On September 17, Z.AI rose 5.42% in regular trading, trading at 759 HKD/share, extending the prior session's strong rebound of over 12%.
On the news front, Z.AI held an analyst call on September 16, announcing an upward revision of its year-end ARR guidance from US$2.4 billion to US$3.0 billion, representing a 25% increase.
Management stated that following the completion of a US$5 billion refinancing on September 11 — comprising approximately US$2 billion in share placements and US$3 billion in zero-coupon convertible bonds — computing power supply is no longer the primary constraint on revenue growth in the near term. The company has signed revenue-sharing agreements with multiple leading cloud service providers, with GLM-series models deployed via managed APIs, and CoWork orders have exceeded RMB 1 billion.
Notably, southbound capital net purchased over HK$3.1 billion of Z.AI shares on September 16 alone, with cumulative net inflows of approximately HK$5.5 billion over four consecutive trading days, signaling sustained mainland institutional accumulation. The company also completed the issuance of 21.965 million new H shares at HK$714 each on September 16, raising approximately HK$15.68 billion.
