MiniMax Shares Fall 18% After JPMorgan Cuts Price Target on July 13

According to JPMorgan, MiniMax Group shares fell as much as 18% on July 13 after the bank cut its price target for the second time in less than a week, citing dilution concerns from planned fundraising. The Shanghai-based AI startup, founded in 2022, has declined more than 80% from its March high and is on track for a third consecutive day of losses.

JPMorgan estimates MiniMax plans to raise HK$9.5 billion through new share placement and HK$6.5 billion through zero-coupon convertible notes, representing approximately 17% dilution of total shares. Pressure on the stock has also intensified since a six-month lock-up period expired on July 9, potentially increasing tradable shares from about 5% to 46%.