China’s leading domestic AI model company, MiniMax, has officially entered the offshore bond market.

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Golden Finance reported that on July 16, the leading Chinese large model company Minimax (MiniMax) officially listed in the offshore bond market. According to system data, the company successfully issued HK$6.5 billion in secured convertible bonds, with an initial conversion price set at HK$335, a premium of 25% over the reference price of HK$268.
According to the offering memorandum, the bonds were arranged by Morgan Stanley and UBS. The coupon rate is 2.75 basis points per year, with interest paid every half year. The redemption price at maturity is 102.75% of principal, and the bonds will mature in 2027. Previously, on the day its lock-up period ended (July 10), Minimax released an announcement stating that it would place 35.6 million new shares at HK$268 per share to raise about HK$9.5 billion. It also announced the issuance of HK$6.5 billion in zero-coupon convertible bonds, with total fundraising of about RMB 16 billion.
Notably, the trigger threshold for the issuer’s call right on this convertible bond is 120%, while the commonly used trigger threshold in overseas markets is 130%. In addition, the call right can be exercised after the issuance has reached 20 trading days, with the trigger condition requiring any 10 days out of those 20 trading days. CICC’s fixed income team said that this condition is relatively favorable to the issuer. (Xinhua Finance)
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