TechNode Global reports that Chinese lab Z.AI, formerly Zhipu, launched a concurrent raise of roughly $5 billion — up to 21.965 million H-shares priced at HK$714, plus RMB20.14 billion of zero-coupon convertible bonds due 2027 with a HK$892.50 conversion price. The company says about 60% will go to next-generation GLM foundation models and the training and inference infrastructure behind them, 15% to business expansion and strategic investments, and 25% to working capital. The share placement was priced roughly 10% below Friday's close, and settlement is expected on September 16. It is one of the largest single raises by a Chinese model lab, and it lands in the same week Washington is arguing over whether export controls are slowing China down at all.