Zhipu AI raises $4B in follow-on share placement, then announces another $5B round weeks later

Zhipu AI, the Chinese large language model company trading on the Hong Kong Stock Exchange as Knowledge Atlas Technology (2513.HK), completed a $4 billion share placement in July 2026. Less than two months later, the company announced yet another financing round worth roughly $5 billion. Zhipu’s IPO in January 2026 raised approximately $558 million. Seven months later, the company sold 19.78 million H-shares at HK$1,588 each, netting around $4 billion. A capital appetite that keeps growing The July placement was priced at roughly a 13% discount to Zhipu’s previous closing price. Shares rose 22% on the day the pricing was announced. On September 13, 2026, Zhipu unveiled a combined financing package worth approximately $5 billion. The deal included two components: a share placement of 21.97 million shares at HK$714 each, raising about $2 billion, and roughly $3 billion in zero-coupon convertible bonds due September 2027. The September share placement came at around a 10% discount. Zhipu’s stock had closed at HK$793 on September 11, two days before the announcement. The convertible bonds carry an initial conversion price of HK$892.50. Shares surged between 1,500% and 1,700% from the I...