GigaDevice (3986.HK) tumbled more than 3% during Hong Kong trading to HK$496.00, as its Shanghai-listed shares also slid 4.7%.

Despite the pullback, the company posted first-half net profit of 6.86 billion yuan, up a staggering 1091.5% year on year. The decline appears to reflect sector-wide profit-taking after memory-chip peers broadly retreated — the Philadelphia Semiconductor Index fell 3.6% overnight — suggesting much of the earnings upside was already priced in.