MINIMAX-WP's stock plummeted 5.39% during intraday trading on Friday, extending recent declines as investors react to significant equity dilution from the company's recently completed fundraising.

The sharp drop follows the formal completion of MINIMAX-WP's HK$16 billion fundraising, which included a placement of 35.6 million new A-class shares at HK$268 per share and the issuance of HK$6.5 billion in zero-coupon convertible bonds. This fundraising resulted in an 11.35% dilution to existing shareholders, compounding selling pressure from the recent unlock of approximately 48.9% of total shares earlier this month.

Analysts have expressed concerns about the dilution impact, with JPMorgan twice lowering its target price to HK$240. The stock has now retreated over 80% from its March peak as markets continue to digest the combined effects of expanded free float and significant equity dilution from the fundraising activities.