On May 28, GigaDevice (03986.HK) fell 4.09% in regular trading, trading at 798.0 HKD/share, with trading volume of approximately 226 million HKD. The stock pulled back sharply after hitting a fresh all-time high in the prior session.

The decline follows the disclosure that controlling shareholder and chairman Zhu Yiming cumulatively reduced his holdings by approximately 6.33 million shares between May 11 and May 25 through centralized bidding and block trades, representing 0.90% of total share capital. His combined stake with concert party Hong Kong Yingfude Limited decreased from 7.90% to 7.00%, triggering the 1% threshold notification. The reduction occurred on the eve of CXMT's IPO hearing on May 27, drawing significant market attention given Zhu's concurrent role as CXMT chairman. The company clarified 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, triggering abnormal trading activity alerts from the Shanghai Stock Exchange.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)