MiniMax (100.HK) tumbled more than 10% in Hong Kong trading to HK$315.00 by the midday break, after opening at HK$343.00 and hitting an intraday low of HK$315.60. Turnover reached HK$2.11 billion.

The selloff came after Hang Seng Indexes announced its quarterly review on Friday, passing over MiniMax for inclusion in the benchmark Hang Seng Index. Market expectations that the AI company would join the index — a move known locally as "dyeing blue" — were disappointed, with Huarong Semiconductor and Weichai Power selected instead. The changes take effect in September.

Broader weakness in Hong Kong tech stocks amplified the decline. The Hang Seng Tech Index fell more than 4% intraday, as Alibaba slid over 10% on an HK$80 billion share placement, dragging sector sentiment. AI-model peers including Z.AI also dropped more than 8%.

Southbound funds net bought approximately HK$480 million of MiniMax shares on Friday, ranking among the day's top inflows. Orient Securities recently initiated coverage with a buy rating and a target price of HK$466.32, implying significant upside from current levels.