# MiniMax completes approximately HKD 16 billion new-share placement and convertible bond funding, underwritten by Morgan Stanley

On 2026/7/10, Cailian Press and Zhidx reported that AI large-model company MiniMax, also known as Xiyu Technology (0100.HK), had announced financing after listing on the Hong Kong main board in month 1 that year. It proposed placing 35.6 million new Class A shares at HKD 268 per share, raising approximately HKD 9.54 billion gross, while issuing HKD 6.5 billion principal of zero-coupon guaranteed convertible bonds due in 2027. The initial conversion price was HKD 335 per share, approximately 12.64% above the closing price. Combined net proceeds were approximately HKD 15.957 billion, approximately 13.8 billion yuan (CNY) or approximately USD 2 billion. Morgan Stanley underwrote the transaction, attracting leading international sovereign funds, long-term funds and major Chinese institutions. Approximately 80% of funds would support AI infrastructure and large-model R&D. This was MiniMax’s first large-scale financing after listing.



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Snapshot captured: 2026-10-15T14:23:27.067Z
English updated: 2026-10-16T00:26:10.948Z

## Connected profiles

- [MiniMax](/companies/minimax)

## Sources

- https://www.cls.cn/detail/2422383