Zhipu raises ~$5B in Hong Kong, with 60% earmarked for next-gen GLM models
智东西 · wechat · 2026-09-13
Zhipu disclosed a $5B financing plan on the Hong Kong Stock Exchange: $2B in share placement at HK$714/share plus $3B in zero-coupon convertible bonds with an initial conversion price of HK$892.50 (25% premium). About 60% of proceeds go to next-gen GLM models and a fully self-training system, including research into recursive self-improvement (RSI); 15% to expansion and M&A, 25% to capital structure. H1 revenue reached RMB 954M (+400% YoY), ARR hit $1.6B, and GLM-5.3 scored 45 on ArtificialAnalysis — the top-ranked Chinese model. DeepSeek and Moonshot are also reportedly pursuing IPOs.
Related event: Zhipu Raises $5 Billion, Betting 60% on Self-Training GLM(8 posts)→
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