On July 28, GIGADEVICE fell 6.04% in regular trading, trading at HK$498.4/share, with turnover of HK$266 million. The decline extends the boot-drop selling pressure triggered by ChangXin Technology's blockbuster debut on the STAR Market on July 27.

ChangXin Technology surged over 465% on its first trading day with turnover exceeding RMB 140 billion, making it the first A-share stock to surpass RMB 100 billion in single-day turnover. The massive capital absorption effect has drained liquidity from the broader storage sector. According to Omdia data, ChangXin Technology ranks first in China and fourth globally by shipment volume. GIGADEVICE founder Zhu Yiming simultaneously serves as ChangXin Technology's chairman, fueling market concerns over potential competition between the two entities and management bandwidth dilution.

The broader HK-listed storage sector saw sharp declines, with leveraged products tracking SK Hynix and Samsung Electronics falling over 25% and 20% respectively, while peer Montage Technology dropped over 6%.

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