On June 5, MINIMAX-W fell 5.2% in regular trading, trading at 596.0 HKD/share, with trading volume of HKD 253 million. The stock extended its downtrend since the company announced its plan to pursue a listing on the Shanghai STAR Market.

On the news front, the decline reflects continued negative market reaction to MiniMax's A-share IPO initiative. The company formally signed a guidance agreement with CITIC Securities on May 29, officially launching its A-share IPO process — just months after its Hong Kong listing in January. On June 1, the stock recorded its largest single-day decline of 15.71% since listing. Adding to the pressure, the company's first post-IPO lock-up expiry is expected in early July, with only approximately 5% of total shares currently freely tradable, raising concerns over potential selling pressure.

Fundamentally, MiniMax reported full-year revenue of USD 79.04 million with an adjusted net loss of USD 251 million, remaining deep in deficit. The broader AI large model sector also weakened on the same day, with peer Zhipu declining 7.64%, indicating a sector-wide correction.

(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.)