GigaDevice's stock plummeted 5.52% in intraday trading on Thursday, following a sharp pullback after hitting a fresh all-time high in the prior session.

The decline is attributed to the disclosure that controlling shareholder and chairman Zhu Yiming reduced his holdings by approximately 6.33 million shares between May 11 and May 25, representing 0.90% of total share capital. This reduction occurred on the eve of CXMT's IPO hearing, drawing significant market attention given Zhu's concurrent role as CXMT chairman.

The company clarified that it holds only 1.80% of CXMT's total shares, and the fair value change from CXMT's IPO will have no direct impact on its net profit. The stock had surged over 20% in three consecutive trading sessions prior to this pullback.