MINIMAX-WP's stock plunged 9.88% during intraday trading on Thursday, reflecting heightened investor concerns ahead of a major post-IPO lock-up expiration.

The sharp decline comes as the company approaches its first significant lock-up expiry on July 9, which will release approximately 146 million shares representing 63% of total issued capital into the market. Financial investors holding these shares are expected to have strong selling motivation, potentially increasing supply nearly tenfold from the current free float of about 5%.

Additionally, lingering negative sentiment persists from the company's previous API pricing hikes and abrupt shift from per-call to per-token billing, which has prompted some users to migrate to competing platforms. The stock's volatility is further amplified by reports that MINIMAX is considering a secondary listing on Shanghai's STAR Market, adding another layer of uncertainty for Hong Kong investors.