On September 13, Smart Spectrum announced that it has completed financing of approximately US$5 billion, including a share placement of approximately US$2 billion and a convertible bond issuance of approximately US$3 billion. The financing will mainly be used for the next generation GLM model, a fully self-training system, and related computing power infrastructure. According to the announcement, the placement price of Zhipu shares was HK$714 per share, a discount of about 9.96% from the closing price before the announcement. The placed shares accounted for about 4.50% of the expanded issued share capital. Convertible bonds use a zero-interest structure. The issue price is 100.5% of the principal amount, and the principal amount is redeemed at maturity; the initial conversion price is HK$892.50 per share, a 25% premium over the placement price and a 12.55% premium over the closing price before the announcement.

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