--- title: "Understanding the Market | MiniMax-W fell over 18% in the afternoon, with the first batch of restrictions set to be lifted on July 9. Alibaba and miHoYo express long-term optimism" type: "News" locale: "en" url: "https://longbridge.com/en/news/290516643.md" description: "MiniMax-W fell over 18% in the afternoon, down 18.41% as of the time of writing, priced at HKD 503, with a transaction volume of HKD 1.568 billion. In terms of news, MiniMax will face its first batch of lock-up expiration after listing on July 9. MiniMax's two largest investors and strategic shareholders—Alibaba and miHoYo—have clearly expressed their long-term optimism about MiniMax's development prospects and will continue to accompany the company's growth. In addition, the founding team of MiniMax has set a voluntary lock-up period of 12 months, with the first expiration not involving the founding team and employee shareholdings, maximizing the locking of the \"ballast.\" Shenwan Hongyuan believes that model assets have unique scarcity in the AI industry and expects MiniMax to release flagship models with larger parameter scales in the future, attracting B-end users from various industries (such as legal, finance, etc., which have demands for ultra-long context and multi-modal applications) and diverse scenarios. The company has entered the Hang Seng Tech Index on June 5 and is expected to unlock in July (with potential short-term volatility) and be included in the Hong Kong Stock Connect in August" datetime: "2026-06-23T05:53:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290516643.md) - [en](https://longbridge.com/en/news/290516643.md) - [zh-HK](https://longbridge.com/zh-HK/news/290516643.md) --- # Understanding the Market | MiniMax-W fell over 18% in the afternoon, with the first batch of restrictions set to be lifted on July 9. Alibaba and miHoYo express long-term optimism According to Zhitong Finance APP, MiniMax-W (00100) fell over 18% in the afternoon, as of the time of publication, down 18.41% to HKD 503, with a transaction volume of HKD 1.568 billion. In terms of news, MiniMax will face its first batch of lock-up expiration after listing on July 9. MiniMax's two largest investors and strategic shareholders—Alibaba and miHoYo—have clearly expressed their long-term optimism about MiniMax's development prospects and will continue to accompany the company's growth. In addition, the founding team of MiniMax has set a voluntary lock-up period of 12 months, and the first unlock does not involve the founding team and employee shareholdings, maximizing the locking of the "ballast stone." Shenwan Hongyuan believes that model assets have unique scarcity in the AI industry and expects MiniMax to release flagship models with larger parameter scales in the future, attracting B-end users from various industries (such as legal, finance, etc., which have demands for ultra-long context and multi-modal) and diversified scenarios. The company entered the Hang Seng Tech Index on June 5 and is expected to unlock in July (short-term volatility may occur), with inclusion in the Hong Kong Stock Connect in August ### Related Stocks - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [KBAB.US](https://longbridge.com/en/quote/KBAB.US.md) - [miHoYo.NA](https://longbridge.com/en/quote/miHoYo.NA.md) - [BABX.US](https://longbridge.com/en/quote/BABX.US.md) - [BABO.US](https://longbridge.com/en/quote/BABO.US.md) - [BABU.US](https://longbridge.com/en/quote/BABU.US.md) - [BABW.US](https://longbridge.com/en/quote/BABW.US.md) - [BBYY.US](https://longbridge.com/en/quote/BBYY.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [06806.HK](https://longbridge.com/en/quote/06806.HK.md) - [000166.CN](https://longbridge.com/en/quote/000166.CN.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [00218.HK](https://longbridge.com/en/quote/00218.HK.md) ## Related News & Research - [Chinese AI Firm MiniMax Sinks After USD2 Billion Fundraising Plan; Founder Pledges 5% Stake](https://longbridge.com/en/news/292311159.md) - [MiniMax Group Plans Major Share Placement and HK$6.5 Billion Convertible Bond Issue to Fund AI Expansion](https://longbridge.com/en/news/292252157.md) - [miHoYo launches AI companion app BSide: Olivia Lin on Steam](https://longbridge.com/en/news/292556275.md) - [MiniMax CEO gives up salary as stock plunges 80% from peak](https://longbridge.com/en/news/292296574.md) - [China issues 'backdoor' security alert over Anthropic's Claude Code](https://longbridge.com/en/news/292024879.md)