On July 17, GigaDevice (03986.HK) fell 3.67% in regular trading, trading at 576.0 HKD/share, with turnover of approximately 150 million HKD. The decline came as the semiconductor sector extended the prior session's broad selloff, compounded by liquidity concerns surrounding ChangXin Technology's IPO subscription.

On the same day, domestic DRAM leader ChangXin Technology officially launched its STAR Market online and offline subscription at a price of 8.66 yuan/share, with expected total fundraising of approximately 57.9 billion yuan — the largest A-share IPO of the year. The market is concerned that such massive fundraising may create a short-term liquidity siphon effect on the technology sector.

GigaDevice holds approximately 1.8% of ChangXin Technology, and its chairman Zhu Yiming concurrently serves as ChangXin's chairman, reflecting deep business ties between the two companies. ChangXin's IPO valuation of around 580 billion yuan came in below prior market expectations of one trillion yuan, indirectly weighing on GigaDevice's valuation anchor. The previous session saw GigaDevice hit the daily limit down on A-shares amid a broader semiconductor rout.

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