MINIMAX-WP (00100) experienced a sharp decline of 5.03% during Tuesday's intraday trading session, significantly underperforming the broader market.

The stock's downturn is primarily attributed to mounting concerns over a major lock-up expiry scheduled for July 9. Unlocking shares are estimated to account for approximately 46% to 63% of the company's Hong Kong-listed equity. With the current free float standing at only around 5%, the potential post-unlock supply could surge nearly tenfold, creating significant selling pressure as early-stage investors look to realize substantial unrealized gains.

Compounding the pressure, the broader AI software sector traded lower, with peers also posting declines. Market analysts note the emergence of a pair trade strategy where investors are going long on MiniMax's competitors while shorting MiniMax itself, reflecting deeper concerns over the company's uncertain commercial monetization path compared to peers with clearer pricing power and profitability visibility.