On June 16, MINIMAX-WP fell 3.07% in regular trading, trading at 412.8 HKD/share, with turnover of 88.46 million HKD.

On the news front, JPMorgan recently downgraded MiniMax from Overweight to Neutral, slashing its target price from 1,100 HKD to 400 HKD. The bank noted that since the M2 model, the company has failed to re-establish domestic state-of-the-art status, and its M3 model was permanently discounted by 50% just one week after launch, reflecting the market's rejection of its premium pricing expectations. JPMorgan also cut revenue forecasts for fiscal years 2028-2030 by 5% to 21% and widened adjusted net loss estimates for fiscal years 2026-2028.

Additionally, the company faces a major lock-up expiry on July 9, with approximately 146 million shares — representing about 46.44% of Hong Kong-listed equity — set to unlock. Financial investors hold over one-third of these shares, and supply-side concerns continue to weigh on sentiment.

(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.)