GigaDevice Semiconductor Inc. (03986) conducted its public offering from December 31st to January 8th, receiving cornerstone investments totaling around 2.997 billion US dollars.

GigaDevice Semiconductor Inc. (03986) will be listed from December 31, 2025 to January 8, 2026, with a plan to globally issue 28.9158 million H shares for sale. The Hong Kong sale will account for 10%, the international sale will be 90%, and there is an additional 15% excess share option. The sale price per share is HK$162, and H shares will be traded in lots of 100 shares per unit. It is expected that trading of H shares will begin on January 13, 2026 (Tuesday) at 9:00 am on the Hong Kong Stock Exchange. We are a diversified integrated circuit design company. We offer customers a variety of chip products including Flash, niche dynamic random-access memory (DRAM), microcontrollers (MCU), analog chips, and sensor chips, which can be used in consumer electronics, automotive, industrial applications (such as industrial automation, energy storage, and battery management), personal computers (PC), servers, Internet of Things, network communication, and other fields. We meet various customer needs with a full set of systems and solutions including corresponding algorithms and software. We operate on a fabless business model, focusing on IC design and development while outsourcing IC production to external wafer factories and subcontracting semiconductor assembly and testing. For the years 2022, 2023, and 2024, as well as the 6 months ending June 30, 2024 and June 30, 2025, our revenues were RMB 8.13 billion, RMB 5.7608 billion, RMB 7.356 billion, 3.609 billion, and RMB 4.15 billion respectively. Adjusted net profits for the same years/periods (measured under non-International Financial Reporting Standards) were RMB 2.256 billion, RMB 2.58 billion, RMB 12.6 billion, RMB 5.82 billion, and RMB 6.725 billion, respectively, with adjusted net profit margins of 27.7%, 4.5%, 17.1%, 16.1%, and 16.2%. The company has entered into cornerstone investment agreements with cornerstone investors Source Code Capital and Huatai Capital Investment (with regard to Source Code Capital's off-market swaps), CPE, Shanghai Jinglin, Huatai Capital Investment (with regard to Jinglin's off-market swaps), Yunfeng Capital, DAMSIMF, Singular Point Asset, 3W Fund, Huawei Communication Hong Kong Co., Ltd, Metazone, Tianjin Trading Co., Ltd., Green Better, Xinhua Asset Management, Taikang Life, Summit Ridge, ICBC Wealth Management, GBAD Fund Management, and Wind Sabre. The cornerstone investors have agreed to subscribe to or cause their designated entities to subscribe for a total amount of approximately USD 299.7 million worth of shares at the issue price. Assuming a sale price of HK$147.00 per H share, we estimate that the net proceeds from the global sale will be approximately HK$4.1807 billion. Approximately 40.0% of this will be used to continuously enhance our research and development capabilities; approximately 35.0% will be allocated for strategic industry-related investments and acquisitions; approximately 9.0% will be used for our global strategic expansion and strengthening our global presence, including enhancing our global marketing and service network; approximately 6.0% will be used to improve operational efficiency; and approximately 10.0% will be allocated for working capital and other general corporate purposes.