On October 8, MINIMAX-W declined 3.83% in regular trading, trading at 231.0 HKD/share, with Turnover of 412 million HKD. The move extends pressure from recent shareholder equity disclosures and heightened competition concerns in the large-model space.

Recent exchange filings showed Trident Trust Company (HK) Limited and Floating Cloud Limited each cleared their long positions on September 29, with their long-position ratios dropping from 85.81% and 8.63% respectively to 0%. The filings indicate these were non-market transfers arising from internal equity restructuring, yet the resulting changes in holder structure triggered profit-taking. Market attention also focused on intensifying large-model competition, with reports that Nvidia-backed startup Reflection is preparing a strong open-weight model to compete with Chinese and US AI leaders. Sector-wide weakness followed, with several AI large-model names falling on the same day.

MiniMax Group Inc is a holding company primarily engaged in the AI large-model business. Its core operations involve advancing AI technology to perform human intellectual tasks including learning, reasoning, planning, and cross-domain knowledge generalization. The company's AI-native products mainly include MiniMax, Hailuo AI, MiniMax Audio, and Talkie/Xingye. It operates in both domestic and overseas markets.

(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.)