On July 28, MINIMAX-W fell 6.1% in regular trading, trading at HKD 209.0/share, with turnover of HKD 49.28 million. The stock has been under sustained selling pressure following confirmation of a large-scale equity financing plan.

On the news front, MiniMax Group completed a placement of 35.6 million new Class A shares at HKD 268.00 per share, raising approximately HKD 9.54 billion in net proceeds, along with the issuance of HKD 6.5 billion in zero-coupon secured convertible bonds due 2027, bringing total new capital raised to approximately HKD 16.04 billion. The placement expanded total issued shares from approximately 313.6 million to 349.2 million, representing dilution of roughly 11.35% to existing shareholders. Market participants noted that the placement price implied a discount to prevailing market levels, adding downward pressure.

Additionally, JPMorgan recently slashed its target price from HKD 240 to HKD 160, maintaining a Neutral rating, citing intensified competition following the launch of Kimi K3 by Moonshot AI, combined with post-lock-up selling pressure from financial investors that has yet to be fully absorbed. While Goldman Sachs maintains a Buy rating with a target of HKD 860, near-term sentiment remains cautious.

(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.)