On June 29, MINIMAX-WP declined 3.37% in regular trading, trading at 411.8 HKD/share, with turnover of HKD 125 million.

On the news front, the stock continues to face dual headwinds from an imminent large-scale lock-up expiry and deteriorating user sentiment. The company's first post-IPO lock-up release is scheduled for July 9, involving approximately 146 million shares representing 63% of total share capital. With the current free float at only about 5%, the unlock will expand tradable supply by nearly tenfold, sustaining heavy selling pressure expectations.

Meanwhile, the company's recent commercial strategy adjustments — including API price hikes and a shift from per-call to per-token billing — have triggered concentrated complaints from the developer community. Some users have already migrated to competing platforms, damaging the company's developer ecosystem. Although strategic shareholders Alibaba and miHoYo have publicly stated their long-term commitment and intention not to reduce holdings, near-term overhang from the unlock and commercial uncertainty continue to weigh on the stock.

(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.)