On May 22, GigaDevice (03986.HK) rose 5.44% in regular trading, trading at 717.5 HKD/share, with trading volume of approximately 83.55 million HKD. The stock continues to trade near all-time highs as the CXMT IPO catalyst sustains momentum.

The rally extends a multi-day surge driven by ChangXin Memory Technologies (CXMT) updating its IPO prospectus on May 17, revealing Q1 revenue growth of 719% year-over-year and net profit surging over 1,688%. CXMT further guided H1 net profit of RMB 50-57 billion, representing growth exceeding 2,244%. GigaDevice holds a 1.8% stake in CXMT, with Chairman Zhu Yiming serving as chairman of both companies. The two firms are deeply integrated in the supply chain, with GigaDevice projecting RMB 5.71 billion in DRAM-related procurement from CXMT in the current year. GigaDevice itself reported Q1 revenue of RMB 4.19 billion, up 119%, and net profit of RMB 1.46 billion, up 523%, driven by storage chip supply shortages and MCU demand expansion amid the ongoing DRAM super-cycle.

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