Integrated circuit design company GIGADEVICE (03986) concluded its bookbuilding period, which ran from December 31, 2025, to January 8, 2026. The IPO attracted HK$193.7 billion in margin financing from securities firms, representing an oversubscription of approximately 412.9 times relative to its public offering size of HK$470 million. GIGADEVICE plans to issue 28.916 million H shares, with 10% offered publicly in Hong Kong at a price range between HK$132 and HK$162 per share, aiming to raise up to HK$4.68 billion. Each board lot consists of 100 shares, requiring an initial investment of HK$16,363.4. The company is expected to commence trading on January 13, with CICC and Huatai International acting as joint sponsors. For this offering, GIGADEVICE has secured several cornerstone investors, including Summit Capital and Huatai Capital Investment (related to Summit Capital's OTC swaps), CPE, Shanghai Jinglin and Huatai Capital Investment (related to Jinglin's OTC swaps), Yunfeng Capital's New Alternative Limited and New Golden Future Limited, DAMSIMF, Singularity Asset, and 3W Fund, which have committed to subscribe nearly US$300 million worth of shares at the top of the price range. According to the prospectus, GIGADEVICE is a diversified chip design company. It provides customers with a variety of chip products, including Flash, niche DRAM, microcontrollers, analog chips, and sensor chips, which are used in consumer electronics, automotive, industrial applications (such as industrial automation, energy storage, and battery management), personal computers and servers, the Internet of Things, and network communications, meeting diverse client needs along with a full suite of systems and solutions including corresponding algorithms and software. GIGADEVICE operates on a fabless business model, meaning it focuses on the design and R&D of integrated circuits while outsourcing manufacturing to external foundries and OSAT partners. Established in 2005, the company has over twenty years of experience in the specialty memory chip sector and fourteen years in MCUs, establishing itself as a leading specialty memory chip and MCU provider in mainland China with globally recognized brands. GIGADEVICE remains dedicated to creating value for customers and has built a high-quality global client base. According to Frost & Sullivan data, based on 2024 sales, the company ranked second globally and first in mainland China for NOR Flash, capturing an 18.5% global market share. It held the sixth position globally and first in mainland China for SLC NAND Flash, with a 2.2% global market share. In niche DRAM, it was seventh globally and second in mainland China, accounting for 1.7% of the global market. For MCUs, it ranked eighth globally and first in mainland China, with a 1.2% global market share. In fingerprint sensor chips, it was second in mainland China, holding approximately a 10% market share. Financially, for the years 2022, 2023, 2024, and the six months ended June 30, 2025, the company reported revenues of approximately RMB 8.13 billion, RMB 5.761 billion, RMB 7.356 billion, and RMB 4.15 billion, respectively. Profits for the corresponding periods were RMB 2.053 billion, RMB 161 million, RMB 1.101 billion, and RMB 588 million.
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