I don't think that's right, or if it is, OpenRouter has incorrect data. Several Chinese companies (headquartered in China) have Singapore listed as their region on OR. And some companies, like Alibaba Cloud, have multiple regions listed.
I'm happy to be proven wrong, but this makes me think that the region is where the servers are, not where the HQ is.
I couldn't find any article that states z.ai has a data center in Singapore. There are stories of their new 1 GW data center in China though. Also, openrouter lists HQs on their providers page which matches the regions. https://openrouter.ai/providers