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MINIMAX-W Plans Higher Alibaba Cloud Caps and Seeks Fresh 20% Issuance Mandate Ahead of 15 Sep EGM

Bulletin Express
Yesterday

MiniMax Group Inc. (MINIMAX-W, 00100) has called an online extraordinary general meeting for 15 September 2026 to secure shareholder approval for two core items: sharply higher annual caps on connected transactions with Alibaba Cloud and a full refresh of its 20 % share-issuance mandate.

Revised caps for API sales to Alibaba • Master API Service Agreement caps surge to USD 7.50 million (2026), USD 22.00 million (2027) and USD 33.00 million (2028), up from USD 0.65 million, USD 1.00 million and USD 1.50 million. • Utilisation already reached 77.2 % of the 2026 cap by 30 June 2026 on the back of rising traffic and expanded use cases within the Alibaba ecosystem.

Revised caps for cloud purchases from Alibaba • Alibaba Cloud Services Agreement caps jump to USD 300.00 million (2026), USD 400.00 million (2027) and USD 500.00 million (2028), replacing the previous USD 115.00 million, USD 125.00 million and USD 135.00 million limits. • The 2026 cap was 65.7 % used as at 30 June 2026, driven by increasing demand for high-performance computing resources to train and deploy MiniMax’s multimodal AI models.

Connected-party context and governance Alibaba Group, through associates, holds 11.36 % of MiniMax; Alibaba Cloud is therefore a connected person. The enlarged caps and related transactions require approval by independent shareholders. Alibaba and its associates will abstain from voting.

New general mandate • Existing general mandate from the June 2026 AGM is 87.69 % utilised following July placements (35.60 million new Class A shares at HKD 268 each, raising HKD 9.44 billion) and the issue of HKD 6.50 billion zero-coupon convertible bonds due 2027 (potentially convertible into 19.40 million shares). • Board seeks a fresh mandate to allot and issue up to 20 % of the enlarged share capital (69.85 million Class A shares). Full use would dilute public shareholding from 62.44 % to 52.04 %. • Controlling shareholder Dr Yan Junjie (22.65 % voting interest) and related parties will abstain.

Key dates • Register of members closes 10–15 September 2026 (both days inclusive). • Proxy deadline: 2 p.m. on 13 September 2026 (Hong Kong time). • EGM: 2 p.m. on 15 September 2026 via Vistra eVoting Portal.

Independent Board Committee and Gram Capital recommend shareholders vote in favour of all resolutions.

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