MINIMAX-W (100.HK) tumbled 10% in Hong Kong trading to HK$312.80 after the Hang Seng Index Company excluded the stock from its benchmark index following a quarterly review announced after Friday's close.

The snub dashed market expectations for an index inclusion, triggering a sell-off that deepened alongside a broader tech rout — the Hang Seng Tech Index fell more than 3.8% by midday. The stock's intraday decline briefly exceeded 10%.

Dongfang Securities reiterated a buy rating with a target price of HK$466.32.