Shares of MINIMAX-WP (00100) have continued their decline, falling over 6%. At the time of writing, the stock was down 4.77% to HK$454.8, with a turnover of HK$604 million.

Key Factor Behind the Movement

The company is set to see its first post-listing share unlock on July 9th. The volume of shares becoming eligible for sale is substantial, reaching 146 million shares, which represents approximately 63% of the company's total issued share capital.

Major Shareholder Stance

MINIMAX-WP's two largest investors and strategic shareholders, Alibaba and miHoYo, have explicitly stated their long-term confidence in the company's development prospects and have committed to supporting its growth journey.

Recent Operational Controversy

It is noteworthy that on June 1st, coinciding with the release of its new M3 model, MINIMAX-WP abruptly changed its long-standing billing model from "per call/duration-based" to a "per Token" system without prior notice. Numerous users reported that the token consumption for identical tasks under the new system far exceeded expectations, with monthly allowances being depleted in just a few days. This led to a wave of complaints from developers, who accused the company of implementing a "stealth price hike."

In response, MINIMAX-WP issued an apology statement on the evening of June 2nd, acknowledging insufficient communication and inadequate planning for the transition. The company has since introduced refund and compensation measures.