$MINIMAX-W(00100.HK)Since mid-June, risks have been continuously highlighted. As the lock-up period ends, a massive sell-off is underway.

$MINIMAX-W(00100.HK) The situation remains not optimistic enough, waiting for you at the 2-handle.

$MINIMAX-W(00100.HK)MiniMax has been cut in half in two weeks, from 840 to 420, but the most brutal part isn't how much it fell. It's a company that only made $25.6 million USD last quarter, yet its market cap stubbornly holds at 130 billion HKD, a 170x PS ratio—can you believe it? The balance sheet is even worse, with negative net assets of $2.6 billion USD and $3.6 billion in debt, purely in a stage of surviving on financing. Don't even get me started on the technicals: all moving averages are flatlining, MACD is lying flat below the zero line. Seeing oversold and thinking of bottom-fishing? Institutions net sold over 40 million, $MINIMAX-W(00100.HK) is running faster than you. The AI large model path is too crowded; ByteDance, Baidu, Alibaba, Tencent—which one doesn't have more money, talent, and use cases than it? And there's still lock-up expiration waiting. It can bounce after falling this much, but don't mistake a rebound for a reversal.

MINIMAX-W

BIDU-SW

BIDU-SWR

Baidu HK SDR 10to1

Baidu

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

ByteDance

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Kwin纵横四海