IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 兆易创新 |
|---|---|
| Other Market Stock Code | 603986 |
| H-Share Offer Price | HK$ 162.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Gigadevice |
|---|---|
| Stock Code | 03986 |
| Company Full Name | GigaDevice Semiconductor Inc. |
| Industry | Robotics |
| Principal Activities | IC design house for a diverse range of chips covering NOR Flash, SLC NAND Flash, niche DRAM, MCU, analog chips and sensor chips |
| Listing Date | 2026-01-13 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Room 101, 1/F to 5/F, Building 8 Business in the PRC No. 9 Fenghao East Road Haidian District Beijing PRC Place of Business in Hong Kong Room 1915, 19/F Lee Garden |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1915室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.gigadevice.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 162.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 16,200 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-31 to 2026-01-08 |
| Global Offering Shares | 28,915,800 shares |
| HK Public Offer Shares (Initial) | 2,891,600 shares (10.0%) |
| Public Offer Lots (Initial) | 28,916lots (Pool A14,458lots，Pool B14,458lots) |
| International Placing Shares (Initial) | 26,024,200 shares (90.0%) |
| Offer Ratio | ~4.15% |
| Total Shares Post-IPO | 696,765,151 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 54.7% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,684,359,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 16,200 |
| 2 lots | 200 | HK$ 32,400 |
| 3 lots | 300 | HK$ 48,600 |
| 4 lots | 400 | HK$ 64,800 |
| 5 lots | 500 | HK$ 81,000 |
| 6 lots | 600 | HK$ 97,200 |
| 7 lots | 700 | HK$ 113,400 |
| 8 lots | 800 | HK$ 129,600 |
| 9 lots | 900 | HK$ 145,800 |
| 10 lots | 1,000 | HK$ 162,000 |
| 15 lots | 1,500 | HK$ 243,000 |
| 20 lots | 2,000 | HK$ 324,000 |
| 25 lots | 2,500 | HK$ 405,000 |
| 30 lots | 3,000 | HK$ 486,000 |
| 35 lots | 3,500 | HK$ 567,000 |
| 40 lots | 4,000 | HK$ 648,000 |
| 45 lots | 4,500 | HK$ 729,000 |
| 50 lots | 5,000 | HK$ 810,000 |
| 60 lots | 6,000 | HK$ 972,000 |
| 70 lots | 7,000 | HK$ 1,134,000 |
| 80 lots | 8,000 | HK$ 1,296,000 |
| 90 lots | 9,000 | HK$ 1,458,000 |
| 100 lots | 10,000 | HK$ 1,620,000 |
| 200 lots | 20,000 | HK$ 3,240,000 |
| 300 lots | 30,000 | HK$ 4,860,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 40,000 | HK$ 6,480,000 |
| 500 lots | 50,000 | HK$ 8,100,000 |
| 600 lots | 60,000 | HK$ 9,720,000 |
| 700 lots | 70,000 | HK$ 11,340,000 |
| 800 lots | 80,000 | HK$ 12,960,000 |
| 900 lots | 90,000 | HK$ 14,580,000 |
| 1,000 lots | 100,000 | HK$ 16,200,000 |
| 2,000 lots | 200,000 | HK$ 32,400,000 |
| 3,000 lots | 300,000 | HK$ 48,600,000 |
| 4,000 lots | 400,000 | HK$ 64,800,000 |
| 5,000 lots | 500,000 | HK$ 81,000,000 |
| 6,000 lots | 600,000 | HK$ 97,200,000 |
| 7,000 lots | 700,000 | HK$ 113,400,000 |
| 8,000 lots | 800,000 | HK$ 129,600,000 |
| 9,000 lots | 900,000 | HK$ 145,800,000 |
| 10,000 lots | 1,000,000 | HK$ 162,000,000 |
| 12,000 lots | 1,200,000 | HK$ 194,400,000 |
| 14,458 lots | 1,445,800 | HK$ 234,219,600 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 15.21B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 112,875,954,462 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,684,359,600 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 88.4x (based on offer price HK$162 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 1,100.9 million |
| Period-End Cash Balance | RMB 9,104.2 million |
| Listing Expenses | ~HK$ 70,000,000 |
| Listing Expenses / Funds Raised | ~1.65% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 222.8 |
|---|---|
| First Day Open | HK$ 235.0 |
| First Day Change | 37.53% |
| First Day Volume | 10434000.0 |
| First Day Turnover | 2393990000.0 |
| Use of Proceeds | 1、約40.0%或1,672.3百萬港元將用于持續提升我們的研發能力；
2、約35.0%或1,463.2百萬港元將用于戰略性行業相關投資及收購；
3、約9.0%或376.3百萬港元將用于我們的全球戰略擴張及加強我們的全球影響力；
4、約6.0%或250.8百萬港元將用于提高營運效率；
5、約10.0%或418.1百萬港元將用于營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (2)
Joint Lead Managers (2)
Capital Market Intermediaries (2)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
富而德律师事务所 金杜律师事务所 DLA Piper Singapore Pte. Ltd. |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 Zhong Lun Law Firm |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 3W Fund | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 2 | 奇点资产 | 20 USD | 960,600 | 3.32% | 0.14% | 6 months | 2026-07-13 |
| 3 | DAMSIMF | 25 USD | 1,200,700 | 4.15% | 0.17% | 6 months | 2026-07-13 |
| 4 | New Golden Future Limited | 25 USD | 1,200,700 | 4.15% | 0.17% | 6 months | 2026-07-13 |
| 5 | New Alternative Limited | 25 USD | 1,200,700 | 4.15% | 0.17% | 6 months | 2026-07-13 |
| 6 | Yunfeng Capital（就景林场外掉期而言） | 30 USD | 1,426,500 | 4.93% | 0.20% | 6 months | 2026-07-13 |
| 7 | 上海景林及华泰资本投资 | 30 USD | 1,426,500 | 4.93% | 0.20% | 6 months | 2026-07-13 |
| 8 | CPE | 22 USD | 1,035,000 | 3.58% | 0.15% | 6 months | 2026-07-13 |
| 9 | 源峰基金及华泰资本投资（就源峰基金场外掉期而言） | 18 USD | 886,100 | 3.06% | 0.13% | 6 months | 2026-07-13 |
| 10 | Wind Sabre | 5 USD | 240,100 | 0.83% | 0.03% | 6 months | 2026-07-13 |
| 11 | GBAD基金管理 | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 12 | 工银理财 | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 13 | Summit Ridge | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 14 | 泰康人寿 | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 15 | 新华资产管理 | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 16 | Green Better | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 17 | 天进贸易有限公司 | 10 USD | 480,300 | 1.66% | 0.07% | 6 months | 2026-07-13 |
| 18 | Metazone | 20 USD | 960,600 | 3.32% | 0.14% | 6 months | 2026-07-13 |
| 19 | 华勤通讯香港有限公司 | 30 USD | 1,440,900 | 4.98% | 0.21% | 6 months | 2026-07-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Zhu Yiming | Mr. Zhu Yiming |
| Company Secretary | Ms. Dong Lingyan | Ms. Dong Lingyan |
| Executive Director | 朱一明 | Zhu Yiming |
| Non-Executive Director | 文恬 | Wen Tian |
| Independent Non-Executive Director | 周海涛 | Zhou Haitao |
| Executive Director | 何卫 | He Wei |
| Independent Non-Executive Director | 钱鹤 | Qian He |
| Executive Director | 胡洪 | Hu Hong |
| Independent Non-Executive Director | 杨小雯 | Yeung Siuman Shirley |
| Independent Non-Executive Director | 陈洁 | Chen Jie |
| Independent Non-Executive Director | 郑晓东 | Zheng Xiaodong |
Major Shareholders
| Major Shareholders & Holdings | As of the last practicable date, the principal shareholders of the Company include Mr. 朱一明 (holding approximately 6.58% of the A shares), 香港贏富得有限公司 (holding approximately 19.91% of the A shares) and other A share shareholders (holding approximately 77.87% of the A shares in aggregate). Immediately after the completion of the Global Offering (assuming that neither the size adjustment option nor the over-allotment option is exercised), Mr. 朱一明 would hold approximately 6.75%, 香港贏富得有限公司 would hold approximately 19.14%, other A share shareholders would hold approximately 74.96%, and H share shareholders would hold approximately 4.15%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw overwhelming enthusiasm with an oversubscription ratio of 542.22x, signaling extremely strong demand for this semiconductor listing. An overall hit rate of 17.43%—with 25,871 accepted out of 148,419 valid applications—is relatively high for such a steep oversubscription, suggesting the allocation was spread more broadly than typical 500x+ offerings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Specific tier-level allocation data is not provided, so detailed tier anomaly analysis cannot be performed. However, under Mechanism B with no clawback and a 'yes' reallocation, it is common for smaller applicant tiers to experience proportionally lower win rates relative to larger ones. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland China applicants dominated at 73.9%, reflecting strong cross-border demand aligned with the semiconductor industry theme, while Hong Kong residents made up 25.2%. The investor base leaned male (60.2%) with a mature average age of 43.4, indicating participation from experienced, middle-aged investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
