China’s MiniMax Group said on Friday it is seeking to raise HK$16.04 billion ($2.05 billion) in fresh capital via a share sale and a bond issue to fund growth in its AI business.
The fundraising comes as Chinese tech companies capitalise on strong investor appetite to fund their research, hiring and expansion plans.
AI startup MiniMax said in a Hong Kong exchange filing that it plans to raise about HK$9.54 billion by offering 35.6 million new Class A shares at HK$268 each, a 9.9% discount to the stock’s last close.
It is also proposing zero-coupon bonds worth HK$6.50 billion due 2027, convertible into Class A shares at an initial HK$335 apiece, a 12.6% premium to the last close.
MiniMax said proceeds from both deals would be used for research and development, commercialisation, working capital and other general corporate purposes.
MiniMax’s fundraising follows similar activities by other Hong Kong-listed tech firms, with Zhipu AI and GPU designer Iluvatar CoreX unveiling plans on Thursday to raise HK$31.41 billion and HK$7.07 billion, respectively.
($1 = 7.8365 Hong Kong dollars)
Reuters
