On September 13, Zhipu (02513.HK) announced the completion of approximately $5 billion in financing, which includes around $2 billion from a share placement and about $3 billion from the issuance of convertible bonds. This financing is primarily aimed at developing the next-generation GLM model, a fully self-training system, and related computing infrastructure. According to the announcement, the share placement price is set at HKD 714 per share, representing a discount of approximately 9.96% compared to the closing price before the announcement, with the placed shares accounting for about 4.50% of the expanded issued capital. The convertible bonds are structured as zero-coupon bonds, issued at 100.5% of the principal, redeemable at maturity at par value; the initial conversion price is set at HKD 892.50 per share, which is a 25% premium over the placement price and approximately 12.55% over the closing price prior to the announcement. The combination of zero-coupon and premium issuance serves as an important signal for this round of financing. With the R&D budget and funding arrangements becoming clearer, Zhipu is enhancing its capital foundation for ongoing training experiments, advancing model iterations, and improving its computing system, thereby strengthening its position in the upcoming competition for leading global models.