Why is MiniMax stock dropping today?

MiniMax stock dropped 10.0% to HK$216.2 on Thursday as a confluence of macro pressures and sector-wide selling hit Hong Kong-listed China AI shares on the first trading day following the mainland’s week-long National Day holiday.

A growing trend of price cuts by major U.S. AI frontier labs, chiefly Anthropic and OpenAI, pressured their Chinese rivals, whose relatively lower pricing had previously lent them an edge. Chinese Minimax rival ZAI Ltd fell over 6% on Thursday.

Investor impatience over Minimax’s next major AI model release also weighed on the stock, especially following high-profile new model releases from OpenAI and Anthropic in September.

On the macro front, soaring Treasury yields rattled global technology stocks, with Hong Kong’s Hang Seng index losing nearly 1% on Thursday.

The resumption of mainland Stock Connect southbound flows today — suspended since October 1 — also added to the selling pressure.