MiniMax sees a 45% shares unlock, and the stock price drops nearly 20% intraday

Gold Finance reported that on July 9, MiniMax-W (00100.HK) faced its first large-scale lock-up expiration six months after listing. Due to a significant increase in new tradable shares, the company's stock price fell about 20% during intraday trading, hitting a low near HK$290. Its market cap dropped to approximately HK$91 billion, shrinking about 78% from the peak of around HK$410 billion in March, making it one of the most adjusted AI stocks in the Hong Kong market recently.

The market's focus is not on a sudden change in the company's fundamentals, but on the scale of the unlock, which far exceeds most recent new listings. According to statistics, about 45% of the issued shares ended their lock-up period on that day. Compared to Zhipu's approximately 5.76% share unlock the previous day, the volume of newly tradable shares from MiniMax was significantly larger, having a more direct impact on market supply and demand dynamics.