On September 10, MINIMAX-W fell 4.05% in regular trading, trading at HK$311.8, with turnover of HK$312 million. The decline marks a third consecutive session of weakness, following drops of over 5% on September 8 and 3.14% on September 9.

The continued sell-off comes amid a broader valuation reassessment for independent AI model companies. According to recent market analysis, the investment logic in China's large language model sector is shifting from independent AI labs toward tech giants with full-stack cloud platform capabilities, superior monetization channels, and stronger balance sheets. Jefferies recently cut the price-to-sales multiple for comparable independent AI cloud businesses from 50x to 30x, reflecting efforts to squeeze out valuation premiums. Short-selling volumes for MINIMAX-W roughly halved between September 4 and September 8, suggesting bearish positions are being unwound rather than added, though the stock continues to face selling pressure from broader sector rotation.

Within the Systems Software sector, the overall tone remained weak. Among peers, Z.AI fell 4.6%, DEEPEXI TECH fell 2.77%, WENGE AI fell 2.53%, and EXTREME VISION fell 1.3%.

(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.)