MiniMax Shares Fall 8.9% on HK$16.041B Capital Raising Announcement

On July 10, MiniMax announced a combined capital raising of HK$16.041 billion through equity offerings and convertible bonds. Shares dropped to a low of HK$271 (down 8.9%), trading at HK$277.80 with turnover exceeding HK$740 million by 9:43 a.m.

The company plans to issue 35.6 million A-class shares at HK$268 per share (9.89% discount to yesterday's close) and HK$6.5 billion in zero-coupon convertible bonds due 2027. Approximately 80% of the proceeds will fund AI infrastructure and model R&D, with 10% allocated to Harness product commercialization and 10% to operations.