HK Stock Connect Insight | GPIXEL (03277.HK): Southbound stake rises to 6.13% after Stock Connect inclusion on Sept 7

NewTimeSpace News:On 28 October, Gpixel (03277.HK) published an announcement on the change of joint company secretaries, authorised representatives and process agent. Dr. ZHANG Yanxia resigned as a joint company secretary and authorised representative but will continue to serve as executive director, deputy general manager and chief operation officer of the company; Ms. PUN Kim Ying resigned as joint company secretary, authorised representative and process agent. Both resignations took effect on 28 October.

The Board also announced that Ms. WU Qinyun had been appointed as joint company secretary and authorised representative, and Ms. LAM Chin Hei as joint company secretary, authorised representative and process agent, with effect from the same date. As Ms. WU does not yet possess the academic or professional qualifications required under Rule 3.28 of the Listing Rules, the company applied to the Stock Exchange and was granted a three-year waiver, conditional on her receiving the assistance of Ms. LAM during the waiver period.

On 27 October, the company launched the GSENSE9016BSI, a new-generation large-format 16.7MP backside-illuminated scientific CMOS image sensor. An upgraded version of the GSENSE4040BSI, it retains the 9 μm × 9 μm pixel size and 4096 × 4096 resolution while raising peak quantum efficiency to 95%, with read-out noise as low as 0.7 e⁻ and dark current of 0.04 e⁻/p/s at -30°C. It is compatible with existing optical designs and uses the same ceramic package, targeting high-end imaging needs in astronomy observation, transmission electron microscopy and life sciences.

In the Hong Kong market, Gpixel's shares have retreated markedly from their post-listing high, falling further after the concentrated release of restricted cornerstone shares in mid-October. The stock closed at HK$55.850 on 16 October, and on 20 October, the first trading day after the lock-up expiry, closed at HK$47.200, down 15.42% in a single session. As of 15:45 Hong Kong time on 3 November, the shares traded at HK$40.580 intraday, down 4.20%.

On southbound holdings, the company was added to the Stock Connect list effective 7 September 2026. According to Choice data, southbound holdings stood at 2.5599 million shares on 9 September, equal to 0.84% of issued H shares, and have continued to build up since, with the largest single-day net addition of 2.6867 million shares recorded on 22 October. Holdings rose to 18.1618 million shares, or 6.02% of issued H shares, on 30 October, and further to 18.4834 million shares, or 6.13%, on 2 November.

On fundamentals, the most recent results are the interim results for the six months ended 30 June 2026, published on 21 August and reported in renminbi. Revenue was RMB641 million, up 78.4% year on year; gross profit was RMB440 million, up 97.2%, with the gross margin rising from 62.2% a year earlier to 68.7%; profit attributable to owners of the parent was RMB250 million, up 197.2%; and adjusted net profit, excluding share-based payment expenses and listing expenses, was RMB285 million, up 127.2%, with basic earnings per share of RMB0.63.

On institutional research, several brokers have published reports on the company's fundamentals. Guotai Haitong Securities noted that the company is deeply focused on high-barrier areas such as industrial imaging, scientific imaging, professional imaging and medical imaging, that its industrial imaging and scientific imaging revenues both rank third globally, and that as its semiconductor business enters a phase of volume ramp-up, its product matrix continues to broaden.