[Zhipu: Raising US$5 billion in the form of zero interest + premium stock conversion to release long-term equity expectations] September 13th, on September 13, Zhipu (02513.HK) announced the completion of approximately US$5 billion in financing, including approximately US$2 billion in share placement and approximately US$3 billion in convertible bond issuance. This financing is mainly used for the next generation GLM model, fully self-training system and related computing infrastructure. According to the announcement, the placement price of Zhipu shares is HK$714 per share, a discount of approximately 9.96% to the closing price before the announcement. The placement shares account for approximately 4.50% of the enlarged issued share capital. The convertible bonds adopt a zero-coupon structure, with an issuance price of 100.5% of the principal and redemption of the principal upon maturity; the initial conversion price is HK$892.50 per share, a 25% premium over the placement price and a premium of approximately 12.55% over the closing price before the announcement. The combination of zero interest and premium issuance is an important signal for this round of financing. As the R&D budget and funding arrangements are further clarified, Zhipu's capital base for continuing to carry out training experiments, promote model iteration and improve the computing power system has been strengthened, adding chips to participate in the next stage of global cutting-edge model competition.