MiniMax Group (HKG:0100) plans to raise about HK$16 billion through a placement of new shares and a concurrent issue of zero-coupon convertible bonds, according to a Friday filing with the Hong Kong bourse.
The company will place 35.6 million new Class A shares at HK$268.00 each, raising net proceeds of about HK$9.49 billion.
It will also issue zero-coupon guaranteed convertible bonds due 2027, with net proceeds of about HK$6.49 billion.
The two fundraisings are independent and not conditional on each other.
About 80% of the combined proceeds will be used to enhance AI infrastructure and model research and development, while 10% will fund global commercialization and development of its Harness products.
The remaining will be used for working capital and general corporate purposes.
The placement price represents about a 9.9% discount to the last closing price of HK$297.40. The convertible bonds carry an initial conversion price of HK$335.00 per share, a nearly 12.6% premium to the closing price.