Montage Technology Co., Ltd is a leading Chinese fabless semiconductor design company specialising in high-performance interconnect and memory interface chips used in cloud computing, AI infrastructure and data centres. The company is launching a secondary listing and share sale on the Hong Kong Stock Exchange (HKEX), offering H-shares to global investors.
This offering is a large-scale international equity raise — one of the biggest tech IPOs in Hong Kong in 2026 — and a secondary listing (the company is already listed on Shanghai’s STAR Market). Montage aims to raise approximately HK$6.9–7.04 billion (≈ USD 884 million–902 million) by selling about 65.9 million H-shares at around HK$106.89 per share.
Proceeds will be used to expand R&D, accelerate product commercialisation, bolster global sales & marketing, pursue strategic investments/acquisitions and fund working capital — reflecting its growth agenda in AI & cloud computing chip markets.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Secondary Listing / H-share Offering |
| Exchange | Hong Kong Stock Exchange (HKEX) |
| Listing Date | 9 February 2026 (scheduled) |
| Ticker | 6809.HK |
| Price per Share | HK$106.89 (offer price) |
| Total Shares Offered | ~65,900,000 H-shares |
| Total Fund Raised | ~HK$6.9 billion – HK$7.04 billion (~USD 884 m – USD 902 m) |
| Use of Proceeds | R&D, global expansion, marketing, strategic investments, working capital |
| Grey Market / Pre-IPO Interest | High institutional cornerstone support |
| Listing Type | Secondary (company already listed in Shanghai) |
| Expected Trading Debut | 9 February 2026 (HKEX) |
Note: This is not a traditional first public offering — Montage is already listed domestically in China and now raising capital via an international share sale in Hong Kong.
Selling Shareholders / Offer Structure
- This Hong Kong offering is primarily a secondary sale of new H-shares intended for global capital markets.
- The offering includes cornerstone investors committing around USD 450 million of the IPO size, providing strong subscription backing.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for:
- Research & Development: Broaden chip technology capabilities and product pipeline.
- Sales & Marketing Expansion: Strengthen global presence in cloud & AI infrastructure markets.
- Strategic Investments & Acquisitions: Potential targeted M&A for ecosystem growth.
- Working Capital & General Corporate Purposes: Support ongoing business operations.
Strategic Context:
- Montage’s focus on interconnect chips and PCIe/CXL solutions positions it in key growth areas as global data traffic and AI workloads increase.
- HKEX listing expands the company’s international investor base and enhances its global brand recognition.
Lead Managers & Sponsors
- Joint Sponsors / Underwriters:
- China International Capital Corporation (CICC)
- Morgan Stanley
- UBS Group
- Additional major investment banks and cornerstone participants.
These global banks bring extensive tech and equity offering expertise, reflecting strong institutional confidence in the deal.
Promoters & Management
Montage Technology Co., Ltd was founded in 2004 and is headquartered in Shanghai, China. Its leadership includes seasoned semiconductor executives, with Howard Yang serving as Chairman & CEO. The company pioneered in memory interface and high-speed interconnect chips and has maintained substantial market share in these niche components.
- Market Position: Ranked as the largest supplier of memory interconnect chips globally by revenue as of 2024.
- Employee Count: ~767 (2023) with global R&D and operational facilities.
COMPANY DETAILS
Business Overview:
Montage Technology is a fabless semiconductor designer that develops:
- Memory Interconnect Chips (DDR2–DDR5 interface solutions)
- PCIe & CXL Interconnect Chips for high-speed data transfer
- High-speed SerDes and clocking solutions for cloud servers/AI systems
- Custom ASICs and integrated solutions tailored to cloud service providers and OEMs
The company’s products are critical components in data centres, enterprise servers and advanced computing platforms.
History & Listings:
- Founded: 2004 in Shanghai, China.
- Initial Nasdaq Listing: 2013 (then privatized)
- STAR Market Listing (Shanghai): 2019 (ticker 688008.SH)
- Secondary HKEX Listing: 2026 (H-shares)
Financial Snapshot (Latest reported)
| Period | Revenue (RMB) | Net Profit (RMB) | Profit Growth |
| 2023 | ~3.64 bn (≈USD 521 m) | ~1.34 bn | Revenue +59% YoY (2024 vs 2023) |
| 9M 2025 | ~4.06 bn | ~1.63 bn | Revenue +57.8% YoY, Profit +66.9% YoY |
Market Share:
- Held ~36.8% global memory interconnect chip market share in 2024, per Frost & Sullivan.
R&D & Competitive Edge:
- Tens of billions RMB invested in R&D over recent years.
Company Strengths
- Market Leadership in memory interconnect chip segment globally.
- High Growth in Revenues and Profitability with strong year-over-year expansion.
- Strategic Positioning in cloud, AI infrastructure and data centre markets.
- Deep R&D Investments and 208+ patents/IC layout rights as of 2025.
- Strong Institutional Backing from cornerstone investors like JPMorgan & Alibaba-related groups.
- Global Dual Market Presence (Shanghai + Hong Kong), broadening investor access.
Key Risks & Challenges
- Tech Sector Cyclicality — Semiconductor markets are cyclical, tied to capital expenditure cycles of cloud/data centre clients.
- Geopolitical & Regulatory Risks — Chip industry sensitive to international trade policies and export controls.
- Valuation Volatility — Secondary listings can face pricing pressure depending on market sentiment.
- Intense Global Competition — Competing with dominant international players in cutting-edge chip segments.
- Execution Risk of using large capital for R&D and strategic investment.
Disclaimer This document is for educational and informational purposes only and does not constitute investment advice. Investors should read the official prospectus and consult financial advisors before making investment decisions
Source: Prospectus
