On June 30, MINIMAX-WP declined 3.07% in regular trading, trading at 417.8 HKD/share, with turnover of HKD 177 million. The stock has been under sustained selling pressure ahead of its first major post-IPO lock-up expiry.

On the news front, the company will see approximately 146 million restricted shares unlocked on July 9, representing 63% of total share capital. With the current free float at only about 5%, the unlock will increase tradable supply by nearly tenfold, fueling persistent market concerns over potential selling pressure. Although strategic shareholders Alibaba and miHoYo have publicly expressed long-term confidence and the founding team has voluntarily extended its lock-up to 12 months, short-term supply shock expectations remain unresolved.

Additionally, the company previously triggered developer backlash by adjusting its API pricing upward and switching from per-call to per-token billing without adequate notice, resulting in cost increases of up to 257% for equivalent usage. Some users have migrated to competing platforms, damaging developer ecosystem retention. J.P. Morgan recently downgraded the stock to Neutral with a target price of HKD 400, citing margin pressure from pricing changes.

(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.)