On June 12, MINIMAX-WP declined 3.08% in regular trading, trading at 412.8 HKD/share, with turnover of HKD 178 million. The stock has continued its downward trajectory amid persistent structural headwinds.

On the news front, although MINIMAX has been formally included in the Hang Seng Tech Index effective June 8, the company's weighted voting rights (WVR) structure prevents its inclusion in Stock Connect until August at the earliest, cutting off access to mainland capital inflows. This stands in stark contrast to peer Zhipu, which entered Stock Connect simultaneously with its index inclusion, creating a significant capital diversion effect.

Additionally, the company's actual free float remains below 6%, with approximately 34.25% of total shares set to be unlocked on July 9. Financial investors hold over one-third of the unlocking shares, and their strong exit motivation continues to amplify market concerns over imminent supply-side pressure. The stock has now fallen roughly 69% from its March high of 1,330 HKD.

(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.)