MiniMax Group, the Chinese generative AI company that saw its shares double on their first day of trading earlier this year, is going back to the well. The Shanghai-based startup plans to raise up to HK$14.54 billion, roughly $2 billion, through a combination of new share issuances and convertible bond sales.
The fundraising playbook
The remainder of the HK$14.54 billion target would come from new share sales. Together, the dual-track approach gives MiniMax flexibility to attract both equity-hungry investors and those who prefer the relative safety of fixed-income instruments with upside potential.
From private darling to public fundraiser
Founded in 2021, the company attracted backing from China’s biggest tech names, including Alibaba and Tencent. A $600 million funding round in March 2024, led by Alibaba, valued MiniMax at $2.5 billion. By July 2025, a roughly $300 million extension pushed that valuation to $4 billion.
