MINIMAX-WP's stock plummeted 5.07% during intraday trading on Tuesday, reflecting significant downward pressure.

The sharp decline is primarily driven by mounting investor anxiety ahead of the company's first major post-IPO lock-up share expiry, scheduled for July 9. The upcoming unlock involves approximately 146 million shares, representing about 63% of the total share capital. While strategic shareholders like Alibaba and miHoYo have stated their long-term commitment and intention not to reduce holdings, financial investors account for a significant portion of the shares being unlocked. The market identifies their potential motivation to sell as the key bearish factor, creating concerns over a surge in selling pressure.

The stock has retreated more than 75% from its peak in March, underscoring the sustained pressure from the anticipated supply increase. This lock-up expiry event has been a focal point for negative sentiment, contributing to the recent volatility.