On July 14, MINIMAX-WP declined 3.05% in regular trading, trading at HK$211.0/share with turnover of HK$225 million, extending the recent downward trajectory.

The continued weakness stems from multiple compounding negative factors. On July 9, the company saw its first post-IPO lock-up expiry of approximately 153 million shares, representing 48.9% of total share capital, which triggered an 18% single-day plunge and pushed market capitalization below HK$100 billion. The following day, the company announced a placement of 35.6 million new Class A shares at HK$268 per share — a 9.89% discount to the prior closing price — alongside a HK$6.5 billion zero-coupon convertible bond issuance, raising a combined HK$16 billion. The fundraising created significant dilution pressure on existing shareholders. JPMorgan has twice lowered its target price for MINIMAX to HK$240. Approximately 80% of proceeds will be directed toward AI infrastructure and model R&D. While the placement attracted oversubscription from sovereign and long-term funds, short-term selling pressure from the lock-up release has not been fully absorbed.

(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.)