On June 10, MINIMAX-WP fell 3.75% in regular trading, trading at 447.0 HKD/share, with trading volume of HKD 154 million.

On the news front, although MINIMAX has been officially included in the Hang Seng Tech Index, its weighted voting rights (WVR) structure prevents it from joining Stock Connect until August at the earliest, cutting it off from mainland capital inflows. In contrast, Zhipu — included on the same day — is already accessible via Stock Connect, creating a significant fund diversion effect as mainland investors channel capital toward the accessible alternative.

Additionally, the company currently has a true free float of less than 6%, with approximately 34.25% of shares set to unlock in early July, raising concerns over supply-side pressure from financial investors seeking exits. The combination of limited liquidity support and looming share unlocks continues to suppress sentiment.

Fundamentally, MINIMAX reported full-year revenue of approximately USD 79.04 million with an adjusted net loss of USD 251 million, remaining unprofitable. The company has also announced plans to pursue a secondary listing on the A-share STAR Market, adding further potential capital dilution concerns.

(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.)