Chinese large language model AI company MiniMax has completed a placement of new class A shares raising around HKD9.54 billion and the issuance of HKD6.5 billion in convertible bonds, bringing total proceeds to about HKD16 billion. Davis Polk and Commerce & Finance Law Offices acted as legal advisers.
In January 2026, the company listed on the HKEX, becoming the world’s largest IPO at the time by an AI large language model company in terms of funds raised.
In the latest transaction, MiniMax placed 35.6 million shares at HKD268 each, raising HKD9.54 billion, and simultaneously issued HKD6.5 billion in zero-coupon convertible bonds due in 2027. Morgan Stanley and UBS acted as joint global co-ordinators and placement agents.
Davis Polk acted as international counsel to the issuer, with partners He Li and Jason leading the team. Senior counsel Pan and Jenny participated in the transaction, with support from partner Martin Rogers and senior counsel Zhang Jiali and Zheng Yuan. Commerce & Finance acted as PRC counsel.
The placement announcement said the proceeds would be used primarily to strengthen AI infrastructure, and model research and development, accelerate global commercialisation and product development, and supplement working capital and general corporate purposes.
Founded in 2022, MiniMax focuses on the development of general artificial intelligence technologies integrating text, speech and visual multimodal capabilities. It is one of the six domestic large language model unicorns often referred to as China’s “Six Little Dragons” in the AI sector.
