On July 22, MINIMAX-W declined 3.87% in regular trading, trading at 212.8 HKD/share, with turnover of 130 million HKD.

On the news front, the company recently completed a placement of 35.6 million new Class A shares and issued 6.5 billion HKD in zero-coupon convertible bonds, raising approximately 16 billion HKD in aggregate. The share capital expansion of roughly 11.35% has created significant dilution pressure on existing shareholders. Meanwhile, selling pressure from the first batch of approximately 48.9% of restricted shares unlocked on July 9 has yet to be fully absorbed, as financial investors continue to offload positions.

Additionally, MINIMAX-W has not yet been included in Stock Connect, depriving it of southbound capital inflows that could otherwise provide liquidity support. The absence of incremental buying power has further exacerbated downward pressure on the share price amid multiple concurrent selling forces.

(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.)