MINIMAX-WP's stock plummeted 8.13% during intraday trading on Tuesday, marking a significant downward movement for the company's shares.

The sharp decline follows a period of volatility and appears to be driven by profit-taking activity after a recent rally. The stock had surged over 15% last week after the company was officially included in the Hang Seng Tech Index and Hang Seng Composite Index, with the inclusion effective June 8. Market participants are treating this as a classic "sell-the-news" event, drawing parallels to similar post-inclusion pullbacks seen with other stocks like Pop Mart.

Adding to the selling pressure are concerns about a significant lock-up expiry scheduled for around July 9. Approximately 63% of the company's Hong Kong-listed shares are set to unlock, with financial investors accounting for over one-third of this total. This has created apprehension about potential near-term selling pressure from these investors. While passive fund inflows are estimated from the index inclusion, the combined weight of MINIMAX-WP and its peer Zhipu in the Hang Seng Tech Index remains below 1%, limiting the broader index impact and focusing attention on company-specific factors.