MINIMAX-WP(00100) will be listed from December 31 to January 6, with plans to globally issue 25.3892 million shares.

MINIMAX-WP (00100) will be listed from December 31, 2025 to January 6, 2026, with the company planning to globally issue 25.3892 million shares. Of these, 5% will be publicly offered in Hong Kong, 95% internationally, with an additional 15% of oversubscription options. The price per share will be between HK$151 and HK$165, with trading units of 20 shares of Class A common stock. It is anticipated that trading of Class A common stock will commence on the Hong Kong Exchange at 9 am on January 9, 2026 (Friday). MiniMax is a global AI big model company founded by a group of visionary engineers committed to advancing AI technology innovation to achieve the ability to execute various human intellectual tasks, including learning, reasoning, planning, and generalizing knowledge in diverse fields. We continuously iterate our models to higher levels of intelligence. Currently, our independently developed big model system (centered around MiniMax M2, Hailuo-02, and Speech-02) has the ability to process long contexts, understand, generate, and integrate various modalities, including text, video, and audio. These models provide technical support for our main AI native products (including MiniMax, Hailuo AI, MiniMax Voice, Talkie/Star) and open platforms for enterprises and developers, providing evolving intelligent experiences for global users. We have entered into cornerstone investment agreements with cornerstone investors such as ADIA, Alisoft China, Aspex Master Fund, Boyu, Eastspring, E Fund Management, IDG Breyer Fund, Janchor Funds, Martis Fund, L.P, Mirae Asset Securities, MPC VII, Perseverance Asset Management, and Taikang Life, who have agreed to subscribe for a certain number of shares at the offer price totaling approximately USD 350 million, subject to certain conditions. The company believes that cornerstone placements will help enhance its image and demonstrate investor confidence in our business and prospects. Through our business network, previous financing, or introductions by the global coordinators and capital market intermediaries of the global offering, we have met with each cornerstone investor. Assuming the rights of adjustment or oversubscription options are not exercised and the offer price per share is HK$158.00, we anticipate receiving net proceeds of approximately HK$3.818 billion from the global offering. Approximately 90% of this amount will be used for our research and development in the next five years, including the development of our big models and our AI native products, while the remaining 10% will be allocated to operating funds and general corporate purposes.