On July 7, MINIMAX-WP declined 3.4% in regular trading, trading at 325.0 HKD/share, with turnover of approximately 31.4 million HKD. The decline was driven by mounting anxiety ahead of the company's first major post-IPO lock-up share expiry scheduled for July 9.

The upcoming unlock involves approximately 146 million shares, representing 63% of total share capital, while the current free float stands at only about 5%. Although strategic shareholders Alibaba and miHoYo have explicitly stated their long-term commitment and intention not to reduce holdings, and the founding team has imposed a 12-month voluntary lock-up period, financial investors account for a significant proportion of the shares being unlocked. Their potential motivation to sell has been identified by the market as the primary bearish factor. The stock has retreated more than 75% from its March high of 1,330 HKD, reflecting sustained pressure from the anticipated supply surge.

(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.)