MINIMAX-WP's stock price plummeted 5.48% during intraday trading on Wednesday, reflecting heightened investor anxiety.

The sharp decline is attributed to two primary factors. First, the company faces its first major post-IPO lockup expiry in early July, which will unlock shares representing approximately 46% to 63% of its total Hong Kong-listed share capital. Given the current low free float of around 5%, this potential supply surge has fueled persistent market concerns about selling pressure from early investors.

Second, the broader AI concept sector has undergone a notable correction in recent sessions. This industry-wide pullback has created linkage effects, amplifying the downward pressure on MINIMAX-WP. The stock's decline follows a period of extreme volatility, having surged over 23% in the prior session before reversing sharply.