MINIMAX-WP's stock plummeted 5.24% during intraday trading on Friday, extending its recent downward trend.

The sharp decline is attributed to two primary headwinds. Firstly, despite being formally included in the Hang Seng Tech Index, the company's weighted voting rights structure prevents its inclusion in the Stock Connect scheme until August at the earliest, cutting off access to potential mainland capital inflows. This stands in stark contrast to its peer Zhipu, which gained simultaneous access to Stock Connect, creating a significant competitive disadvantage for MINIMAX-WP.

Secondly, market concerns are heightened by an impending share unlock. Approximately 34.25% of the company's total shares are set to be released from lock-up restrictions on July 9. With financial investors holding over one-third of these unlocking shares and possessing a strong motivation to exit, investors fear substantial supply-side pressure that could further depress the stock price.