Chinese semiconductor designer Montage Technology is planning a second listing in Hong Kong through a share sale worth between $800 million and $1 billion as early as this month, according to two people familiar with the matter, adding to the rapid pace of fundraising by technology firms in the city.
If the company reaches the upper end of the range, the offering would mark the largest Hong Kong listing since Zijin Gold International raised $3.53 billion in September, according to LSEG data. One of the sources said the timetable is not yet finalised, but the listing is likely to take place on January 26. Montage Technology did not immediately respond to a request for comment.
The planned listing comes amid a surge in artificial intelligence and semiconductor IPOs in Hong Kong and mainland China, as Beijing accelerates efforts to strengthen domestic technology capabilities and reduce reliance on U.S. technology. Recent activity includes Huawei’s AI server spin-off xFusion, which has hired Citic Securities to prepare for a mainland IPO, as well as listing plans by memory chipmaker ChangXin Memory Technologies and Baidu’s AI chip unit Kunlunxin, Reuters has reported.
Investor appetite has been evident in recent debuts. On Thursday, three Chinese technology firms raised a combined $1.19 billion in Hong Kong and saw strong first-day gains, including AI company Zhipu AI, which OpenAI has previously flagged as a fast-rising competitor.
Founded in 2004, Montage Technology designs fabless integrated circuits used to speed up data flow between chips in servers and data centres. The company raised $71 million in a Nasdaq IPO in 2013 but was taken private a year later by state-owned Shanghai Pudong Science and Technology Investment. It later relisted on Shanghai’s STAR Market in 2019 and now has a market capitalisation of around $22 billion. Its shares have nearly doubled over the past year, according to LSEG data.
A draft prospectus filed with the Hong Kong Stock Exchange, citing consultancy Frost & Sullivan, showed Montage held a 36.8% share of the global memory interconnect chip market in 2024. Revenue rose 59% year-on-year to 3.64 billion yuan ($521 million) in 2024, while net profit reached 1.34 billion yuan and gross margin exceeded 58%.
Montage said it plans to use the proceeds from the Hong Kong listing to step up research and development in interconnect chips, expand marketing efforts, and pursue strategic investments.
