Z.AI (HKG:2513) plans to raise up to HK$15.7 billion via a placement of nearly 22 million new H shares at HK$714 each, and issue 20.1 billion yuan of convertible bonds, according to a Monday filing with the Hong Kong bourse.
The placing price of HK$714 represents a 9.96% discount to the Sept. 11 closing price and a 19.95% discount to the five-day average, the filing said.
The convertible bonds will have an initial conversion price of HK$892.50 per H share, representing a 12.55% premium to the Sept. 11 closing price, it said.