CITIGROUP cut its PT for MINIMAX-W (00100.HK) to HK$533 from HK$1,330 and
maintained a Buy rating, citing a recent share pullback likely tied to pricing
controversy around the M3 model released in early June and tepid market
reaction. The bank flagged negative sentiment and uncertainty around user
retention and monetization as near-term pressures, and added the stock to a
30-day short-term down-watch, warning volatility could rise when the first
tranche lock-up expires on July 9 despite voluntary 12-month lock-ups by the
founder, Alibaba and miHoYo. CITIGROUP noted an upcoming Hailuo 3 release could,
if it draws stronger feedback, help alleviate these headwinds.
