Movement Alert｜GIGADEVICE Rises 4.37% in Regular Trading, Oversold Rebound After China Life Sell-Off Digested Combined with DRAM Capital Injection

Market Focus

Jul 23

On July 23, GIGADEVICE rose 4.37% in regular trading, trading at 603.0 HKD/share, with turnover of 188 million HKD.

On the news front, the stock rebounded after the previous session's sell-off triggered by China Life's disclosure that its 8 asset management plans collectively sold approximately 1.1 million shares on July 8, cashing out about 682 million yuan. The prior session saw the stock drop over 6% on this news, but short-term selling pressure has now largely been absorbed.

Supporting the rebound, the company announced a 5 billion yuan capital injection into its wholly-owned subsidiary Zhuhai Hengqin Xinchun Semiconductor to advance its DRAM chip R&D and industrialization project. Additionally, the company's H1 earnings forecast projects net profit growth of approximately 1,099% year-over-year, while BOCOM International initiated coverage with a Buy rating and a target price of 907 HKD, implying significant upside from current levels.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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