The stock of MINIMAX-WP (00100) experienced a sharp decline of over 18% during the afternoon trading session.

As of the latest update, the share price had dropped 18.41% to HK$503, with a trading turnover reaching HK$1.568 billion.

The move comes ahead of the company's first post-listing lock-up expiration scheduled for July 9th.

In related news, MiniMax's two largest investors and strategic shareholders, Alibaba and miHoYo, have explicitly stated their long-term optimism regarding the company's development prospects and have committed to supporting its growth journey.

Furthermore, the founding team of MiniMax has established a voluntary 12-month lock-up period for their shares, meaning the initial expiry does not involve shares held by founders or employees, effectively locking in a significant stabilizing stake.

Analysts from Shenwan Hongyuan believe that model assets hold unique scarcity value within the AI industry, and they anticipate MiniMax will subsequently launch a flagship model with a larger parameter scale to attract business-to-business clients across various sectors, such as legal and financial services, which have demands for ultra-long context and multimodal capabilities.

The company was added to the Hang Seng Tech Index on June 5th and is expected to see its lock-up expire in July, which may cause short-term volatility, with inclusion in the Hong Kong Stock Connect program anticipated for August.