The Beijing-based company plans to raise approximately $2 billion through a new share placement at HK$714 per share, a 10% discount to its Friday closing price. Separately, Z.ai will issue $3 billion in zero-coupon convertible bonds due in 2027. Proceeds will support the development of its next-generation AI models. This follows a $4 billion share placement in July. Shares of its domestic rival MiniMax also fell about 5% on Monday.