On August 20, GIGADEVICE (03986.HK) fell 3.18% in regular trading, trading at 483.6 HKD/share, with turnover of HKD 879 million. The decline was driven by a broker downgrade and continued weakness across the global storage chip sector.

BOCOM International released a research report during the midday session, cutting its A-share target price for GIGADEVICE to RMB 687, citing potential deceleration in storage price growth and cyclical downside pressure from upcoming specialized storage capacity releases. Meanwhile, overnight US storage stocks suffered heavy losses, with SK Hynix ADR down 9.20%, SanDisk down 9.01%, and Micron Technology down 7.02%, with sector linkage effects transmitting to Hong Kong-listed peers.

The decline extends a two-day pullback following the company's blockbuster H1 results released on August 18, which showed net profit surging 1,091.5% year-over-year to RMB 6.857 billion. Market participants had largely priced in the strong earnings ahead of publication, triggering profit-taking since August 19.

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