HK Stock Market Move | MINIMAX-W(00100) drops more than 7% and stock price is halved within the month. The company's lock-up period expires in July, facing a major challenge soon.

MINIMAX-W (00100) fell by over 7%, reaching a new low of 400.6 Hong Kong dollars since the end of January. The stock price has dropped by over 50% so far this month. As of the report, it has dropped by 7.36%, closing at 403 Hong Kong dollars with a trading volume of 5.07 billion Hong Kong dollars. On the news front, MINIMAX previously announced that it would switch its billing model from per use to per token starting from June 1, causing a backlash from users. Consumers complained that the change was not notified in advance, not negotiated, and that the token usage far exceeded expectations, leading to a quick depletion of monthly limits. On the evening of June 1, MiniMax's parent company, XiYu Technology, issued an apology and promised to continue the unlimited rights for old users without weekly limits, as well as introducing compensation measures such as increasing limits. It is worth noting that the company's lock-up period will end in July. Zhongjin Analysis predicts that MiniMax will face a large-scale unlock on July 9, with a high percentage of unlocked shares in the Hong Kong stock market, approximately 63%, with financial investors holding shares accounting for over a third.