On June 23, MINIMAX-WP declined 3.33% in regular trading, trading at 593.0 HKD/share, with turnover of approximately HKD 300 million.

On the news front, MiniMax faces a major lock-up expiry on July 9, with unlocking shares accounting for approximately 46% to 63% of its Hong Kong-listed equity. The company's actual free float currently stands at only around 5%, meaning post-unlock supply could surge nearly tenfold. With early-stage investors sitting on substantial unrealized gains, the market continues to price in significant selling pressure ahead of the expiry date.

Adding to the headwinds, the broader AI software sector traded lower, with peers including Knowledge Atlas down 5.23%, Haizhi Tech down 3.75%, and Deepexi Tech down 2.25%. Analysts note that a market-wide pair trade of going long competitors while shorting MiniMax has emerged, reflecting concerns over its commercial monetization path uncertainty relative to peers with clearer pricing power and profitability visibility.

(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.)