GigaDevice Soars in Hong Kong Debut as AI Demand Lifts Memory Chipmakers
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Signage for GigaDevice Semiconductor Inc. in Shanghai. Photo: VCG
GigaDevice Semiconductor Inc. soared in its trading debut in Hong Kong on Tuesday, becoming the second mainland Chinese company this year to complete a secondary listing in the city as investor appetite for memory chipmakers swells amid the AI-driven tech rally.
The stock closed at HK$222.80 ($28.70), up 37.5% from its offering price, briefly climbing over 50% during the session. The rally pushed the company’s market capitalization to HK$155.2 billion. The robust debut highlights the renewed momentum among Chinese companies tapping Hong Kong for fresh capital, spurred by booming global demand for semiconductors used in artificial intelligence.
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- GigaDevice Semiconductor’s Hong Kong debut surged 37.5% to HK$222.80, with IPO retail tranche oversubscribed 542 times and market cap at HK$155.2 billion.
- The memory chip sector is in a “super-cycle,” with prices rising 50% since early 2025, and GigaDevice ranked 2nd globally in NOR Flash (18.5% share in 2024).
- In H1 2025, GigaDevice posted 4.15 billion yuan revenue (80% overseas); it also holds a 1.88% stake in CXMT, China’s top DRAM maker.
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Who’s Who
- GigaDevice Semiconductor Inc.
- GigaDevice Semiconductor Inc. successfully debuted in Hong Kong, experiencing a significant stock surge. This reflects growing investor interest in memory chipmakers, partly due to AI demand. The company is a prominent "A+H" listing and a leader in NOR Flash memory, holding an 18.5% global market share in 2024. GigaDevice also has a strategic investment in ChangXin Memory Technologies Inc., China's leading DRAM maker.
- OmniVision Integrated Circuits Group
- OmniVision Integrated Circuits Group is a Chinese company that completed an "A+H" listing in Hong Kong this year. This signifies a dual listing of its shares on both the Shanghai and Hong Kong stock exchanges. They were the first to do so this year, preceding GigaDevice Semiconductor Inc.
- Giantec Semiconductor Corp.
- Giantec Semiconductor Corp. ("晶 Lantek" in Chinese) is one of at least eight mainland-based companies that have announced plans to go public in Hong Kong this year. This indicates a growing trend of Chinese firms seeking listings in Hong Kong, driven by increasing investor interest in the semiconductor sector.
- Huizhou Desay SV Automotive Co. Ltd.
- Huizhou Desay SV Automotive Co. Ltd. (惠州市德赛西威汽车电子股份有限公司) is a mainland Chinese company. It is one of at least eight A-share firms that have announced plans to go public in Hong Kong in 2025. This indicates its intention to conduct an initial public offering (IPO) on the Hong Kong stock exchange.
- ChangXin Memory Technologies Inc.
- ChangXin Memory Technologies Inc. (CXMT) is China’s leading DRAM maker. GigaDevice Semiconductor Inc. has a strategic investment in CXMT, holding a 1.88% stake. CXMT was recently valued at around 140 billion yuan and received approval for a 29.5 billion yuan IPO on Shanghai's STAR Market in December.
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What Happened When
- 2017：
- GigaDevice first backed ChangXin Memory Technologies Inc. (CXMT).
- 2024：
- GigaDevice ranked second globally and first in China in the NOR Flash market, holding an 18.5% share.
- 2024：
- GigaDevice’s revenue began to rebound as chip prices stabilized and demand recovered.
- By January 2025：
- The average discount between GigaDevice’s Hong Kong and Shanghai prices was around 40%.
- Since the start of 2025：
- Memory chip prices have jumped 50%, with some products doubling in price.
- First half of 2025：
- GigaDevice posted revenue of 4.15 billion yuan ($592 million) and net profit of 575 million yuan, with nearly 80% of sales coming from overseas.
- Mid-August 2025：
- GigaDevice’s Shanghai-listed shares have more than doubled since this time.
- 2025：
- 19 A-share companies raised a record HK$124.3 billion in Hong Kong, accounting for more than half of the city's IPO fundraising.
- December 2025：
- GigaDevice Semiconductor Inc. and OmniVision Integrated Circuits Group gained regulatory clearance for offshore listings.
- As of Dec. 30, 2025：
- CXMT had its application for a 29.5 billion yuan IPO on Shanghai's STAR Market accepted.
- January 2026：
- GigaDevice's debut in Hong Kong; share price closed at HK$222.80, up 37.5% from its offering price, and the retail tranche of the IPO was 542 times oversubscribed.
- January 2026：
- The discount between GigaDevice’s Hong Kong and Shanghai share prices narrowed to 32.2%.
- By 2026：
- At least eight other mainland-based companies, including Giantec Semiconductor Corp. and Huizhou Desay SV Automotive Co. Ltd., have announced plans to go public in Hong Kong.
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