Artificial intelligence company MiniMax Group Inc. has raised approximately HK$16 billion through a share placement and a concurrent convertible bond offering, according to the company and legal adviser Maples Group.
The financing, which the companies said is among the largest AI-sector fundraisings in Hong Kong this year, includes the sale of 35.6 million new Class A shares and the issuance of HK$6.5 billion in zero-coupon guaranteed convertible bonds due in 2027. The proceeds are intended to support the company’s expansion of AI infrastructure, expand foundation model research and development, accelerate the global rollout of its products, including its Harness platform, and for general corporate operations.
The convertible bonds were issued by MiniMax Innovations Limited, a wholly owned subsidiary of MiniMax Group Inc. The bonds carry no coupon, mature in 2027 and are initially convertible into Class A shares at HK$335 per share, the company said. The bonds are expected to be listed on the Vienna MTF operated by the Vienna Stock Exchange, while any shares issued upon conversion would be listed on the Hong Kong Stock Exchange.
Maples and Calder, Maples Group’s law firm, advised MiniMax Group, a Cayman Islands-incorporated company, on both the share placement and the bond offering. The legal team was led by corporate partner Karen Zhang Pallaras, with assistance from associate Jordan Southway and legal manager Clare Tsang.
Morgan Stanley Asia Limited and UBS AG Hong Kong Branch served as joint global coordinators, joint bookrunners, joint lead managers and placing agents for the transaction. China Construction Bank (Asia) Corporation Limited acted as trustee for the bonds.
