MiniMax Group Raises Up to $2 Billion in Hong Kong as Chinese AI Funding Wave Continues
Summary
Chinese AI startup MiniMax Group is raising up to $2 billion through share sales and convertible bonds in Hong Kong, as the company sells 35.6 million shares at a 9.9% discount, sending its stock down nearly 9.8%, while simultaneously offering HK$6.5 billion in zero-coupon convertible bonds due 2027.
Key Points
- MiniMax Group Inc. is raising up to $2 billion through a combination of new share sales and convertible bonds in Hong Kong, joining a wave of Chinese tech companies funding AI development.
- The company is selling 35.6 million shares at HK$268 each, totaling HK$9.5 billion ($1.2 billion), representing a 9.9% discount to Thursday's closing price, causing shares to drop nearly 9.8% on Friday.
- Simultaneously, MiniMax is offering HK$6.5 billion in zero-coupon convertible bonds due 2027 with a 25% conversion premium, expected to price on July 10.