Woofun AI reports that MINIMAX (00100.HK) intends to raise approximately HKD 16.041 billion through a combination of new share placements and zero-coupon convertible bond issuance. The company will place 35.6 million Class A shares at HKD 268 each, raising about HKD 9.541 billion, while issuing HKD 6.5 billion in bonds due in 2027 with an initial conversion price of HKD 335.

Morgan Stanley and UBS serve as arrangers for the independent transactions. If fully converted, the bonds would add roughly 55 million shares, representing nearly 15% of the enlarged share capital. Approximately 80% of net proceeds will fund AI infrastructure and model development, with 10% allocated to global commercialization and 10% for working capital.