MiniMax Raises HK$16 Billion in New Funding Round, Deal Upsized to Over $2 Billion

MiniMax has completed a new funding round worth HK$16 billion, with participation from multiple international sovereign wealth funds, long-only funds, Chinese institutions and multi-strategy funds across Asia-Pacific, Europe and the U.S., according to 36Kr. The transaction drew more than 100 institutional investors and was covered about seven times; the initial issuance size was about $1.8 billion and was ultimately increased to more than $2 billion due to demand.