GigaDevice Semiconductor Inc.

Date of Prospectus: December 31, 2025

GigaDevice Semiconductor Inc. Launches Landmark Hong Kong IPO: Critical Insights for Investors

GigaDevice Semiconductor Inc., a leading Chinese semiconductor company, is set to make a significant debut on the Hong Kong Stock Exchange. This comprehensive analysis provides investors with a deep dive into the IPO structure, offer details, book quality, company fundamentals, and all actionable information needed to assess this high-profile listing opportunity.

IPO Snapshot

GigaDevice Semiconductor Inc. is offering its H Shares to investors through a global offering on the Hong Kong Stock Exchange, under the stock code 3986.

The Offer Price will be determined by reference to the closing price of the A Shares on the Shanghai Stock Exchange prior to the Price Determination Date and will not exceed HK\$162.00. The Hong Kong Public Offering initially accounts for 10% of the total Offer Shares, with the remainder allocated to the International Offering. The offering structure includes options for reallocation, an Offer Size Adjustment Option (up to 2,891,500 additional H Shares), and an Over-allotment Option (up to 4,337,300 additional H Shares, or up to 4,771,000 if the Offer Size Adjustment is exercised in full) [[2]][[5]][[6]].
The H Shares will be traded in board lots of 100 H Shares each. 10

Use of Proceeds

Specific breakdowns of use of proceeds are not disclosed in the announcement. However, the presence of an Offer Size Adjustment Option and Over-allotment Option to cover excess demand indicates a growth-driven approach to the offering, designed to maximize capital raised in response to market appetite [[5]][[6]].

Oversubscription Metrics

Oversubscription levels for retail and institutional tranches are not included in the announcement. Reallocation mechanisms are described: if the Hong Kong Public Offering is oversubscribed, shares may be reallocated from the International Offering up to a cap of 15% of the total number of Offer Shares, with the final Offer Price fixed at the bottom end of the range (HK\$132.00 per H Share) in such case. If undersubscribed, shares may be moved in the opposite direction [[5]].

Dividend Policy

No explicit dividend policy, payout ratio, or timetable is disclosed in the announcement.

Placement and Issuance Breakdown

• Hong Kong Public Offering: Initially 2,891,600 H Shares (10% of total)
• International Offering: Initially 26,024,200 H Shares (90% of total)
• Offer Size Adjustment Option: Up to 2,891,500 additional Offer Shares (10%) for excess international demand
• Over-allotment Option (Greenshoe): Up to 15% of initial offer size (up to 4,337,300 H Shares, or 4,771,000 with Offer Size Adjustment)

The flexibility in allocation allows the company and bookrunners to respond to demand dynamics across retail and institutional tranches [[2]][[5]][[6]].

Investor Participation & Book Quality

The announcement does not name anchor or cornerstone investors, nor does it disclose subscription levels by category or pre-listing disposals by shareholders.

The inclusion of reallocation, offer size adjustment, and over-allotment options, along with detailed stabilization mechanisms, signals a structure typically aimed at supporting robust book building and first-day performance. If the Over-allotment Option is exercised, the company will make a timely announcement. These features are designed to support listing-day price stability and liquidity [[6]].

Deal Parties & Structure

• Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers are involved in the offering. The exact names are not detailed in the summary, but Huatai Financial Holdings (Hong Kong) Limited is explicitly named as the Stabilizing Manager [[2]].
• The Stabilizing Manager (or its affiliates) has discretion to conduct price stabilization up to 30 days after the last day for lodging applications, in compliance with Hong Kong regulations.

These arrangements strongly suggest robust listing-day support, with the possibility for stabilization trades and a greenshoe mechanism to manage volatility and excess demand.

Company Overview

GigaDevice Semiconductor Inc. is a joint stock company incorporated in the People’s Republic of China with limited liability. The company operates in the semiconductor industry, though the announcement does not disclose details of its business model, key products, customer segments, or revenue streams.

Industry/sector size, market position, and financial health details are not disclosed in the announcement. Management team members named include:

• Mr. Zhu Yiming (Chairman of the Board and Executive Director)
• Mr. He Wei (Executive Director)
• Mr. Hu Hong (Executive Director)
• Ms. Wen Tian (Non-executive Director)
• Mr. Zhou Haitao, Dr. Qian He, Ms. Yeung Siuman Shirley, Dr. Chen Jie, Mr. Zheng Xiaodong (Independent Non-executive Directors)

Further specifics on their backgrounds, the company’s financials, and market share are not included in the announcement [[10]].

Trends, Timing & Environment

Key Timetable:

The application period is 8 days, longer than the typical 3.5 days, providing investors ample time to participate. The macroeconomic environment, sector trends, or recent company developments are not discussed in the announcement [[6]][[7]][[8]].

Prospectus Deep Dive: Key Risk Factors

The announcement does not enumerate specific risk factors, legal, regulatory, or operational exposures, or details on major customers, suppliers, FX, or commodity risks.

Growth Strategy

No explicit growth strategy, expansion plan, capex pipeline, or M&A intentions are disclosed in the summary. However, the structure of the offering and options to expand the offer size and cover excess demand indicate a readiness to capitalize on strong market interest and fuel expansion [[5]][[6]].

Ownership & Lock-ups

Pre- and post-IPO shareholding structure, promoter/major shareholder holdings, lock-in periods, and ESOP details are not included in the announcement.

Research & Opinions

No analyst coverage, institutional opinions, or price targets are cited in the announcement.

IPO Allotment Result

The results of the Hong Kong Public Offering allocations will be published on January 12, 2026, with successful applicants’ identification document numbers available via:

• Company website: www.gigadevice.com
• Stock Exchange website: www.hkexnews.hk
• Designated results site with “search by ID” function: www.hkeipo.hk/IPOResult (or www.tricor.com.hk/ipo/result)
• Telephone enquiry line: +852 3691 8488 (January 13–16, 2026, 9:00 a.m. to 6:00 p.m.)

Refunds for unsuccessful or partially successful applications will be processed without interest on January 13, 2026. H Share certificates become valid at 8:00 a.m. on listing day, January 13, 2026 [[8]][[10]].

Listing Outlook

Based on the structure, flexibility to accommodate excess demand, and robust stabilization/overallotment features, the IPO appears well supported to manage first-day volatility and ensure price stability. The lengthy application period and support of top-tier deal parties (as Stabilizing Manager and Underwriters) reinforce confidence in listing performance. The final pricing will be set with reference to A Share valuations, and reallocation mechanisms are in place to address strong retail or institutional demand. Investors can anticipate a well-managed debut, with the likelihood of a strong trading range near the offer price if book quality and demand materialize as anticipated by the offering structure [[5]][[6]].

Prospectus Access

The prospectus can be viewed at:
www.gigadevice.com
www.hkexnews.hk

How to Apply

Investors may apply for Hong Kong Offer Shares using the following electronic channels:

No physical application channels are available; the process is fully electronic. Application must be for a minimum of 100 Hong Kong Offer Shares, in specific increments as listed in the offer table. Payment includes brokerage, SFC transaction levy, Stock Exchange trading fee, and AFRC transaction levy [[3]][[4]][[9]].

Conclusion

GigaDevice Semiconductor Inc.’s Hong Kong IPO is structured to attract diversified investor participation, with robust mechanisms for reallocation, price stabilization, and excess demand management. While the announcement does not disclose financials or peer comparisons, the offer’s flexibility, involvement of leading investment banks, and clear application process highlight a well-supported listing. Investors should review the full prospectus for additional details before making allocation decisions.