GigaDevice’s Zhu Yiming Sells 11.11m Shares for RMB4.4 billion; After Stock Plunge, Plans Stake Increase and
Zhu Yiming, the actual controller and founder of GigaDevice, sold 11.11 million shares for about RMB4.4 billion between May 6 and June 12. Following a peak of RMB846.66 on June 29, the stock slumped as ChangXin Technology’s listing drew investor focus. By July 29, the price had more than halved to RMB364.03, wiping out over RMB330 billion in market value. In response, Zhu announced a personal share purchase plan of at least RMB1 billion and proposed a company buyback of RMB1–2 billion, while pledging not to sell any remaining shares for 12 months.
On April 8, 2026, GigaDevice disclosed a share reduction plan by actual controller Zhu Yiming to sell up to 11.21 million shares. From May 6 to June 12, Zhu sold a total of 11,110,600 shares via block trades and centralized bidding, representing 1.58% of total shares outstanding, at prices between RMB339.44 and RMB538.90 per share, for total proceeds of about RMB4.4 billion. After the sales, Zhu’s direct personal stake fell from 6.53% to 4.94%, while he and concert party Hong Kong Yingfude Limited held a combined 6.8%.
On June 29, GigaDevice shares touched an intraday all-time high of RMB846.66. On July 1, the stock fell 5.27% and entered a downtrend. On July 27, ChangXin Technology debuted on the STAR Market and soared 465% on its first day, while GigaDevice hit the daily downside limit. By July 29, the stock closed at RMB364.03, more than halving from its peak. That evening, Zhu issued four announcements: the completed reduction notice, a personal share increase plan of no less than RMB1 billion, a proposal for the company to repurchase RMB1–2 billion in shares, and a commitment not to sell any shares for 12 months.
Following ChangXin Technology’s listing, GigaDevice’s previous status as a “ChangXin proxy play” was unsettled. GigaDevice owned a 1.62% stake in the newly listed ChangXin, and both companies were founded by Zhu Yiming. ChangXin’s first-day turnover reached RMB141.1 billion with a turnover rate of 66.4%, signaling a clear shift of capital from GigaDevice to ChangXin. Meanwhile, Zhu’s stake sale near the stock’s highs further dented market confidence.
From a regulatory standpoint, Zhu’s reduction was compliant. The plan was disclosed on April 8, executed between May 6 and June 12 within the planned price range, and duly reported afterward. Nonetheless, the tight timing between the sale and the subsequent buyback announcements provoked a negative market reaction. On July 30, GigaDevice shares plunged by more than 5%, hitting a new low since May 15.
GigaDevice’s first-half 2026 results were strong. Full-year 2025 revenue was RMB9.2 billion with net profit of RMB1.648 billion, so the half-year figures already exceeded the prior full year. However, net profit of RMB6.9 billion included RMB2.05 billion in non-recurring gains, largely from fair-value increases on securities investments; after stripping these out, recurring net profit was RMB4.85 billion, up 791% year-on-year. First-quarter gross margin reached 57.08%, up 12 percentage points quarter-on-quarter, supported by rising volumes and prices for memory chips and robust MCU demand.
GigaDevice maintained deep cooperation with ChangXin Technology, with related-party procurement in 2026 surging to RMB5.711 billion from RMB1.182 billion. The company’s product lineup is focused on highly cyclical NOR Flash and niche DRAM, providing some competitive edge amid the push for domestic substitution of memory chips. However, the industry is strongly cyclical, and the company cautioned in its earnings preview about risks of future performance declines.