Pre-market trend | MINIMAX-W (0100.HK) fell sharply by over 7% on May 20, is short selling accelerating?

At today's close, MINIMAX-W's stock price fell sharply by 7.47% to HKD 687, with an intraday low of HKD 682, showing a clear pattern of opening high and closing low compared to the opening price of HKD 728. The MACD on the daily chart has once again formed a bearish crossover signal below the zero axis, indicating that the previously weak medium-term trend has further deteriorated, and selling pressure is accelerating. The trading volume reached HKD 835 million, ranking among the top in the Hong Kong stock market, with intense capital speculation but a clear bearish direction. From the opening price of HKD 728 to the closing price of HKD 687, the intraday fluctuation exceeded 7%, with increasing divergence between bulls and bears, but bears clearly held the upper hand. On the news front, the global AI industry is in a highly differentiated stage. NVIDIA is set to release its Q1 financial report this week, with market expectations for revenue growth of nearly 80% to reach USD 79.1 billion, and demand for AI infrastructure remains strong. However, the wave of "resisting AI" at the Cannes Film Festival and several university graduation ceremonies reflects growing societal concerns about the AI industry. For AI application companies like MINIMAX-W, despite strong underlying computing power demand, challenges remain in commercialization and user acceptance, leading to ongoing valuation discrepancies in the market. At the Alibaba Cloud Summit, the self-developed AI chip Zhenwu M890 and the Qianwen flagship model were announced, intensifying competition in the domestic AI ecosystem, with increasing competitive pressure on small and medium-sized AI companies. From a technical perspective, the stock price has fallen below several previous short-term support levels, with HKD 682 being today's intraday low and a key short-term position