GIGADEVICE (03986) tumbled 5.10% during Monday's intraday trading, extending losses as heavy selling pressure swept through Hong Kong-listed storage concept stocks.

The decline came as Korean semiconductor giants Samsung Electronics and SK Hynix both plunged over 5%, dragging the KOSPI index down more than 4%. The sell-off triggered broad weakness across the storage sector, with peer Montage Technology also falling nearly 4% in the same session. Morgan Stanley noted that Korean equities have been undergoing a large-scale deleveraging process since mid-June, and while largely complete, recent sharp declines may spark further near-term selling.

Adding to the pressure, GIGADEVICE had surged over 28% on July 31 following its announcement of a 1-2 billion yuan A-share buyback-and-stake-increase plan. The sharp rally created significant short-term profit-taking incentives that continued to weigh on the stock. The company is scheduled to hold a special shareholders meeting on August 20 to vote on the buyback for cancellation, with its next earnings report due on August 19.