Z.AI (HKG:2513) completed the placing of nearly 22 million new shares and issue of 20.1 billion yuan of convertible bonds, a Friday bourse filing showed.

The shares, representing around 4.5% of the company's enlarged issued share capital, were placed to at least six investors at HK$714 apiece to raise HK$15.7 billion in net proceeds.

The zero coupon convertible bonds maturing in 2027 yielded net proceeds of $3.01 billion.

The company has obtained permission to list and deal in the shares on the Hong Kong bourse, while the bonds are expected to begin trading on the Vienna Stock Exchange on or around Friday, Sept. 18.