On June 26, MINIMAX-WP declined 4.51% in regular trading, with the stock trading at 431.4 HKD/share and turnover of approximately 66.47 million HKD, extending recent weakness amid multiple headwinds.

On the news front, the company faces its first major post-IPO lock-up expiry on July 9, involving approximately 146 million shares representing 63% of total share capital. With the current actual free float at only around 5%, the unlocking is expected to increase tradable supply by nearly tenfold, fueling sustained market concerns over potential selling pressure from early investors sitting on significant gains.

Additionally, the company's recent product strategy adjustments — including API pricing increases and a switch from per-call to per-token billing — have triggered concentrated developer complaints. Some users have already migrated to competing platforms, damaging the developer ecosystem. Analysts note that MiniMax's commercial strategy has lacked consistency, with frequent pricing and product changes undermining its ability to build a stable, predictable service framework for long-term developer retention.

(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.)