MINIMAX-W's stock price plummeted 5.19% during intraday trading on Monday, continuing its recent downward trend.

The sharp decline comes as the company faces significant selling pressure from multiple fronts. Recently, approximately 145.7 million restricted shares, representing about 48.9% of the total, became unlocked, leading to concentrated selling by pre-IPO and financial investors that has yet to be fully absorbed by the market.

Compounding the pressure, MINIMAX-W recently completed a substantial financing round, issuing 35.6 million new A-class shares and HK$6.5 billion in zero-coupon secured convertible bonds, raising approximately HK$16 billion total. This financing has increased total issued shares by about 11.35%, creating significant dilution pressure on existing shareholders. The overlap of lock-up expiry selling and equity dilution from new financing continues to suppress near-term market sentiment, with JPMorgan having recently cut its target price on the stock.