| Issuer / Guarantor | Z.AI Co Ltd |
|---|---|
| Size | CNY 20140mn |
| Type | Convertible |
| Leads | CICC, Guotai Junan Securities |
| Maturity | 16 Sep 2027 (1 years) |
| Coupon | 0% |
| Premium | 25% |
| Calls | @ 100% from Feb 2027 (0.4 yrs); 130% trigger |
| Puts | t/o @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | c/t ratchet |
| CoCo | None |
| Announced | 11 Sep 2026 |