MEGAIN (06939) saw its stock price soar more than 36% during early trading. As of the time of writing, the shares were up 28.22% to HK$2.09, with a turnover of HK$21.0548 million.

On the evening of May 13th, MEGAIN Holdings disclosed a monthly update announcement regarding a potential unconditional mandatory cash offer. The prerequisite conditions concerning the obtaining of outbound direct investment approvals for the share purchase agreement and for the subscription have been satisfied as of April 30, 2026. The offeror and the company are now in the process of fulfilling the remaining conditions set out under the sections "Prerequisites for Sale Completion" and "Prerequisites for Subscription Completion" in that announcement, which include, among other items, securing approval from The Stock Exchange of Hong Kong for the listing and trading of the subscription shares.

The company cautions that the offer is conditional upon all prerequisites being met or waived. Completion may not occur, and the offer may not proceed.

On January 23rd of this year, MEGAIN Holdings disclosed that it would introduce a new controlling shareholder. GigaDevice China, the chip platform under Ninestar, plans to invest approximately HK$169 million in total through its indirect wholly-owned subsidiary to acquire a controlling stake in MEGAIN Holdings.

It is reported that GigaDevice China is directly owned 81.084% by Ninestar, 7.895% by the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd., and the remaining shares, each constituting less than 5%, are held by 21 other minority shareholders.