MINIMAX-WP (00100) offered shares from December 31 to January 6 and plans to sell 25.3892 million shares globally

According to the Zhitong Finance App, MINIMAX-WP (00100) will raise shares from December 31, 2025 to January 6, 2026. The company plans to sell 25.3892 million shares globally, of which the Hong Kong public sale accounts for 5%, international sales account for 95%, and overallocation rights of 15%. The sale price of each share is HK$151 to HK$165. Class A common shares will be traded in units of 20 Class A common shares per lot. It is expected that Class A common shares will begin trading on the Stock Exchange at 9:00 a.m. on January 9, 2026 (Friday), Hong Kong time.

MiniMax is a global AI big model company. Founded by a group of forward-looking engineers, we are committed to promoting innovation in artificial intelligence technology and achieving the ability to perform various human intellectual tasks, including learning, reasoning, planning, and generalizing knowledge in diverse fields.

We're constantly iterating our models to higher levels of intelligence. Currently, our self-developed large model system (with MiniMax M2, Hailuo-02, and Speech-02 as the core) has long context processing capabilities and can understand, generate, and integrate various modal content, including text, video, and audio. These models provide technical support for our main AI original products (including MiniMax, Conch AI, MiniMax Voice, Talkie/Hoshino) and open platforms for enterprises and developers, providing a constantly evolving intelligent experience for users around the world.

We have partnered with Cornerstone Investors ADIA, Alisoft China, Aspex Master Fund, Boyu, Huitianfu Hong Kong, Eastspring, E-Fangda Fund, IDG Breyer Fund, Janchor Funds, Martis Fund, L.P, Mirae Asset Securities, MPC VII, Perseverance Asset Management and Thailand Kang Life entered into a cornerstone investment agreement. Cornerstone investors have agreed to subscribe for a certain number of shares to be purchased for a total amount of about US$350 million according to the offer price, subject to certain conditions.

The Company believes that the Cornerstone Placement will help enhance the company's image and show that the investors concerned have full confidence in our business and prospects. The company met various cornerstone investors through the Group's business network, previous financings or introductions from global sales overall coordinators and capital market intermediaries.

Assuming that the right to adjust the volume or over-allotment is not exercised and that the offer price is HK$158.00 per share, we expect to collect approximately HK$3,818 billion in net proceeds from the global offering. Of this, about 90% will be used for our R&D over the next five years, including developing our big models and our original AI products; the remaining 10.0% will be allocated to working capital and general corporate use.