On July 20, MINIMAX-W declined 4.72% in regular trading, trading at HK$206.4/share, with turnover of HK$179 million, approaching its 52-week low.

On the news front, the company recently completed a placement of 35.6 million new A-class shares at HK$268 per share and issued HK$6.5 billion in zero-coupon secured convertible bonds due in 2027, raising a combined total of approximately HK$16 billion. Following completion, the total issued shares increased from approximately 314 million to 349 million, representing a share capital expansion of about 11.35% and creating significant dilution pressure on existing shareholders.

Additionally, the first batch of approximately 48.9% restricted shares — totaling around 145.7 million shares — became unlocked on July 9, and concentrated selling by pre-IPO and financial investors has yet to be fully absorbed. The overlap of lock-up expiry selling pressure and equity dilution from the new financing continues to suppress near-term market sentiment. JPMorgan had also recently cut its target price on the stock to HK$240.

(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.)