MiniMax Raises HK$16 Billion in Blockbuster Equity Funding Round
TMTPOST — Hong Kong-listed artificial intelligence pioneer MiniMax (0100.HK) finalized a massive new equity financing round on Friday morning, securing HK2.05 billion) from a group of elite global institutional backers. The fundraising transaction attracted more than 100 financial institutions across the Asia-Pacific, European, and U.S. markets, generating a 7-fold subscription coverage ratio that forced the company to expand its initial 2.00 billion.
Financial mechanics show the placement included over 20 long-term sovereign wealth and long-only funds, alongside prominent pre-IPO and cornerstone investors who aggressively expanded their equity stakes. Proceeds from the major equity issuance will immediately fund the large language model developer’s capital-intensive AI infrastructure, proprietary model research, and global commercialization efforts.
The influx of capital arrived exactly one day after the company navigated its first major post-IPO share lock-up expiration, providing a crucial liquidity buffer. By absorbing massive international institutional demand at a significant subscription premium, MiniMax stabilizes its secondary market footprint amid intense valuation volatility and severe computational cost pressures facing frontier Chinese model developers.
According to additional reporting, MiniMax raised capital through a share placement and zero-coupon convertible bond sale. The company said it plans to use 80% of the proceeds to expand AI infrastructure and model research, including deploying new-generation AI accelerators and high-bandwidth networks. The remaining capital will support global commercialization of intelligent agent products.
MiniMax CEO IO announced three long-term commitments alongside the fundraising: forgoing salary until AGI is achieved, allocating 4% of total equity from personal holdings over four years to reward long-term employees, and dedicating an additional 1% of equity to support the open-source community.
The company’s enterprise and developer customer base grew to more than 1 million by end of June 2026 from about 200,000 at end of 2025, while consumer products reached roughly 300 million global users.
Concurrent convertible bond terms reported by Bloomberg: HK268 each (~9.9% discount to Thursday close of HK$297.4).