Stock Track | MONTAGE TECH Plummets 5.40% Intraday as Storage Sector Faces Continued Pressure Following ChangXin Technology's Listing

Stock Track

Jul 29

MONTAGE TECH (06809) shares plummeted 5.40% during intraday trading on Wednesday, extending a multi-day decline as the storage and memory chip sector remains under heavy selling pressure.

The continued selloff is primarily driven by the aftermath of ChangXin Technology's blockbuster listing on the STAR board on July 27, which the market has interpreted as a sector-wide "boots landing" event. ChangXin Technology's debut saw trading volume exceed RMB 1,400 billion and its market capitalization briefly surpassed ICBC to become the A-share market's largest, creating a massive capital siphoning effect that has weighed heavily on other storage and memory concept stocks. The A-share counterpart of MONTAGE TECH dropped 9.41% on July 28, with its H-share falling over 12% that same day, before today's further decline of 5.40%.

Adding to the negative sentiment, Morgan Stanley recently warned that memory prices are approaching a peak, further dampening investor confidence across the sector. Within the broader semiconductor space, weakness persisted with HUA HONG GRACE, SMIC, GIGADEVICE, and ILUVATAR COREX all trading lower during the session.

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ChangXin Technology's debut saw trading volume exceed RMB 1,400 billion and its market capitalization briefly surpassed ICBC to become the A-share market's largest, creating a massive capital siphoning effect that has weighed heavily on other storage and memory concept stocks. The A-share counterpart of MONTAGE TECH dropped 9.41% on July 28, with its H-share falling over 12% that same day, before today's further decline of 5.40%.</p><p>Adding to the negative sentiment, Morgan Stanley recently warned that memory prices are approaching a peak, further dampening investor confidence across the sector. 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