① This transaction attracted participation from over 100 institutions, achieving a subscription coverage ratio of 7x. The initial offering size was approximately USD 1.8 billion and was ultimately expanded to over USD 2 billion due to strong institutional demand. ② Another Hong Kong-listed large-model company, Zhipu AI, has also launched a follow-on financing round, while companies such as Moonshot AI and StepFun have completed multiple rounds of fundraising.
The STAR Market Daily, July 10 (Reporter: Huang Xinyi) — Earlier today, $MINIMAX-W (00100.HK)$ completed a new round of HK$16 billion in financing. Affected by the financing announcement, $MINIMAX-W (00100.HK)$ 、 $KNOWLEDGE ATLAS (02513.HK)$ both fell by more than 5%.
This transaction attracted participation from numerous top-tier international sovereign wealth funds, long-only funds, leading Chinese institutions, and premier multi-strategy funds, spanning the Asia-Pacific, European, and U.S. markets. Over 20 long-only and sovereign wealth funds participated, and several pre-IPO and cornerstone investors further increased their shareholdings in this transaction.
It is reported that this transaction attracted participation from over 100 institutions, achieving a subscription coverage ratio of 7x. The initial offering size was approximately USD 1.8 billion and was ultimately expanded to over USD 2 billion due to strong institutional demand. Against the backdrop of recent capital market volatility, the strong subscription interest demonstrates that existing shareholders, cornerstone investors, and international long-term capital continue to maintain confidence in MiniMax’s medium- to long-term fundamentals and its position within the industry.
According to information obtained by The Science and Technology Innovation Board Daily from MiniMax, large-model companies require sustained capital support for model training, inference, securing computing power, and global expansion. This financing round will further bolster MiniMax’s cash reserves, supporting its future investments in AI infrastructure, model development, and global commercialization efforts.
MiniMax listed on the Main Board of the Hong Kong Stock Exchange in January, raising over HKD 4.1 billion, and is also advancing its listing process on the Shanghai Stock Exchange’s Science and Technology Innovation Board (STAR Market).
Notably, another Hong Kong-listed large-model company $KNOWLEDGE ATLAS (02513.HK)$ also announced a follow-on offering, revealing on July 9 a placement of approximately HK$31.4 billion. According to statistics, this financing will set a new record for the largest single placement by a technology company listed in Hong Kong in 2026 and will become the largest post-IPO equity financing raised by a domestic large-model company to date.
Under the terms of the placement, Zhipu AI set the issue price at HKD 1,588 per share, offering up to 19.78 million new H-shares. All placement shares are expected to be fully subscribed by placees, generating total gross proceeds of approximately HKD 31.411 billion. The net proceeds will primarily be allocated toward foundational model research and development, computing infrastructure construction, commercial expansion, and global ecosystem development. The company expects to fully utilize the net proceeds from the placement by the end of 2027.
In addition, SenseTime completed a new share placement in April this year, raising HKD 3.247 billion in gross proceeds and HKD 3.23 billion in net proceeds. The funds will be used to advance the development of domestically produced chip-based supercomputing clusters and upgrade the AI Cloud Stack, support R&D for the SenseNova ‘Riri Xin’ generative AI series and the commercialization of the AI Token Plan, drive integration and implementation of AI in vertical sectors such as education, SaaS, and integrated hardware-software solutions, and supplement working capital.
In April this year, iFLYTEK completed a private placement of RMB 4 billion, with proceeds allocated toward the development of its Spark large model, construction of its computing power platform, and business expansion.
The primary market is also witnessing a financing boom. DeepSeek is reported to have completed its first round of fundraising, securing RMB 51 billion. Founder Liang Wenfeng personally contributed approximately RMB 20 billion, making him the largest single investor in this round. Tencent invested around RMB 10 billion, the CATL ecosystem contributed approximately RMB 5 billion, and NetEase, JD.com, and IDG Capital each invested about RMB 3 billion. The National Artificial Intelligence Industry Investment Fund also participated with a RMB 1 billion commitment.
Additionally, Moonshot AI’s Kimi was reported in June to be seeking its third round of funding in six months, amounting to USD 2 billion (approximately RMB 13.5 billion). StepFun is nearing completion of a nearly USD 2.5 billion fundraising round, with shareholders including Huaqin, Longcheer, OmniVision, ZTE, Tencent, and Kingdee, and is considering a Hong Kong listing.
Editor/KOKO