MINIMAX-WP's stock price plummeted 5.45% during the intraday session, resuming its recent downward trend after a brief technical rebound.

The continued weakness is attributed to two major events from earlier this month. First, a significant lock-up expiry on July 9 saw the first batch of restricted shares, representing approximately 48.9% of the total share capital, become eligible for trading, dramatically expanding the stock's free float and triggering heavy selling. Subsequently, the company announced a large-scale dilutive financing package on July 10, involving a placement of 35.6 million new shares at a discount and the issuance of HKD 6.5 billion in zero-coupon convertible bonds, raising a combined HKD 16 billion and creating substantial dilution pressure for existing shareholders.

Although the share placement was formally completed on July 14 and several top-tier investment banks have issued buy ratings, the market has not fully absorbed the overhang from the massive share unlock and equity dilution, leading to persistent selling pressure on the stock.