Montage Technology Surges Over 60% in Hong Kong Debut After $902 Million IPO

Shares of interconnect chip designer Montage Technology jumped more than 60% in their Hong Kong trading debut on Monday following an initial public offering that raised $902 million. The stock closed at HK$175 ($22.39) after the offering was priced at HK$106.89, the top of the indicated range.

Founded in 2004 and headquartered in Shanghai, Montage Technology focuses on infrastructure chips for high‑performance computing, data centers and artificial intelligence applications. The Hong Kong public tranche was oversubscribed by more than 700 times, while the international portion was nearly 38 times covered, reflecting robust investor demand for Chinese semiconductor and AI names. Montage Technology is also listed on the mainland and has a market capitalization of roughly $27 billion, according to LSEG data.

The listing adds to a recent wave of Chinese semiconductor companies accessing capital markets, following January debuts by GigaDevice Semiconductor and OmniVision Integrated Circuits. Other chipmakers that have listed recently include Biren Technology, MetaX, Moore Threads and Shanghai Iluvatar CoreX Semiconductor.

The flurry of initial public offerings coincides with Beijing’s push for greater self‑sufficiency in advanced chips and reduced dependence on U.S. designers such as Nvidia, which has faced restrictions on selling its most advanced processors into China. Nvidia may see renewed market access after the U.S. administration cleared the H200 chip for sale to China; while not its most advanced product, the H200 is substantially more powerful than any AI chip previously available in the Chinese market. In late January, China approved an initial batch of H200 imports for several domestic technology companies, including ByteDance, Alibaba, Tencent and DeepSeek, though approvals were reportedly granted under specific conditions while final rules remain under development, according to unnamed sources.