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MiniMax raises HK$16 billion, with a maximum potential dilution of nearly 15%
The so-called “$2.0 billion new round of financing” is actually the listed company both selling shares and borrowing money at the same time, not a single investor taking an equity stake based on a new valuation.
The company plans to issue 35.60 million Class A shares at HK$268 per share, a discount of 9.89% versus the previous day’s closing price. After the placement is completed, new investors will hold about 10.19%. The initial conversion price for the convertible bonds is HK$335; if all bonds are converted, an additional ~19.40 million shares would be issued. In total, the two parts would add up to a maximum of ~55 million shares, representing about 14.92% of the enlarged total share capital.
The bonds do not pay coupons, but if they are not converted, the principal must be redeemed at 102.75% of par upon maturity. The HK$6.5 billion corresponds to an estimated repayment amount of about HK$6.68B.
Both transactions have been signed and priced, but they still need to meet conditions such as exchange listing approval. The placement is expected to be completed on July 14, and the convertible bonds are expected to be issued on July 16.
The company intends to allocate 80% of its net proceeds to AI infrastructure and model research and development, with the remainder going to global commercialization, the Harness product, working capital, and general corporate purposes.