STOCKS | Zhipu Raises HK$39.274 Billion Via Placement And Convertible Bonds

Zhipu (2513) said it will place up to 21.965 million new H shares at HK$714 each, a 9.96% discount to the previous close of HK$793, raising HK$15.683 billion, or HK$15.664 billion net, according to Ming Pao. The company also announced a US dollar-settled zero-coupon convertible bond issue with a principal amount of HK$20.14 billion due in 2027. Gross proceeds are expected to be about $3.01564 billion, or about HK$23.64844 billion, while net proceeds are expected to be $3.01077 billion, or about HK$23.61 billion. Combined net proceeds from the two financings are about HK$39.274 billion. Zhipu said the placement and subscription agreement carries a 60-day lock-up period.