Stock Track | GIGADEVICE Soars 5.08% Intraday as Renowned Investor Ge Weidong Boosts Stake, Q1 Profit Surges

Stock Track08-07 09:38

GIGADEVICE (03986) shares soared 5.08% during intraday trading on Friday, with strong buying interest following the disclosure of the company's top ten shareholders list.

The rally was fueled by news that renowned investor Ge Weidong increased his holdings. According to the company's buyback-related disclosure, Ge Weidong held 16.45 million shares as of July 31, adding 185,100 shares from the first quarter, while his wife Wang Ping added over 1 million shares. Their combined family holdings now approach a market value of RMB 10 billion, reflecting a significant vote of confidence from one of China's most followed investors, who has maintained a position in GIGADEVICE for over eight years.

Adding to the positive sentiment, the company's fundamentals remain robust, with first-quarter revenue jumping 119.38% year-over-year to RMB 4.188 billion and net profit surging 522.79% to RMB 1.461 billion.

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