HK Stock Market Move | GigaDevice Semiconductor Inc. (03986) opened over 5% higher, with first half net profit expected to increase more than 10 times year-on-year. Changxin Technology's IPO is imminent.

GigaDevice Semiconductor Inc. (03986) opened more than 5%, as of the time of publication, it has risen by 5.26% to HK$990, with a turnover of HK$345.11 million. On the news front, GigaDevice Semiconductor Inc. announced a profit surge, expecting a net profit attributable to shareholders of the listed company of around RMB 6.9 billion in the first half of the year, an increase of about 1099% year-on-year; operating income of about RMB 11.5 billion, an increase of about 177% year-on-year. During the reporting period, the storage chip industry faced supply shortages, and the group's storage chip products saw a rise in both quantity and price, leading to an increase in profitability in the storage business. The microcontroller products benefited from demand in industries such as industrial, consumer, and automotive, with good growth in shipment volume; the fair value of the group's securities investments rose at the end of the period, leading to a significant increase in fair value changes. Of note, the highly anticipated domestic storage chip giant Changxin Technology has officially initiated the IPO issuance process on the Sci-Tech Innovation Board, with the subscription date set for July 16. The plan is to initially offer 6.688 billion shares of stock, with an aim to raise RMB 29.5 billion, setting a record for the proposed fundraising amount in Sci-Tech Innovation Board IPOs. Public information shows that GigaDevice Semiconductor Inc. has close ties with Changxin Technology, both being led by Zhu Yiming. In addition, GigaDevice Semiconductor Inc. is also the eighth largest shareholder of Changxin Technology, holding a 1.80% stake.