On September 16th, during a conference call, Zhipu (02513.HK) revealed that it has successfully secured $5 billion in refinancing through a strategic 'small equity, large debt' approach. This move is designed to cater to the escalating demand for computing power expansion. Following the launch of GLM-5 in February, the frequency of model invocation has skyrocketed by 10 times, swiftly draining the company's computing power reserves. This situation compelled Zhipu to temporarily halt sales of its flagship product, the Coding Plan.

To tackle this pressing issue, Zhipu secured $4 billion in refinancing in July specifically for computing power expansion. Building on this momentum, on September 11th, the company raised an additional $5 billion to further bolster its computing power infrastructure. With this significant expansion, Zhipu's computing power has now reached a robust stage, poised to support the company's swift business growth and ongoing R&D efforts for larger-scale models.