News and Deals
Linklaters advises Z.AI on US$5.02bn concurrent new H-share placement and convertible bond offering
Press Contact
Aditi Raisurana
Communications & Corporate Affairs Manager, Asia
+65 9235 8647
aditi.raisurana@linklaters.com
News and Deals
Press Contact
Aditi Raisurana
Communications & Corporate Affairs Manager, Asia
+65 9235 8647
aditi.raisurana@linklaters.com
Linklaters has acted as Hong Kong, English and US counsel to Z.AI Co., Ltd., also known as Zhipu AI, on its concurrent placement of new H shares and Renminbi-denominated, US dollar-settled zero-coupon convertible bonds due 2027, raising a combined US$5.02bn equivalent.
The proceeds are intended to support the research and development of Z.AI’s next-generation foundation models and self-training system, the deployment and upgrade of computing resources and related technology infrastructure, business expansion, strategic investments and potential acquisitions, working capital, and other general corporate purposes.
This marks the third significant capital markets transaction on which Linklaters advised Z.AI in 2026. The firm previously acted as Hong Kong and US counsel to the company on its landmark listing on the Main Board of the Hong Kong Stock Exchange in January 2026, the first IPO globally by a large AI model developer, and its first post-listing placement of new H shares in July 2026. Throughout these transactions, which raised more than US$9bn in aggregate, Linklaters has been the company’s sole international legal adviser, supporting its global capital markets strategy at every stage.
The cross-practice Linklaters team was led by partner and Head of Greater China ECM Christine Xu, capital markets partners Taiki Ki and Oliver Zhong, and corporate partner Queenie Tong.
Linklaters has advised on a number of multibillion-dollar equity follow-on and equity-linked offerings in 2026, including Alibaba’s US$10.2bn new share placement, CATL’s US$5bn new H-share placement and convertible bond issuances for Lenovo Group and Midea Group.
With more than 50 years of on-the-ground experience in Hong Kong SAR and across Asia, Linklaters combines deep local insights with the strength of its global platform. Its highly regarded Greater China equity capital markets team advises seamlessly across pre-IPO investments, IPOs, post-listing compliance, equity financings, debt offerings and equity-linked transactions, providing integrated support across products and jurisdictions. The team regularly advises technology and other new-economy companies at key stages of their development.