HK Stock Market Move | GigaDevice Semiconductor Inc. (03986) fell nearly 6% in the morning. Changxin IPO pricing revealed, with a market valuation of about 580 billion yuan, lower than market expectations.

GigaDevice Semiconductor Inc. (03986) fell nearly 6% in the morning, as of the deadline, down 5.01%, at HK$654.5, with a turnover of HK$30.64 billion. On the news front, Changxin Technology's IPO issue price has been set at HK$8.66 per share. Based on the total share capital after the company's listing, Changxin Technology's market value is estimated to be around HK$580 billion. However, the market had previously widely expected Changxin Technology's market value to exceed HK$1 trillion, so the valuation is lower than expected. According to Securities Times, industry sources told reporters that Changxin Technology's pricing takes into account the current situation of the company, and the company's valuation should gradually increase with its growth, which is a long-term view. It is worth noting that GigaDevice Semiconductor Inc. stated on the interactive platform that the company currently holds a 1.8% stake in Changxin Technology Group (pre-IPO). In addition, GigaDevice Semiconductor Inc. is deeply linked with Changxin Storage at the business level, with the cooperation model being Changxin Storage responsible for production and manufacturing, while GigaDevice Semiconductor Inc. focuses on product development and market circulation. It is reported that the expected transaction volume for the first half of 2026 of HK$15.47 billion has already exceeded the actual amount for the whole year of 2025.