Chinese AI Developer MiniMax Raises HK$16 Billion From Equity, Convertible Bond Sale

Chinese large language model developer MiniMax Group Inc. has raised HK$16 billion ($2 billion) through a share placement and a zero-coupon convertible bond sale as the company doubles down on its pursuit of artificial general intelligence (AGI).

The company said on Friday that it plans to use 80% of the proceeds to expand its AI infrastructure and model research, including deploying new-generation AI accelerators and high-bandwidth networks. The remaining capital will be earmarked for accelerating the global commercialization of its intelligent agent products.