On June 26, GigaDevice (03986.HK) fell 3.79% in regular trading, trading at HK$1,079.0/share, with turnover of HK$127 million. The decline follows the company's abnormal trading announcement issued the previous evening, which explicitly warned investors about high valuation and cyclical risks in the storage chip industry.

The announcement disclosed that GigaDevice's A-share stock price deviation exceeded 20% cumulatively over two consecutive trading days on June 24-25, with a combined turnover rate of 16.56%. The company noted its rolling PE ratio exceeds industry averages and cautioned that while supply shortages have driven significant price increases and boosted operating performance, the storage industry historically exhibits pronounced cyclical volatility characteristics, and supply-demand dynamics will eventually rebalance. The broader Hong Kong semiconductor sector is also under pressure, with SMIC down 2.97%, Montage Technology down 4.66%, and Iluvatar CoreX down 6.31%.

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