Chinese AI MiniMax,160announces funding in Hong Kong dollars through new shares and zero-interest convertible bonds
MiniMax said it would raise Hong Kong dollars through new share issuance and zero-interest convertible bonds on the day, and concern was raised that existing shareholders’ stakes would be diluted as the total number of shares rises by percent.160about3trillion683hundred million won95through new share issuance65Hong Kong dollars,2027years' maturity12on the day disclosed that the total number of shares would increase by10%
MiniMax disclosed on the day that it would raise Hong Kong dollars through a capital increase and issuance of convertible bonds.12From an investor perspective, the key point is the funding method and its impact on existing shareholders.160about3trillion683hundred million won
It said it would secure Hong Kong dollars through new share issuance,95and raise Hong Kong dollars through zero-interest convertible bonds maturing in years.2027Hong Kong dollars65Hong Kong dollars
The new share issuance will be for A shares in the China mainland market,3,560and the issue price was set at267.99Hong Kong dollars per share.
The issue price was disclosed as about 9% below the closing price on the previous trading day, 10the company said.
The company said it would allocate 80% of the funds raised to building AI infrastructure and developing large AI models.
The remaining funds will be allocated 10% to the global commercialization and development of its AI-based product, 'Harness,' and 10% to operating capital and general corporate purposes, it explained.
Morgan Stanley and UBS were disclosed as the lead underwriters for the financing.
Market reaction appeared the very next day after the disclosure. 10On the trading day, Minimax's stock fell 9.68% from the previous session, and the company said the total number of outstanding shares would increase by 10% through the issuance of new shares.
Minimax is 2022a company founded by former members of the Sangtang Group, and the disclosure document stated that it mainly develops consumer AI products.
Sources: 뉴시스 경제
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