At first, the stature of Malchut is like a point under Yesod. Afterwards it is “built up” into a Heh (the final Heh of G-ds four letter name) as before (as the Heh of Binah). The explanation is as follows:
1) From the angle of the giver, before a person can speak, he must first focus on the point he wants to convey through his speaking. Only after this can the point expand into a “Heh”. This means that only once there is a point which he wants to give over, can he speak. This is similar to the relationship between Chochmah and Binah as explained before.
2) From the aspect of the recipient, when for example, one is receiving a teaching, he cannot lengthen or broaden the concept in his mind as long as he is still receiving. The student should not contemplate and analyze what the teacher is saying while he is still involved in receiving the knowledge etc. Rather, he must focus his mind completely on the teacher and the subject he is teaching, making himself into a “point”, so to speak, so that he may fully absorb the knowledge being transmitted to him. Only afterwards, when he reviews the subject in his mind, can he analyze and contemplate what he has learned and “expand” on it in his mind by contemplating all its ramifications and applications.
Another way to understand how Malchut begins as a “point under Yesod” is as follows: Following the above explanation, we understand this “point” as being the aspect of sublimation to that which is above it. This applies to action as well as speech. From this we understand that the beginning of action (Malchut) is its sublimation to the desire, intellect and emotions etc. Likewise, this applies to the relationship between the giver and the recipient. Before a recipient or servant, can fulfill the will of his master, before he can even hear what the master wants of him, there must be a sublimation of himself to the master. Only after this sublimation can the “full stature” of action or speech begin to operate etc. This explains how Malchut begins as a “point under Yesod”.