Z.ai shares tumble over 10% after $5 billion fundraising, its second major raise in two months

* Z.ai plans $5B fundraising via shares and bonds * Stock fell >10% after announcement * Funds for next-gen AI development Z.ai shares dropped over 10% after announcing a $5 billion fundraising through new share placement and zero-coupon convertible bonds. The Beijing-based AI firm will issue 21.97 million shares at a 10% discount and 20.14 billion yuan in 2027 bonds convertible at a 12.5% premium. Proceeds will fund next-generation AI models, R&D, and infrastructure. This marks the company's second major capital raise in two months following a $4 billion placement in July.