On July 16, MINIMAX-WP declined 5.22% in regular trading, trading at approximately 249.8 HKD/share, with turnover of approximately HKD 190 million. The stock resumed its downward trajectory after a brief technical rebound in the prior session.

The continued weakness stems from lingering selling pressure following two major events earlier this month. On July 9, the company saw its first batch of restricted shares — representing approximately 48.9% of total share capital — become eligible for trading, triggering an 18% single-day plunge as the stock's free float expanded dramatically. The following day, the company announced a placement of 35.6 million new Class A shares at HKD 268 per share, representing a discount of approximately 9.89% to the prior close, alongside the issuance of HKD 6.5 billion in zero-coupon convertible bonds due 2027, raising a combined approximately HKD 16 billion. These actions have created significant dilution pressure on existing shareholders.

While the placement was formally completed on July 14 and multiple top-tier investment banks including UBS and Goldman Sachs issued buy ratings, the overhang from the massive unlock and equity dilution has not been fully absorbed, with the stock continuing to trade under pressure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)