MINIMAX-W (00100) shares tumbled 8.54% during Tuesday's intraday trading session, as investors reacted to the company's recently announced large-scale equity financing plan and a bearish analyst revision.

The sharp decline follows MiniMax Group's completion of a placement of 35.6 million new Class A shares at HKD 268.00 per share, raising approximately HKD 9.54 billion in net proceeds. The company also issued HKD 6.5 billion in zero-coupon secured convertible bonds due 2027, bringing total new capital raised to approximately HKD 16.04 billion. The placement expanded total issued shares from approximately 313.6 million to 349.2 million, representing dilution of roughly 11.35% for existing shareholders, with the placement price implying a discount to prevailing market levels.

Adding to the downward pressure, JPMorgan recently slashed its target price on MINIMAX-W from HKD 240 to HKD 160 while maintaining a Neutral rating. The downgrade cited intensified competition following the launch of Kimi K3 by Moonshot AI, as well as post-lock-up selling pressure from financial investors that has yet to be fully absorbed by the market.