On June 30, GigaDevice (03986.HK) fell 5.4% in regular trading, trading at HK$1,183.0/share, with turnover of HK$309 million. The decline came immediately after the company issued urgent risk warning announcements on the evening of June 29.

GigaDevice disclosed that its stock price had accumulated a deviation of 73.42% over the past 10 trading days and 125.60% over the past 30 trading days, warning that a rapid share price pullback is possible. The company explicitly stated that storage chip prices are already at historical highs and that continued sharp increases are unsustainable, as supply and demand will inevitably rebalance. Its trailing P/E ratio of 200.17x significantly exceeds the industry average of 128.83x, indicating elevated valuation risk.

The company further noted that as a fabless operator in the niche storage market, downstream demand has already been suppressed by rapid price increases, and prices will face considerable declines as marginal capacity increases. Additionally, the U.S.-based Roundhill Memory ETF recently added GigaDevice at a 2.91% weighting, highlighting the divergence between passive capital inflows and the company's own cycle-top warning.

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