MiniMax grants over HKD 600 million in equity incentives: Zhao Pengyu alone receives 129 million, with no performance evaluation requirements

ME News report: On June 23 (UTC+8), Hong Kong-listed company MiniMax (0100.HK, the listed entity is MiniMax Group Inc.) issued an announcement. Under its post-IPO share incentive plan, it granted a total of 1,168,776 share awards, representing an equal number of newly issued Class A ordinary shares. Based on the closing price of HKD 515 per share on the grant date, the total value of the awards is approximately HKD 602 million, and the purchase price payable is zero.

Among them, Executive Director and Head of Large Language Model Research and Engineering Zhao Pengyu was granted 250,000 share awards; based on the share price on that day, their value is approximately HKD 129 million. The remaining awards were granted to the company’s employees and service providers. The total vesting period for employee awards ranges from 13 to 72 months, while for service providers it ranges from 12 to 44 months. Zhao Pengyu’s total vesting period is approximately 66 months.

The announcement shows that no performance targets are set for the vesting of all awards, but there is a clawback mechanism. If the grantee engages in serious misconduct, commits fraud, or is involved in material misstatements in financial statements, the company has the right to recover profits or forfeit already vested awards.

The scale of the equity incentive indicates that MiniMax is continuing to ramp up investment in talent, strengthening the core team through long-term equity to enhance its long-term talent competitiveness. Co-founder and CEO Yan Junjie previously said in an interview that his team management logic is “to give more money—don’t wait until it’s done; give it now.”

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