On May 26, MINIMAX-WP fell 3.25% in regular trading, trading at HK$718.0/share, with trading volume of HK$214 million. The decline follows a sharp rally of over 15% on May 22 after the company was officially included in the Hang Seng Tech Index and Hang Seng Composite Index, effective June 8.

Market participants are weighing whether the index inclusion represents a sell-the-news event. Analysts have drawn parallels to Pop Mart's experience of a post-inclusion pullback. While Morgan Stanley estimates MINIMAX-WP and Zhipu could attract US$1.25-1.75 billion in passive fund inflows combined, short-term headwinds persist. The company faces a significant lock-up expiry around July 9, with approximately 63% of Hong Kong-listed shares set to unlock, of which financial investors account for over one-third, potentially creating near-term selling pressure.

Additionally, the stock had already declined 3.63% and 4.24% on May 19 and May 20 respectively before the index inclusion announcement, suggesting broader volatility. Market commentary notes that the combined weight of MINIMAX-WP and Zhipu in the Hang Seng Tech Index remains below 1%, limiting systemic index impact.

(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.)