MINIMAX-W's stock plummeted 5.13% during intraday trading on Wednesday, reflecting significant selling pressure in the market.

The sharp decline comes as the company recently completed a placement of 35.6 million new Class A shares and issued 6.5 billion HKD in zero-coupon convertible bonds, raising approximately 16 billion HKD in aggregate. This share capital expansion of roughly 11.35% has created substantial dilution pressure on existing shareholders.

Additionally, selling pressure from the first batch of approximately 48.9% of restricted shares that were unlocked earlier this month has yet to be fully absorbed, with financial investors continuing to offload positions. The absence of Stock Connect inclusion further exacerbates the downward pressure by depriving the stock of potential southbound capital inflows that could provide liquidity support.