http://Z.AI unveiled a $5B share-and-convertible-bond sale, bringing its Hong Kong fundraising this year to about $9.6B including the latest deal, Bloomberg reports. Shares fell as much as 10% Monday and are down over 60% from June’s peak. Proceeds will support AI research, computing infrastructure and expansion. An analyst says ARR rose from $250M to $1.6B in five months, but two customers account for over 31%. Another lockup covering more than 35% of shares expires in January.