On July 13, MINIMAX-WP declined 5.58% in regular trading, trading at HK$250.4/share, with turnover of HK$43.32 million. The stock continues to face sustained selling pressure from multiple recent headwinds.

On the news front, the company has been hit by a confluence of negative catalysts. On July 9, the first batch of approximately 48.9% of restricted shares were unlocked, triggering an 18% single-day plunge. On July 10, the company announced a placement of 35.6 million new A-class shares at HK$268 per share — a discount of approximately 9.89% to the prior close — along with a simultaneous issuance of HK$6.5 billion in zero-coupon convertible bonds, raising a combined HK$16 billion. This structure creates significant dilution for existing shareholders. The company stated that approximately 80% of proceeds will fund AI infrastructure and model R&D. The ongoing overhang from freshly unlocked shares, combined with the dilutive fundraising, continues to suppress near-term sentiment.

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