On September 28, MINIMAX-W fell 3.56% in regular trading, trading at 262.8 HKD/share, with turnover of HKD 216 million. The decline extends the stock's steep September drawdown of approximately 20%.

The sell-off continues as global AI competition headwinds mount. Anthropic and OpenAI recently unveiled low-cost model variants on the same day — Anthropic launched Claude Opus 5.5 with usage costs roughly 40% lower than its predecessor, while OpenAI introduced two budget versions of ChatGPT-6, priced at a 50% discount. UBS warned in a recent report that China's AI model competitive landscape is growing increasingly complex, with per-token pricing expected to face sustained deflationary pressure, dragging listed model company momentum. Short-selling data as of September 23 showed MINIMAX-W's short ratio at 9.652% with HKD 286 million in short value, while southbound funds have also trimmed positions recently.

Within the Systems Software sector, peers also traded weak, with Z.AI down 1.97%, Haizhi Tech Group down 1.38%, and Deepexi Tech down 0.62%.

(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.)