MiniMax Shares Fall Below IPO Price After Post-Listing Rally
AI summary
MiniMax shares fell as low as HK$159.3 during intraday trading on October 22, below the HK$165 IPO offering price, according to IT之家. The stock had reached HK$1,330 in March, more than seven times its offering price, before the post-listing rally reversed. 虎嗅 AI commentary attributes the pressure to competition, commercialization challenges and a lower-margin shift toward business customers.
In-depth insight
IT之家 reported that MiniMax had erased all gains since its January listing, while 虎嗅 AI highlighted a first-half gross margin of 17.9%, down from 29.7% in the prior quarter.