[Zhipu Completes Approximately $5 Billion Financing for Next-Generation GLM Development] Deep Tide TechFlow reports that on September 13, according to Jintou Data, Zhipu (02513.HK) announced the completion of approximately $5 billion in financing, including $2 billion in share placement and $3 billion in convertible bonds. The funds will be specifically allocated to the development of next-generation GLM models, self-training systems, and computing power infrastructure. The share placement price is HKD 714, representing a discount of approximately 9.96% compared to the previous closing price and accounting for about 4.50% of the expanded share capital. The convertible bonds are structured as zero-coupon bonds, issued at 100.5% of the principal amount, with an initial conversion price of HKD 892.50, representing a 25% premium over the placement price and approximately a 12.55% premium over the previous closing price. This combination of zero-coupon and premium pricing is seen as a signal of long-term equity expectations. With the funds in place, Zhipu's capital foundation for enhancing its computing power system has been strengthened, adding leverage for competing in the global frontier model landscape.