On July 27, MINIMAX-W declined 4.03% in regular trading, trading at 187.2 HKD/share with turnover of approximately 61.09 million HKD, with the stock approaching its 165 HKD IPO price. JP Morgan recently slashed its target price from 240 HKD to 160 HKD while maintaining a Neutral rating, with the current stock price still above the target, sustaining downward valuation pressure.

The downgrade was primarily driven by intensified industry competition following the launch of Kimi K3 large model by Moonshot AI. Additionally, the company recently completed approximately 16 billion HKD in share placement and zero-coupon convertible bond financing, introducing dilution effects. Combined with undigested selling pressure from financial investors post-lock-up expiry, multiple bearish factors are converging to extend weakness. Notably, Goldman Sachs maintained a Buy rating with an 860 HKD target on July 25, citing the upcoming H3 multimodal model and expected Stock Connect inclusion in August as potential positive catalysts, highlighting a stark divergence among major investment banks on the stock outlook.

(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.)