GigaDevice Semiconductor’s A-shares plunged by the 10% daily limit on July 13. A global panic-selling wave triggered the decline across the memory chip sector. South Korea’s SK Hynix fell by a record 15.4% during the same period. Massive profit-taking followed a recent strong rally in the broader semiconductor market. Multiple Chinese memory chip stocks hit their respective downward limits during the rout.
GigaDevice representatives attributed the price adjustment to external market movements. The company noted its stock decline mirrored SK Hynix due to shared storage business trends.
The sell-off coincided with the end of a 185-day lock-up period. This expiration released over 14 million of the company’s H-shares into the market.