TMTPOST — Hong Kong-listed artificial intelligence pioneer MiniMax (0100.HK) finalized a massive new equity financing round on Friday morning, securing HK$16.00 billion ($2.05 billion) from a group of elite global institutional backers. The fundraising transaction attracted more than 100 financial institutions across the Asia-Pacific, European, and U.S. markets, generating a 7-fold subscription coverage ratio that forced the company to expand its initial $1.80 billion target to over $2.00 billion. Financial mechanics show the placement included over 20 long-term sovereign wealth and long-only funds, alongside prominent pre-IPO and cornerstone investors who aggressively expanded their equity stakes. Proceeds from the major equity issuance will immediately fund the large language model developer’s capital-intensive AI infrastructure, proprietary model research, and global commercialization efforts. The influx of capital arrived exactly one day after the company navigated its first major post-IPO share lock-up expiration, providing a crucial liquidity buffer. By absorbing massive international institutional demand at a significant subscription premium, MiniMax stabilizes its secondary market footprint amid intense valuation volatility and severe computational cost pressures facing frontier Chinese model developers.