. The company has budgeted nearly 160 billion yuan for AI investments in 2026, with more than half allocated to purchasing AI chips, intensifying the AI arms race among Chinese tech firms.

AI generated, for reference only

What Happened When

January 2026：: Z.AI raised HK$4.9 billion from its initial public offering, which has been fully utilized as of September 13, 2026.

July 9, 2026：: Z.AI announced a HK$31.4 billion share placement.

July 10, 2026：: MiniMax Group Inc. announced a HK$16 billion fundraising through a share placement and a zero-coupon convertible bond sale.

Second half of 2026：: Chinese tech companies have been engaged in an escalating AI arms race.

September 2026 (earlier this month)：: ByteDance Ltd. received a $29.6 billion loan to fund its AI ambitions, with a 2026 budget of nearly 160 billion yuan for AI investments.

September 11, 2026：: Friday's closing price of Z.AI's shares was HK$793.

September 13, 2026 (Sunday)：: Z.AI released an exchange filing confirming a HK$39.3 billion ($5 billion) fundraising via a share placement of 21.97 million new shares at HK$714 each (a 10% discount to September 11 closing price) and a 20.14 billion yuan ($3 billion) zero-coupon bond sale due in September 2027, with an initial conversion price of HK$892.5.