Maples Group Advises MiniMax Group on HK$16 Billion Share Placement and Convertible Bond Offering

Maples and Calder, the Maples Group’s law firm, is pleased to announce that it advised MiniMax Group Inc., a leading artificial intelligence foundation model company listed on The Stock Exchange of Hong Kong Limited, on a share placement and concurrent convertible bond issuance. The transaction raised aggregate gross proceeds of approximately HK$16 billion, making it one of the largest AI-sector financings in Hong Kong this year.

The firm advised MiniMax Group Inc., a Cayman Islands company, on the placement of 35,600,000 new Class A Shares at HK$268.00 per share (representing approximately HK$9.54 billion in gross proceeds). The firm also advised on the concurrent issuance by MiniMax Innovations Limited, a Cayman Islands exempted company and wholly owned subsidiary of MiniMax Group Inc., of HK$6.5 billion zero-coupon guaranteed convertible bonds due 2027, convertible at an initial conversion price of HK$335.00 per Class A Share. The bonds are to be listed on the Vienna MTF operated by the Vienna Stock Exchange, with the underlying conversion shares listed on the Hong Kong Stock Exchange. Funds raised will be deployed to enhance AI infrastructure and model research and development, accelerate global commercialisation and the development of MiniMax’s Harness product, and support general corporate purposes.

The Maples and Calder team was led by Corporate Partner, Karen Zhang Pallaras, with assistance from Associate, Jordan Southway and Legal Manager, Clare Tsang. Morgan Stanley Asia Limited and UBS AG Hong Kong Branch acted as Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers and Placing Agents. China Construction Bank (Asia) Corporation Limited acted as Trustee for the bonds.