MINIMAX-WP's stock price plummeted 5.04% during intraday trading on Wednesday, reflecting significant negative sentiment among investors.

The sharp decline is attributed to several factors. Despite being officially included in the Hang Seng Tech Index, MINIMAX's weighted voting rights structure prevents it from joining the Stock Connect program until August at the earliest, cutting off access to mainland capital inflows. This creates a fund diversion effect as mainland investors channel capital toward already accessible alternatives like Zhipu, which was included on the same day. Furthermore, the company faces looming supply pressure with approximately 34.25% of shares set to unlock in early July, raising concerns about financial investors seeking exits. The company's financial performance also remains challenging, reporting an adjusted net loss of USD 251 million on approximately USD 79.04 million in revenue, while plans for a secondary listing on the A-share STAR Market add potential capital dilution concerns.