Chinese semiconductor stocks remain a magnet for capital: Montage Technology, a specialist in interconnect chips, surged more than 60% in its Hong Kong IPO and raised US$902 million.
The details
Montage Technology priced its shares at the top end of the range at HK$106.89 and closed its first trading day at HK$175.
Demand was extreme:
Public tranche: over 700x oversubscribed
International book: around 38x covered
Critical to the semiconductor value chain: The company develops memory and interconnect chips for high-performance computing, data centers, and AI workloads.
Hong Kong as a global gateway: Montage is already listed on mainland China with a market capitalization of around US$27 billion. The Hong Kong listing clearly serves as a bridge to international capital.
Sector overview
The IPO adds to a growing wave of Chinese chip listings:
GigaDevice and OmniVision debuted in January
In the past year: Biren, Moore Threads, MetaX, Iluvatar CoreX
Beijing’s chip self-sufficiency push: Reduced reliance on U.S. suppliers such as Nvidia, whose most advanced chips can no longer be freely sold into China.
Rising domestic competition: Huawei and its chip unit HiSilicon dominate large parts of China’s local AI-chip market.
👉 Full story: Beijing Times, Investing, CNBC
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