On August 25, MINIMAX-W declined 5.7% in regular trading, trading at HKD 291.0 per share, with turnover of HKD 320 million. The drop extends the prior session's selloff driven by a confluence of negative catalysts ahead of the company's interim results scheduled for August 26.

On the news front, Alibaba announced a discounted placement of HKD 80 billion in new shares earmarked for AI investment, weighing broadly on Hong Kong-listed tech stocks. Meanwhile, reports emerged that NVIDIA is partnering with AI startup Poolside to build open-weight AI models intended to compete directly with Chinese models including DeepSeek and KimiK3, posing a direct competitive threat to MiniMax. Additionally, after the stock surged nearly 12% on August 21 following the launch of the multimodal creation agent platform MiniMax Design, profit-taking pressure has intensified. Short-selling data remains at elevated levels, amplifying volatility in the earnings window as bulls and bears clash ahead of the results announcement.

(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.)