On May 28, MINIMAX-WP fell 3.53% in regular trading, trading at HK$830.0/share, with trading volume of HK$121 million. The decline follows a volatile post-rally pattern after the stock surged over 15% on May 22 upon its confirmed inclusion in the Hang Seng Tech Index.

The stock has experienced sharp swings since the index inclusion announcement on May 22, when it rallied alongside peer Zhipu amid a broad large-model concept surge. On May 26, MINIMAX-WP similarly declined 3.25% on profit-taking before rebounding 5.53% on May 27 to HK$811.0. Market participants have raised concerns about whether this mirrors a sell-the-news pattern, noting both companies remain loss-making with elevated valuations — MINIMAX-WP carries a price-to-sales ratio near 400x, far above OpenAI's approximately 45x. Additionally, approximately 63% of shares face lock-up expiry in early July, with financial investors comprising over one-third of unlocking shareholders, adding further overhang pressure.

(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.)