Zhipu (02513.HK) fell sharply in Hong Kong trading on September 14, at one point dropping more than 10% to a session low of HK$710 before closing the morning session down 7.25% at HK$735.5, with turnover approaching HK$5 billion, according to Jiemian News. The move came after the company announced late on September 13 that it had completed a new financing round totaling about $5 billion, made up of a $2 billion share placement and a $3 billion zero-coupon convertible bond, with net proceeds already received and earmarked for next-generation GLM model development and computing infrastructure.

Jiemian News reported that the placement priced up to 21.965 million new H shares at HK$714 each, raising about $2 billion and representing about 4.5% of the enlarged share capital, while the convertible bond was issued at 100.5% of principal with an initial conversion price of HK$892.5, implying up to 26.365 million new shares if fully converted, or about 5.3% of enlarged capital. The article said the financing is Zhipu's third large fundraising since its January listing and that the company has raised more than HK$75 billion in total over eight months as investors reassess the capital intensity and profitability timeline of large-model developers.