Shanghai, Feb 1, 2026, 08:19 GMT+8 — Market has closed.
- Class A shares listed in Shanghai climbed in the final session, staying near their recent peak levels.
- Investors are gearing up for a Feb. 11 shareholder vote on a DRAM deal cap and the selection of an overseas auditor.
- Next up before mainland markets reopen: January’s weak factory PMI and Monday’s private sector survey.
GigaDevice Semiconductor’s Class A shares on the Shanghai Stock Exchange ended Friday at 314.88 yuan, gaining 2.4% ahead of the weekend halt in mainland China’s trading. Over the past 52 weeks, the stock has swung between 98.87 yuan and 331.07 yuan. (Investing)
The shares have surged roughly 47% year-to-date. This jump is significant as it precedes a shareholder vote that might clarify the company’s DRAM strategy and its handling of insider-related transactions. (MarketScreener)
China’s official manufacturing PMI dropped to 49.3 in January, dipping below the 50 threshold that signals contraction, according to a government survey. The non-manufacturing index also declined. Ting Lu, Nomura’s chief China economist, warned in a note that “Beijing will have to do much more,” ahead of Monday’s private-sector PMI release. (Reuters)
The company has remained in the spotlight since its second listing on the Hong Kong Stock Exchange in January, which brought in HK$4.68 billion ($600 million). It holds the world’s second-largest share in NOR flash memory chips—used to store device code—with an 18.5% slice, according to Frost & Sullivan. “Strong earnings and good future development prospects,” said Kenny Ng, strategist at China Everbright Securities International. (Reuters)
A filing last week spelled out the key earnings narrative driving investor interest. The company projected 2025 net profit attributable to shareholders at roughly 1.61 billion yuan, a jump of about 46%, alongside revenue near 9.20 billion yuan. It cited faster AI computing rollouts boosting demand in PCs, servers, and automotive electronics, and noted an improving memory cycle. The company also cautioned these numbers remain preliminary and unaudited.
The next topic is DRAM. In an exchange filing, the company set a cap on first-half 2026 purchases of DRAM (dynamic random access memory) from foundry contracts with ChangXin Technology Group and its subsidiaries. The expected value is $221 million, with pricing based on market terms. The filing highlights this is a “related-party” transaction since chairman Zhu Yiming also leads ChangXin.
Shareholders are set to vote on Feb. 11 at an extraordinary general meeting in Beijing, with Feb. 5 as the record date for A-share holders, the notice said. The agenda also covers appointing KPMG Hong Kong as the overseas audit firm.
Chinese chipmakers are ramping up fundraising efforts in Hong Kong. Montage Technology and Axera Semiconductor are planning share sales aiming to raise a total of HK$10 billion. Montage is set to price its offering on Feb. 6 and begin trading Feb. 9, according to filings and a Reuters report.
When markets reopen Monday, the key question is whether a disappointing macro report will drive money away from crowded tech bets or if earnings momentum holds firm. New disclosures before the Feb. 11 meeting might also change the mood swiftly.
But the run-up cuts both ways. An outsized DRAM outsourcing deal can boost volumes sharply, yet it also links margins tightly to foundry pricing and demand forecasts. Should those forecasts falter — or if investors shy away from related-party risks — the stock could shed gains just as quickly.
The upcoming Feb. 11 vote looms as a crucial test, revealing how investors balance the DRAM purchase cap and the audit appointment against a stock that’s already surged significantly in just a month.
