China’s MiniMax seeks to raise total USD2.05 bn via share sale, bond issue

BENGALURU: China’s MiniMax Group said on Friday it is seeking to raise HKUSD16.04 billion (USD2.05 billion) in fresh capital via a share sale and a bond issue to fund growth in its AI business.

The fundraising comes as Chinese tech companies capitalise on strong investor appetite to fund their research, hiring and expansion plans. AI startup MiniMax said in a Hong Kong exchange filing that it plans to raise about HKUSD9.54 billion by offering 35.6 million new Class A shares at HKUSD268 each, a 9.9percent discount to the stock’s last close.