MINIMAX-WP's stock plummeted 10.16% during intraday trading on Monday, as the company faced multiple headwinds including a classic "sell-the-news" reaction to its formal index inclusion and concerns about upcoming share lock-up expirations.

The decline followed MINIMAX's first trading day as a formal constituent of the Hang Seng Tech Index, with investors taking profits after the long-anticipated event was fully priced in by the market. Additionally, the company faces near-term selling pressure with its share lock-up period expected to expire in early July.

Sentiment was further dampened by the company's May 31 announcement that it had engaged CITIC Securities as advisor for a potential Science and Technology Innovation Board (A-share) listing, which had previously triggered a significant single-day drop. Fundamentally, MINIMAX remains unprofitable with full-year revenue of approximately USD 79 million and an adjusted net loss of USD 251 million as it continues to scale its AI infrastructure.