Stock Track | GIGADEVICE Soars 9.70% Intraday on CXMT IPO Catalyst and Memory Market Dynamics

Stock Track

May 27

GIGADEVICE's stock surged 9.70% during intraday trading on Wednesday, reflecting significant investor optimism around the company's strategic positioning.

The rally was directly catalyzed by ChangXin Memory Technologies (CXMT) facing its STAR Market IPO hearing. GIGADEVICE holds a 1.8% stake in CXMT, and its chairman Zhu Yiming concurrently serves as CXMT's chairman. CXMT's updated prospectus revealed explosive first-quarter financial performance with revenue of 50.8 billion yuan and net profit of 24.76 billion yuan.

Beyond the immediate IPO catalyst, GIGADEVICE benefits from structural supply dynamics in the memory market. As global memory giants redirect capacity toward HBM and advanced products for AI applications, supply gaps are widening in legacy segments like 2D NAND and SLC NAND. GIGADEVICE, as China's leading NOR Flash and SLC NAND designer, reported a first-quarter gross margin of 57.07%, representing a significant quarter-over-quarter improvement of 12.17 percentage points, with all three of its product lines entering an upcycle.

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