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Z.AI Opens 5.7% Lower After Capturing HKD70B+ Through 2 Placements and Bond Issuances Within Less Than 10 Mths of Listing
2026-09-14 09:46:58 Z.AI (02513.HK) conducted two share placements within less than 10 months after listing. Following a placement immediately after lock-up expiry in July, the company has now announced another share placement and issuance of convertible bonds, raising more than HKD39.2 billion. Together with over HKD31 billion raised in July, the company has raised more than HKD70 billion in total within two months. Z.AI opened 5.67% lower today (14th) at HKD748, with pre-market negotiated transactions of 264,700 shares involving HKD198 million. Z.AI announced that it will place up to 21.965 million new H shares to no fewer than six placees at a placing price of HKD714 per placing share, representing a discount of approximately 9.96% to the closing price of HKD793 per H share quoted on the Stock Exchange on September 11, and a discount of approximately 19.95% to the average closing price of approximately HKD891.9 per H share quoted on the Stock Exchange for the last five consecutive trading days up to and including September 11. The maximum number of placing shares under the placing represents approximately 4.72% of the current issued shares and approximately 4.5% of the issued shares as enlarged by the allotment and issue of the placing shares. Assuming all placing shares are fully placed to the placees, the gross proceeds from the placing are expected to amount to approximately HKD15.683 billion in aggregate, while the net proceeds are expected to amount to approximately HKD15.664 billion in aggregate. In addition, the company has agreed to issue, and the managers have individually but not jointly agreed to subscribe and pay for, or procure subscribers to subscribe and pay for, bonds with an aggregate principal amount of RMB20.14 billion. The placing and the bond issuance are conducted independently and are not conditional upon each other. The initial conversion price is HKD892.5 per conversion share, representing a premium of approximately 12.55% over the closing price of HKD793 per H share quoted on the Stock Exchange on September 11, and a premium of approximately 0.07% over the average closing price of approximately HKD891.90 per H share quoted on the Stock Exchange for the last five consecutive trading days up to and including September 11. Upon completion of the subscription, the gross proceeds from the bond issuance are expected to be approximately USD3.016 billion (equivalent to approximately HKD23.648 billion), while the net proceeds are expected to be approximately USD3.011 billion (equivalent to approximately HKD23.61 billion). ~ AASTOCKS Financial News Website: www.aastocks.com | |