MINIMAX-WP's stock plunged 7.05% during intraday trading on Tuesday, marking a significant downturn for the company.

The sharp decline follows MINIMAX's inclusion in the Hang Seng Tech Index alongside Zhipu. However, due to MINIMAX's weighted voting rights (WVR) structure, the company faces additional criteria before qualifying for Stock Connect inclusion, which is expected no earlier than August. In contrast, Zhipu became immediately available for Stock Connect trading, attracting substantial mainland capital inflows and creating a capital siphoning effect that left MINIMAX without equivalent buying support.

Additional factors weighing on investor sentiment include the company's low free float of less than 6%, with approximately 34.25% of shares set to unlock in early July, raising concerns about potential selling pressure from financial investors seeking to exit. Fundamentally, the company remains unprofitable, reporting annual revenue of approximately US$79 million with an adjusted net loss of US$251 million.