Zhi Spectrum (02513) plans to place up to 21.965 million new H shares and issue convertible bonds with a total principal amount of $20.04 billion

Zhitong Finance App News, Zhitong Finance App (02513) announced that on September 12, 2026, the company plans to place up to 21.965 million new H shares, accounting for about 4.72% of the number of shares issued on the date of this announcement and about 4.50% of the number of issued shares expanded through allotment and issuance of placed shares. The placement price for each placed share was HK$714.00, a discount of approximately 9.96% from the closing price of HK$793.00 per H share on September 11. Assuming that all shares of the placement were placed to the consignee, the total amount of proceeds from the placement is expected to total about HK$15.683 billion, while the total net proceeds from the placement are expected to total about HK$15.664 billion.

On September 12, 2026, the company plans to issue zero interest convertible bonds with a total principal amount of RMB 20.04 billion due in US dollars due in 2027. Placement matters and bond issuance are carried out independently and are not mutually conditional. The initial exchange price was HK$892.50 per share, equivalent to a 12.55% premium of HK$793.00 per H share over the closing price of H shares reported on the Stock Exchange on September 11, 2026.

Assuming that the bonds were converted according to the initial exchange price, the bonds would be converted to approximately 26.365,000 shares, accounting for about 5.66% of the number of shares issued on the date of this announcement, and approximately 5.36% of the number of shares issued after the number of shares issued were expanded after the number of shares issued were converted.

The total proceeds from the issuance of the bonds are expected to be approximately US$3,015.6 billion (equivalent to approximately HK$23.648 billion), while the net proceeds from the issuance of the bonds are expected to be approximately US$3,011 billion (equivalent to approximately HK$23.610.2 billion).

The company carries out placement matters and issues bonds to further broaden the company's shareholders' equity base, seize the development opportunities brought by the evolution of general artificial intelligence from model calling to long-range tasks and end-to-end task delivery, provide sufficient financial support for next-generation model R&D, training and inference infrastructure deployment and commercialization scale expansion, and ensure the Group's long-term steady and sustainable development.