Montage Technology will list on the Hong Kong Stock Exchange on February 9, with 17 cornerstone investors onboard

On January 30, Montage Technology Co., Ltd. (hereinafter referred to as 'Montage Technology' or 'Montage', HK:06809$MONTAGE TECH (06809.HK)$ 、SH:688008$Montage Technology (688008.SH)$ ) disclosed a listing announcement on the Hong Kong Stock Exchange, with the offering scheduled between January 30 and February 4. The expected listing date for its H shares is February 9, 2026.

In this Hong Kong listing, Montage Technology has set the offer price at no more than HKD 106.89 per share, planning to globally offer 65.89 million H shares. Assuming the over-allotment option is not exercised, Montage Technology’s total proceeds from the offering are approximately HKD 7.043 billion, with net proceeds amounting to about HKD 6.905 billion.

Among these proceeds, around 70% will be used over the next five years to invest in R&D for interconnect chips, enhancing its global leadership and capturing opportunities in cloud computing and AI infrastructure; 5% will be allocated to improve commercialization capabilities; 15% will be directed towards strategic investments and/or acquisitions to achieve long-term growth strategies, and the remaining 10% will be used for working capital and general corporate purposes.

According to information from Bedu Business & Bedu Finance, Montage Technology has introduced 17 cornerstone investors who collectively subscribed for approximately USD 450 million (HKD 3.509 billion) worth of shares in this offering. These cornerstone investors include JPMIMI, UBS, Yunfeng Capital, Alisoft China, Barings, Postal Savings Bank Wealth Management, and Taikang Life Insurance, among others.

It should be specifically noted that Montage Technology is already a publicly listed company on the A-share market. According to Tianyancha App, Montage Technology conducted an IPO on the Shanghai Stock Exchange’s STAR Market on July 22, 2019. As of January 30, 2026, Montage Technology's closing price on the A-share market was CNY 181.85 per share, with a market value of approximately CNY 208.5 billion.

As described in the prospectus, Montage Technology is a fabless integrated circuit design company dedicated to providing innovative, reliable, and energy-efficient interconnect solutions for cloud computing and AI infrastructure. Currently, the company offers interconnect chip products as well as its Jinti product line.

In terms of performance, Montage Technology’s revenue for 2022, 2023, 2024, and the first nine months (January-September period) of 2025 were approximately CNY 3.672 billion, CNY 2.286 billion, CNY 3.639 billion, and CNY 4.058 billion respectively, while net profits were approximately CNY 1.299 billion, CNY 451 million, CNY 1.341 billion, and CNY 1.576 billion respectively.

Currently, Montage Technology's revenue mainly comes from interconnect chips, especially memory interconnect chips. During the reporting period, the company’s memory interconnect chip revenue was approximately CNY 2.727 billion, CNY 2.14 billion, CNY 3.028 billion, and CNY 3.525 billion, accounting for 74.3%, 93.6%, 83.2%, and 86.9% of total revenue respectively.

Furthermore, according to Montage Technology's “Montage Technology 2025 Annual Earnings Growth Forecast Announcement,” the company expects its net profit attributable to shareholders in 2025 to be between CNY 2.15 billion and CNY 2.35 billion, representing year-over-year growth of 52.29% to 66.46%; the non-GAAP net profit is expected to be approximately CNY 1.92 billion to CNY 2.12 billion, showing year-over-year growth of 53.81% to 69.83%.

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