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MINIMAX raised over HKD 16 billion through share placement and bond issuance, focusing on increasing investment in AI research and development

MINIMAX (00100.HK) announced that it will raise approximately HKD 16.041 billion through the placement of new shares and the issuance of zero-coupon convertible bonds. According to the announcement, the company will place 35.6 million new Class A shares at HKD 268 per share (approximately a 9.89% discount to the closing price of the previous trading day), expecting to raise about HKD 9.541 billion; at the same time, it plans to issue zero-coupon secured convertible bonds with a total principal amount of HKD 6.5 billion due in 2027, with an initial conversion price of HKD 335 per share (approximately a 12.64% premium to the closing price). Morgan Stanley and UBS are acting as arrangers for this transaction, and the placement and bond issuance are independent of each other and not conditional upon one another. If all the bonds are ultimately converted into shares, the two transactions will add up to approximately 55 million shares, accounting for nearly 15% of the company's expanded total share capital. Regarding the use of funds, MINIMAX stated that about 80% of the net proceeds are intended to strengthen AI infrastructure and model development, 10% to accelerate the global commercialization of products, and the remaining 10% for working capital and general corporate purposes.

The Russian Financial Supervisory Authority will be authorized to monitor all cryptocurrency transactions, with those over 60,000 rubles required to be reported

According to Bits.media, a new draft bill submitted by the Russian government aims to grant the Financial Supervisory Authority the power to monitor all cryptocurrency transactions. For cryptocurrency transactions exceeding 60,000 rubles and foreign trade cryptocurrency transactions exceeding 1,000,000 rubles, the agency will collect complete information such as the full names or corporate names of the payer and payee, wallet addresses, actual addresses, birth dates, and taxpayer identification numbers. Transactions below 60,000 rubles only require the provision of names and wallet addresses.The bill also stipulates that the new limit for digital asset transactions by banks is 1% of the bank group's capital, and banks must hold corresponding funds to cover risks for the purchased cryptocurrencies. The central bank will be authorized to restrict or prohibit specific cryptocurrency operations when they threaten investor interests or may "undermine the stability of the financial system," with the scope extending from non-bank financial institutions to banks. The bill is expected to take effect simultaneously with the main cryptocurrency regulatory legislation, originally scheduled for implementation on July 1, but the review has been postponed. The first deputy governor recently stated that the relevant laws may take effect on September 1.
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