Gigadevice Founder Zhu Yiming Reduces Stake, Potentially Realizing Billions, as His Venture ChangXin Memory Prepares for Massive IPO

Zhu Yiming, the controlling shareholder of Gigadevice Semiconductor Inc. (ASX: 603986), has executed a series of share reductions in the company.

According to a company announcement, Zhu sold a 0.49% stake between May 6 and 7, 2026, followed by a further reduction of 0.91% between May 11 and 25 of the same year. In total, his stake in Gigadevice decreased by 1.4 percentage points during May 2026.

At the recent closing price of 481.47 yuan, Gigadevice holds a market capitalization of approximately 337.6 billion yuan. Based on this valuation, the share sales could have realized proceeds of around 4.7 billion yuan for Zhu.

Zhu Yiming, the founder of Gigadevice, has a background that includes roles as a design engineer at ipolicy Networks Inc. and a project manager at Monolithic System Technologies Inc. He established Gigadevice in 2005, serving as its General Manager from April 2005 to July 2018 and as Chairman since April 2005.

Beyond Gigadevice, Zhu is also the founder of ChangXin Memory Technology (CXMT). He held various leadership positions at CXMT, including Director, Chairman, and CEO from July 2018 to April 2023, served as its CEO from May 2020 to April 2023, and has been its Chairman since February 2021.

In a related development, ChangXin Memory has recently obtained registration approval for an initial public offering on the STAR Market, aiming to raise 29.5 billion yuan. Market expectations suggest the company could achieve a valuation exceeding one trillion yuan upon listing.

The company's IPO prospectus reveals its financial trajectory. Revenue for 2023, 2024, and 2025 was 9.087 billion yuan, 24.178 billion yuan, and 61.8 billion yuan, respectively. Net profit showed significant improvement, moving from losses of 19.224 billion yuan and 9.05 billion yuan in 2023 and 2024 to a profit of 7.144 billion yuan in 2025.

The first quarter of 2026 demonstrated explosive growth for ChangXin Memory. Revenue surged to 50.8 billion yuan, a 719% increase from 6.2 billion yuan in the same period last year. The company reported a net profit of 33 billion yuan, a dramatic turnaround from a net loss of 2.82 billion yuan a year earlier. EBITDA for Q1 2026 reached 43.7 billion yuan, representing a 997% year-over-year increase.

For the first half of 2026, ChangXin Memory forecasts revenue between 110 billion and 120 billion yuan, representing growth of 612% to 677% compared to 15.4 billion yuan in H1 2025. It anticipates a net profit in the range of 66 billion to 75 billion yuan, a sharp reversal from a net loss of 4.08 billion yuan in the prior year period.