MiniMax shares fall below IPO price as AI competition grows

MiniMax shares dropped to HK$159.3 (US$20), below the HK$165 (US$21) IPO price, erasing all gains since the trading debut. The decline comes amid growing competition in the AI market.

• Shares fell to HK$159.3 (US$20) versus the HK$165 (US$21) IPO price
• All gains since the trading debut have been erased
• The drop is tied to growing competition in AI