MiniMax Faces 45% Share Unlock, Stock Price Drops Nearly 20% Intraday

Golden Finance reports that MiniMax-W (00100.HK) experienced its first large-scale share unlock on July 9, six months after its IPO. Due to the significant increase in circulating shares, the company's stock price dropped by approximately 20% intraday, hitting a low of around HK$290, with its market capitalization falling back to approximately HK$91 billion. This marks a cumulative decline of about 78% from the March peak of approximately HK$410 billion, making it one of the AI sector stocks on the Hong Kong Stock Exchange with the largest adjustment in recent times. The market's focus this time is not on sudden changes in the company's fundamentals but rather on the scale of the unlock, which far exceeds that of most recent IPOs. Statistics show that approximately 45% of issued shares ended their lock-up period on the day, compared to the roughly 5.76% of shares unlocked by Zhizhi the previous day. MiniMax's newly circulating shares are significantly larger in scale, having a more direct impact on the market's supply-demand dynamics.