On July 10, MINIMAX-WP declined 6.25% in regular trading, trading at HK$278.0/share, with turnover of HK$147 million.

On the news front, the company announced a placement of 35.6 million new Class A shares at HK$268.00 each, representing a 9.89% discount to the prior close of HK$297.40, expected to raise approximately HK$9.54 billion in gross proceeds. Concurrently, the company will issue HK$6.5 billion in zero-coupon guaranteed convertible bonds due in one year, with an initial conversion price of HK$335.00 per share. The two fundraisings are independent and not conditional on each other, with combined proceeds of approximately HK$16 billion. About 80% of proceeds will fund AI infrastructure and model research and development.

The placement shares represent approximately 11.35% of issued share capital, creating significant dilution pressure on existing shareholders. This large-scale fundraising compounds selling pressure from the previous session, when the stock plunged 20% on its first major lock-up expiry involving approximately 146 million shares representing 63% of total share capital.

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