On September 11, MINIMAX-W declined 3.01% in regular trading to around 283.0 HKD per share, with turnover of 8.77 billion HKD, extending the sell-off for a third consecutive session.

The decline comes amid sustained weakness across the AI application software sector. In the prior session, MINIMAX-W had already fallen nearly 9%, while peer Zhipu dropped over 10%. The broad retreat follows a period of outsized gains — the stock surged over 16% in a single day in late August and accumulated more than 20% in the first week of September — triggering significant profit-taking pressure as intensive positive catalysts were largely priced in.

Adding to bearish sentiment, Jefferies recently warned that the Chinese large language model space is overcrowded and expressed preference for full-stack cloud platforms over independent AI labs, prompting a sector-wide valuation reassessment that weighed on both MINIMAX-W and Zhipu. Meanwhile, options market data showed short-dated call activity concentrated near at-the-money strikes, reflecting sharp investor divergence on the near-term trajectory.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)