A robotic machine manufactures a semiconductor chip at a stall to show investors during The Advantage Assam 2.0 Investment Summit in Guwahati, India, on Feb. 25, 2025.
Shares of Chinese interconnect chip designer Montage Technology surged more than 60% in its Hong Kong trading debut on Monday following an initial share sale that raised $902 million.
The stock closed at 175 Hong Kong dollars ($22.39) after pricing its offering at HK$106.89, the upper end of the range.
Founded in 2004, the Shanghai-based company specializes in supporting infrastructure chips for high-performance computing, data centers and artificial intelligence applications.
Its Hong Kong public tranche was subscribed more than 700 times, while the international offering was nearly 38 times covered, signaling strong investor appetite for Chinese AI and semiconductor names.
Montage Technology is also listed on the mainland, with a market capitalization of around $27 billion, according to LSEG data.
The listing adds to a growing list of Chinese semiconductor firms tapping capital markets in recent months, with GigaDevice Semiconductor and OmniVision Integrated Circuits debuting in January.
Other chip firms such as Biren Technology , MetaX , Moore Threads and Shanghai Iluvatar CoreX Semiconductor have also recently listed.
The wave of IPOs comes as Beijing ramps up its self-sufficiency efforts in the advanced chip space and reduces reliance on American designers like Nvidia , which are prevented from selling its most advanced chips to China.
However, competition in the market is growing fierce, with Chinese tech giant Huawei and its chip unit HiSilicon holding a leading share of the domestic AI chip market.
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