MINIMAX-W shares plummeted 5.00% during intraday trading on Monday, extending recent weakness as the stock approached its 165 HKD IPO price. The decline came amid a heavy turnover of approximately 61 million HKD, reflecting sustained selling pressure.

The drop was largely driven by a bearish note from JP Morgan, which slashed its target price from 240 HKD to 160 HKD while maintaining a Neutral rating. The downgrade was attributed to intensified industry competition following the launch of the Kimi K3 large model by rival Moonshot AI. Additionally, the company’s recent completion of approximately 16 billion HKD in share placement and zero-coupon convertible bond financing introduced dilution concerns, while lingering selling pressure from financial investors after lock-up expiry further dampened sentiment.

Despite the sell-off, a notable divergence among major investment banks emerged, as Goldman Sachs reiterated a Buy rating with an 860 HKD target just two days prior, citing potential catalysts such as the upcoming H3 multimodal model and expected Stock Connect inclusion in August.