GigaDevice's Hong Kong Debut: A 40% Surge Reflects China's Self-Sufficiency Drive

Shares of GigaDevice Semiconductor skyrocketed by nearly 40% on their debut in Hong Kong as the company embraces China's self-sufficiency quest amid U.S. tensions. This fabless chip designer, ranking second globally in NOR flash memory market share, aims to expand further into AI and other tech areas.

GigaDevice Semiconductor's shares soared nearly 40% during its Hong Kong trading debut on Tuesday, highlighting investor confidence in a company riding the wave of China's chip self-sufficiency initiatives amid ongoing tensions with the U.S.

The firm, which secured HK$4.68 billion ($600 million) in its second listing, is a fabless integrated circuit design house also listed in Shanghai. With shares closing at HK$222.8, up 38% from the offer price, GigaDevice's market cap has reached around HK$195 billion ($25 billion).

Ranked second globally in NOR flash memory, GigaDevice plans to channel proceeds from the listing into research and development, strategic investments, and potential acquisitions. In a ceremony, founder Zhu Yiming emphasized the company's evolution and outlined its ambitions in AI and product diversification.

(With inputs from agencies.)