Company name: GigaDevice Semiconductor Inc.
Date of prospectus: December 31, 2025

GigaDevice Semiconductor Inc. Launches Landmark IPO: Deep Dive into Offer Structure, Financials, and Market Outlook

GigaDevice Semiconductor Inc., a leading China-based semiconductor company already listed on the Shanghai Stock Exchange, is set to make a significant entry onto the Hong Kong Stock Exchange with its upcoming H Share IPO. This long-form analysis covers every aspect of the offering, from structure and investor participation to financial health, risk factors, and market outlook — providing investors, analysts, and market watchers with a complete, actionable view for decision-making.

IPO Snapshot: Key Details for Investors

IPO Symbol: (Not disclosed in the prospectus)
Offer Price Range: HK\$132.00 – HK\$162.00 per H Share
Midpoint Offer Price (for reference): HK\$147.00 per H Share
Total Offer Size: 28,915,800 H Shares (initial), representing approximately 4.15% of post-IPO shares outstanding (assuming no exercise of Offer Size Adjustment Option or Over-allotment Option)
Post-IPO Outstanding Shares: 692,028,799 Shares immediately following completion (including A Shares and H Shares)
Offer Structure:

• Hong Kong Public Offering: 2,891,600 H Shares (10% of the IPO)
• International Offering: 26,024,200 H Shares (90% of the IPO)

Listing Date: Expected Tuesday, January 13, 2026
Application Window: Opens 9:00 a.m. December 31, 2025, closes 12:00 noon January 8, 2026
Offer Price Determination Date: January 9, 2026

Use of Proceeds: Growth-Driven Allocation Signals Ambitious Expansion

GigaDevice intends to raise approximately HK\$4,180.7 million (assuming the midpoint offer price and no exercise of options) with proceeds allocated as follows:

• 40.0% (HK\$1,672.3 million): Continuous enhancement of R&D capabilities
• 35.0% (HK\$1,463.2 million): Strategic and industry-related investments and acquisitions
• 9.0% (HK\$376.3 million): Global strategic expansion and strengthening global presence, including marketing and service network enhancements

This allocation underscores a strong growth-driven story with a focus on technology leadership, international expansion, and inorganic growth.

Placement and Issuance Breakdown

The IPO is structured to maximize institutional participation and cornerstone investor confidence:

• Hong Kong Public Offering: 10% of shares offered to the public
• International Offering: 90% of shares, including cornerstone investor allocation
• Cornerstone Placing: Up to 50% of the IPO (14,457,400 H Shares) subscribed by institutional cornerstone investors across multiple tranches

Investor Participation and Book Quality

Cornerstone Investors:

• Yuanfeng Asset Management
• HTCI (Huatai Capital Investment Limited)
• CPE
• Shanghai Greenwoods
• Yunfeng Capital New Alternative Limited
• GBAD Fund Management
• Wind Sabre
• Green Better
• New China Asset Management
• Taikang Life
• Summit Ridge
• ICBC Wealth

Cornerstone investors have committed an aggregate of approximately US\$299.70 million (HK\$2,331.94 million) to the Cornerstone Placing, representing up to 50% of the IPO at the low end of the price range [[324]].

Book quality inferred to be strong given the high proportion of shares committed by reputable cornerstone investors and a well-structured institutional allocation. This suggests potential for robust first-day performance.

Deal Parties and Offer Structure

Joint Sponsors: Named in the “Directors and Parties Involved in the Global Offering” section
Joint Bookrunners: China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited
Global Coordinators: Named in the prospectus
Underwriters: Full underwriting by Hong Kong and International Underwriters, with full details provided in the Underwriting section [[358]].

Stabilization and Over-allotment (Greenshoe):

• Over-allotment Option: Up to 15% of the initial offer size may be issued to cover over-allocations in the International Offering (up to 4,337,300 Shares, or up to 4,771,000 H Shares if the Offer Size Adjustment Option is exercised in full)
• Stabilization activities may be used to support post-listing share price

The presence of top-tier underwriters, sponsors, and a stabilization mechanism indicates the likelihood of active listing-day price support.

Company Overview: Business Model and Industry Position

Core Business: Design and development of microelectronic products including integrated circuits (ICs), computer hardware and software, and systems integration.
Revenue Streams: Sales of IC products, technology services, and related solutions
Key Products: Flash memory, microcontrollers, analog ICs, and other semiconductor products
Customer Segments: Global electronics manufacturers, OEMs, and technology companies
Geographies: China (mainland), overseas markets

Industry Definition: Semiconductor industry, with coverage of China and international markets. Sector trends and size data included in the “Industry Overview” section [[104]].

Financial Health: Multi-Period Performance Snapshot

GigaDevice Semiconductor Inc. demonstrates solid financial fundamentals and liquidity:

Listing Expenses: HK\$70.0 million (1.65% of gross proceeds at mid-point price)
Cash and Liquidity: Strong liquidity demonstrated by high current and quick ratios
Profitability: Margins have improved significantly in 2024 and 2025 after a dip in 2023, reflecting sector recovery

Market Position and Competitive Advantages

GigaDevice is recognized for its strong R&D capabilities, diversified product portfolio, and established customer relationships in both domestic and international markets. The company’s brand image and international expansion drive are central to its competitive positioning [[184]]. Market share, ranking, and sector size figures are referenced in the Industry Overview section.

Management Team and Corporate Governance

The company is managed by an experienced board and senior management team, whose details, qualifications, and relevant experience are disclosed in the Directors and Senior Management section [[333]]. The Audit Committee, Board, and independent advisors are in place to ensure robust governance and compliance.

Sector Trends, Timing, and Market Environment

Sector Dynamics: The semiconductor industry has experienced historical cycles with downturns and declining average selling prices. Demand from downstream industries and end-product price fluctuations are key performance drivers.
Tactical Timing: The IPO period coincides with signs of market recovery, as reflected in improved margins and trading volumes. Application opens December 31, 2025, closes January 8, 2026, with listing expected January 13, 2026.
Macro Environment: The offering period is described as one of rising trading volumes and sector optimism, with economic indicators supportive of technology sector growth [[52]].

Key Risk Factors: Quantified Exposures and Strategic Implications

Investors should note these principal risks, as disclosed:

• Market Risk: Failure to respond to changing market conditions or develop new products could harm competitive position
• Sector Cyclicality: Exposure to downturns and price declines in semiconductor markets
• R&D Uncertainty: R&D efforts may not yield anticipated results
• Supply Chain Dependency: Reliance on third parties for IC fabrication, testing, and packaging
• Customer Demand Fluctuations: Performance tied to downstream industry demand and end-product prices
• Regulatory Risk: Subject to PRC and international regulatory regimes and approvals

Growth Strategy: Expansion, M&A, and Capacity Pipeline

GigaDevice’s strategy centers on:

• Enhanced R&D investment (HK\$1,672.3 million)
• Strategic investments and acquisitions (HK\$1,463.2 million)
• Global expansion and strengthening presence (HK\$376.3 million)

The company aims to accelerate overseas business, promote international brand image, and expand its core competitiveness.

Ownership Structure and Lock-Ups

Pre-IPO Shareholding: Majority held by existing shareholders and management, with exact percentages detailed in the Share Capital section [[309]].
Post-IPO Shareholding: 692,028,799 shares outstanding, with cornerstone investors collectively holding up to 2.07% of total share capital.
Lock-Up: Company undertakes not to issue further shares or securities for six months post-listing, except for the IPO, exercise of the greenshoe, or share incentive plans [[364]].
ESOPs: Multiple stock option and restricted share incentive plans disclosed; no new grants post-listing [[585]].

Valuation and Peer Comparison

No peer company valuation metrics or direct comparables are disclosed in the prospectus.

Research and Opinions

No explicit analyst price targets or research opinions are provided in the prospectus.

IPO Allotment Results and Implications

Results of allocations will be available via company and HKEx websites, allocation results telephone, and designated results pages from January 12, 2026, with exact board lot allocations by investor category to be disclosed in the allotment results announcement [[6]]. This structured process and cornerstone demand suggest potential for strong listing-day interest.

Listing Outlook: Investor Perspective

Based on disclosed facts:

• The IPO is backed by substantial cornerstone and institutional investor commitments, robust financial health, and a growth-focused use of proceeds.
• Sector recovery and favorable timing, as reflected in improving margins and trading volumes, signal a supportive market environment.
• Comprehensive risk disclosures and governance structures add to investor confidence.

Inferred outlook: The IPO appears worth subscribing for investors seeking exposure to China’s semiconductor sector. Based on demand, allocation structure, and cornerstone support, the first-day trading range is likely to be at or above the offer price, with strong listing-day performance relative to the initial range.

Prospectus Access

Plain text websites to obtain the document:
www.hkexnews.hk
www.gigadevice.com

How to Apply

Application Channels:

• Online via HK eIPO White Form service at www.hkeipo.hk
• Through HKSCC EIPO channel via brokers or custodians who are HKSCC participants (using the FINI system)

Application Dates: Opens 9:00 a.m. Wednesday, December 31, 2025; closes 12:00 noon Thursday, January 8, 2026
Eligibility: Applicants must be 18+ and have a Hong Kong address (for eIPO White Form). Existing shareholders, directors, and their close associates are excluded.