On August 19, MINIMAX-W fell 4.96% in regular trading to HK$306.8, with turnover of HK$106 million, extending the previous session's sharp decline of over 10%.

The sell-off was driven by elevated short-selling pressure and pre-earnings uncertainty. Short-selling volume reached a record 1.55 million shares on August 14, with daily short sales remaining above the 1 million-share threshold since August 6. The stock has now retreated more than 70% from its March high of HK$1,330. Meanwhile, the company is scheduled to report interim results on August 26, and market participants remain divided on the sustainability of ARR growth and strategic direction, prompting some investors to reduce positions ahead of the announcement.

Industry headwinds compounded the pressure, as peer DeepSeek recently adjusted API pricing, intensifying cost competition across the large language model sector. J.P. Morgan noted that the sector is bifurcating between frontier-capability models commanding pricing power and cost-efficient models competing on volume, suggesting differentiation will accelerate.

(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.)