MINIMAX-WP's stock plummeted 7.07% during intraday trading on Monday, extending recent declines amid sustained selling pressure.

The sharp drop is attributed to a combination of negative catalysts. The unlocking of approximately 48.9% of restricted shares on July 9 previously triggered a significant sell-off, and the ongoing overhang from these freshly unlocked shares continues to weigh on the stock. Furthermore, the company recently announced a dilutive fundraising exercise, comprising a placement of 35.6 million new A-class shares at a discount and the issuance of HK$6.5 billion in zero-coupon convertible bonds, raising a combined HK$16 billion. This structure creates significant dilution for existing shareholders, suppressing near-term sentiment. The company has stated that approximately 80% of the proceeds are earmarked for AI infrastructure and model research and development.