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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.

JPMorgan has raised its forecast for AI infrastructure investment to $5.5 trillion, as giants like NVIDIA are turning to debt financing

J.P. Morgan strategist Tarek Hamid and his team have raised their forecast for total investment in artificial intelligence infrastructure by 2030 to $5.5 trillion in a recent research report, an increase of $400 billion from their prediction last November. The bank noted that in this investment race for super-scale data centers, approximately $4.1 trillion will come from debt financing, with loans covering an average of 85% of total project costs, indicating that AI capital expenditures have shifted to a debt market-centric financing model.Since last November, global bond issuance related to AI and data centers has exceeded $300 billion. The latest typical case comes from chip giant NVIDIA, which completed the pricing of a $25 billion investment-grade bond issuance this Monday, marking its return to the bond market for the first time in five years. This issuance was conducted in seven tranches (with maturities ranging from 2 to 30 years) and attracted oversubscription of up to $85 billion, ultimately increasing the issuance size by 25% from the initial target.The research report emphasizes that although tech giants like NVIDIA, Alphabet, and Amazon are generating substantial cash flow from the AI boom (with NVIDIA estimating free cash flow exceeding $200 billion this fiscal year), these giants still choose to issue hundreds of billions of dollars in bonds. This indicates that such bond issuance is not due to a "lack of financing," but rather that the credit market is confirming the pricing of AI assets.

MetaPlanet's BTC reserves face a dual-edged sword challenge in exchange rates after the Bank of Japan raised interest rates. OSL Group, in collaboration with the Hong Kong Polytechnic University, released a report stating that corporate cross-border trade payments will drive the large-scale adoption of stablecoins

According to BBX data, yesterday's interest rate hike in Japan coincided with the Federal Reserve's decision window, creating the most intense macroeconomic shock point of the week. The latest results of institutional stablecoin research were released on the same day, with the core dynamics as follows:Metaplanet Inc. (TSE: 3350), as the largest corporate BTC reserve holder in Asia and the third largest publicly traded company holding Bitcoin globally (holding 40,177 BTC at an average price of about $104,000, with a target of 100,000 BTC by the end of 2026), faced a dual-edged sword pressure from the exchange rate yesterday: after the Bank of Japan announced a 25 basis point increase in the policy interest rate to 1.0%, the yen strengthened, superficially lowering the book value of BTC denominated in yen, but Bitcoin subsequently rose against the trend (CoinDesk's headline on the same day: "Bitcoin rallies after Japan rate increase"), with actual improvements in USD-denominated holdings. The company's current holdings are approximately $2.64 billion (estimated at $65,750/BTC), with the latest capital move being the issuance of 8 billion yen (about $55 million) for the 20th bond (EVO FUND) on April 24 for additional BTC purchases. Analysts warn that if the BOJ's interest rate hike triggers large-scale unwinding of "Yen Carry Trade," global risk assets including BTC may suffer systemic deleveraging shocks—however, Metaplanet holds physical BTC rather than leveraged positions, with its main risk being the exchange rate conversion effect rather than forced liquidation.OSL Group (Hong Kong Stock Exchange: 0863.HK) and the School of Business at the Hong Kong Polytechnic University jointly released a white paper on June 16 (The Block included it on the same day at 9:01 am EDT), titled "Cross-Border Trade Payments Will Drive the Adoption of Regulated Corporate Stablecoins." The core conclusion is that the demand for corporate-level cross-border trade payments is the main path to drive the large-scale adoption of regulated stablecoins, with importance surpassing retail consumption scenarios. OSL Group holds the Hong Kong Securities and Futures Commission licenses 7 (automated trading services) and 1 (securities trading), making it one of the few compliant exchanges globally with both institutional custody and practical experience in stablecoin settlement. Previously, it provided institutional clients with approximately $130 million in USDGO stablecoin settlement services in April 2026. This white paper provides an industrial basis for the stablecoin policy framework of Hong Kong's financial regulatory authorities, and, together with Visa's stablecoin settlement of $7 billion annualized scale, SoFi SoFiUSD's launch, and Western Union's USDPT layout, constitutes multiple points of evidence accelerating the global adoption of corporate stablecoins.
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