An announcement has been made by MINIMAX-WP (00100) regarding a private placement and a convertible bond issuance.

The company entered into a placement agreement with placing agents on July 10, 2026, before the market opened. Under this agreement, the company will issue and allot placement shares, with the agents acting on a best-efforts basis to procure subscribers for these shares under the terms of the agreement.

The company will issue 35.6 million new Class A shares, each with a par value of US$0.0001, from its share capital. These placement shares will be allotted and issued under a general mandate.

The placement price has been set at HK$268.00 per share. This represents a discount of approximately 9.89% compared to the closing price of HK$297.40 per Class A share on the Hong Kong Stock Exchange on the last trading day.

Assuming the full placement of all shares, the estimated gross proceeds from the placement are expected to be around HK$9.541 billion. After deducting commissions and estimated expenses, the estimated net proceeds are anticipated to be approximately HK$9.491 billion.

The company intends to use the net proceeds from the placement to further strengthen its AI infrastructure and model research and development, accelerate the global commercialization and development of its Harness products, and for general working capital and corporate purposes.

In a separate transaction also announced on July 10, 2026, before market open, the issuer, the company, and the managers entered into a subscription agreement. Subject to certain conditions, the issuer has agreed to issue, and the managers have individually agreed to subscribe for, bonds with a total principal amount of HK$6.5 billion.

The placement and the bond issuance are independent transactions and are not conditional upon each other.

The bonds are convertible into Class A shares under the terms and conditions, with an initial conversion price set at HK$335.00 per share, subject to adjustments. This initial conversion price represents a premium of about 12.64% over the closing price of HK$297.40 per Class A share on the last trading day.

Assuming full conversion of the bonds at the initial price of HK$335.00 per share, the bonds would be convertible into approximately 19.403 million Class A shares.

Upon completion of the bond issuance, the gross proceeds from the bond subscription are expected to be HK$6.5 billion. After deducting managers' commissions and other estimated expenses related to the offering, the net proceeds are estimated to be around HK$6.466 billion.