---
title: "MINIMAX-W Plunges 18% as Lock-up Period Ends"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292151007.md"
description: "MINIMAX-W fell 18.37% to HK$295.40 amid lock-up expiry concerns, despite strong long-term backing from major investors."
datetime: "2026-07-09T05:30:28.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292151007.md)
  - [en](https://longbridge.com/en/news/292151007.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292151007.md)
---

# MINIMAX-W Plunges 18% as Lock-up Period Ends

MINIMAX-W (100.HK) **tumbled** **18%** during regular trading to **HK$295.40**.

The decline comes as the company's first batch of shares becomes unlockable, raising liquidity concerns among investors. While over 80% of cornerstone and early-stage shareholders, including Alibaba and miHoYo, have expressed intent to hold long-term, the sell-off pressure remains significant.

Additionally, JPMorgan recently cut its price target to **HK$300**, maintaining a "neutral" rating due to insufficient premium for the company's model capabilities.

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