Shares of MINIMAX-WP (HKEX: 00100) have tumbled more than 7%, hitting a low of HK$400.6, marking the lowest level since late January this year.

The stock's value has been cut in half over the course of this month, with a cumulative decline exceeding 50%.

At the time of writing, the stock was down 7.36% to HK$403, with a trading turnover of HK$507 million.

On the news front, MINIMAX previously announced a shift in its billing model from per-use to per-token charges starting June 1st, which triggered a wave of user complaints.

Customers reported that the change was implemented without prior notice or consultation, and that token consumption for similar tasks far exceeded expectations, causing monthly allowances to be depleted rapidly.

On the evening of June 1st, MiniMax's parent company, Xiyu Technology, issued an apology and pledged to maintain the existing weekly allowance benefit for existing users without such a limit.

It also introduced compensatory measures, including increased usage allowances.

It is noteworthy that the company is approaching a critical test with a major share unlock period in July.

Analysis indicates that MiniMax will face a significant share unlock on July 9th, with the unlocked shares representing a high proportion of its Hong Kong-listed share capital, approximately 63%.

Of this, financial investors hold more than one-third of the shares set to be unlocked.