GIGADEVICE (03986) fell more than 5% again, bringing its decline from this week's high of HK$917.5 to nearly 20%. At the time of writing, the stock was down 5.57% to HK$746, with a turnover of HK$1.323 billion.

The decline follows recent announcements regarding the company's actual controller, Zhu Yiming. Between May 11 and May 25, over 11 trading days, Zhu reduced his holdings by a cumulative 6.3299 million shares through centralized bidding and block trades. The cash proceeds from this sale are estimated to be at least RMB 2.143 billion, potentially reaching up to RMB 2.572 billion.

It is reported that Zhu Yiming had previously disclosed this reduction plan in early April, intending to sell no more than 11.21 million shares between late April and late July. The recent transactions are part of this planned execution and have not yet been completed.

In a related development, the company has addressed market speculation linking it to Changxin Memory Technologies (CXMT) as a related concept stock. GIGADEVICE clarified that, as of the announcement date, its shareholding in CXMT constitutes only 1.80% of CXMT's total shares. This relatively small stake is accounted for under the "other equity instrument investments" category. The company stated that the fair value changes arising from CXMT's initial public offering and listing will not directly impact GIGADEVICE's net profit for the current or future periods.