The artificial intelligence (AI) unicorn MiniMax (00100) will face its first major stock lock-up expiration on July 9, raising significant market concerns about a potential "sell-off." Although domestic media reports indicate that the company's two core strategic shareholders, Alibaba (09988) and miHoYo, have expressed their commitment to support the company's continued development, this news has not fully alleviated market concerns, leading to a sharp decline in the stock price, which fell by as much as 20% today.

Market data shows that the lock-up period for MiniMax's leading independent investors will expire on July 8, 2026; meanwhile, the founding team had previously set a voluntary lock-up period of 12 months, meaning the first wave of expiration does not involve the core team. The market anticipates that the stock value to be unlocked on July 8 will reach as high as HKD 60 billion to 70 billion.

Domestic media outlet "Science and Technology Innovation Board Daily" reported that one of the company's core strategic shareholders, Alibaba, previously expressed strong optimism about the development of Artificial General Intelligence (AGI) and MiniMax's core advantages in technological innovation and commercialization. Alibaba emphasized that it will continue to collaborate with MiniMax in areas such as cloud computing and enterprise services to support its technological iteration and accelerate commercialization.

Recently, MiniMax's stock price has been like a "roller coaster." Following a surge of over 23% yesterday (22nd), it reversed course at the market open today, dropping more than 10% during the session and erasing all of yesterday's gains. As of this afternoon, MiniMax's stock was reported at HKD 498.6, down 19.12%