On July 24, MINIMAX-W fell 3.16% in regular trading, trading at HK$196.1/share, with turnover of HK$39.75 million.

On the news front, JPMorgan recently issued a research report significantly cutting its target price on MiniMax from HK$240 to HK$160, maintaining a neutral rating. The downgrade was driven by intensified industry competition following the launch of Moonshot's Kimi K3 large language model. The bank also lowered its projected 2030 price-to-earnings ratio for the company from 30x to 20x, reflecting a broader valuation de-rating expectation.

With the current stock price still notably above JPMorgan's revised target, the valuation downgrade continues to weigh on market sentiment. The stock has faced multiple headwinds in recent sessions, including dilution pressure from approximately HK$16 billion in new financing through share placement and zero-coupon convertible bonds, as well as ongoing selling pressure from the first batch of lock-up shares released on July 9.

(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.)