Equity Snap: MiniMax (100 HK): USD1.2bn H-share equity placement and USD0.8bn zero-coupon convertible bond issuance

Research evidence excerpt

Equity Snap: MiniMax (100 HK): USD1.2bn H-share equity placement and USD0.8bn zero-coupon convertible bond issuance

10 July 2026

Equity Snap: MiniMax (100 HK) Equities Internet Software & Services

USD1.2bn H-share equity placement and USD0.8bn

zero-coupon convertible bond issuance China

◆ MiniMax is offering 35.6m new shares at HKD268; for the Ritchie Sun*, CFA

CB, the conversion price is HKD335 Analyst, Internet Research The Hongkong and Shanghai Banking Corporation Limited

ritchie.k.h.sun@hsbc.com.hk

+852 2822 4392

MiniMax (100 HK, HKD297.40, Hold, TP HKD760.00)

Charlene Liu*

(Priced as of 09 Jul 2026) Head of Internet and Gaming Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

H-share placement: MiniMax proposes a discounted placement of HK shares to Limited, Singapore Branch

raise HKD9.5bn (or USD1.2bn), with an offering price at 9.9% discount to last close. charlene.r.liu@hsbc.com.sg

+65 6658 0615

Issuance of zero-coupon convertible bond: Concurrently the company proposes Peishan Wang*

Analyst, Internet Research

issuance of zero-coupon CB with an aggregate principal amount of HKD6.5bn (or The Hongkong and Shanghai Banking Corporation Limited

USD0.8bn), maturing in Jul 2027. The initial conversion price is set at HKD335 per peishan.wang@hsbc.com.hk

+852 3941 7008

share (a 13% premium to last close). Full conversion at initial conversion price would

represent c5-6% dilution to existing shareholders based on placement completion

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

status. not registered/ qualified pursuant to FINRA regulations

Use of proceeds: The proceeds from H-share placement and CB issuance will be

used for (1) continuing enhancing AI infrastructure and model R&D (c80% of