MINIMAX-WP's stock plummeted 5.01% during intraday trading on Tuesday, extending a recent period of significant volatility for the artificial intelligence company.

The sharp decline follows the company's formal announcement that it has engaged CITIC Securities as its sponsor to pursue a listing on Shanghai's STAR Market, aiming to establish an A+H dual-listing platform. Market sentiment has been negatively impacted by concerns over potential equity dilution from the proposed A-share issuance, particularly given the company's relatively recent Hong Kong listing in January.

Adding to the selling pressure is substantial profit-taking activity, as the stock has still accumulated gains exceeding 300% from its initial public offering price despite the recent pullback. The company's ongoing financial losses—reporting an adjusted net loss of USD 251 million on revenue of USD 79 million for 2025—have further weighed on investor sentiment regarding its near-term refinancing plans.