Minimax Group - placing price set at HK$268 per placing share

MiniMax Group Inc. has set the placing price for its new share offering at HK$268 per share, representing a 9.9% discount to its closing price of HK$297.4 on July 8, 2026, in Hong Kong trading. The company is offering 30 million shares as part of a broader capital-raising initiative aimed at securing up to HK$14.54 billion ($1.9 billion) through a combination of share sales and convertible bonds.

Alongside the equity offering, MiniMax is also issuing HK$6.5 billion of zero-coupon convertible bonds due in 2027, with a 25% conversion premium. The bonds carry a 2.75% annual coupon rate, paid semi-annually, and are redeemable at 102.75% of the principal at maturity. The offering is being arranged by Morgan Stanley and UBS Group AG.

The share price declined sharply following the expiration of the lock-up period, closing at HK$297.4 after a 17.98% drop on July 8. The move to raise additional capital underscores the high costs associated with developing advanced AI technologies, particularly amid ongoing U.S. export restrictions on high-end semiconductors.