On May 21, GigaDevice (03986.HK) rose 4.05% in regular trading, trading at 706.0 HKD/share, with trading volume of approximately 444 million HKD. The stock continues to trade near all-time highs as the CXMT (ChangXin Memory Technologies) IPO catalyst sustains momentum.

The rally is a continuation of the re-rating triggered by CXMT's updated prospectus filed on May 17, which revealed explosive Q1 results — revenue surging 719% year-over-year and net profit soaring over 1,688%. CXMT further guided H1 net profit of 50-57 billion yuan, representing growth of over 2,244%. GigaDevice holds a 1.8% stake in CXMT and maintains deep industrial ties, with its chairman also serving as CXMT's chairman. GigaDevice's own Q1 earnings were equally strong, with revenue up 119% to 4.19 billion yuan and net profit jumping 523%, driven by memory chip supply shortages and price increases across DRAM and NOR Flash products amid the AI-fueled storage super cycle.

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