Montage Technology (Stock Code: "06809") has commenced its roadshow, with plans to list on the Hong Kong Stock Exchange on February 9, 2026. The company is offering 65.89 million shares at an issue price of HK$106.89 per share, raising approximately HK$7.043 billion. After deducting listing expenses of HK$138 million, the net proceeds amount to HK$6.9 billion.
The cornerstone investors for Montage Technology include JPMIMI, UBS AM, Yunfeng Capital under Yunfeng Fund, Alisoft China under Alibaba, Li Ho Kei via Aspex and Janchor Fund, abrdn Asia, Barings, Mirae Asset, AGIC, Hel Ved under Chai Yunmin, Huaqin Communications, Huadeng Technology, China Post Wealth Management, Taikang Life Insurance, MY Asian, and Qube. Together, they have subscribed to a total of US$450 million.
Among them, JPMIMI and UBS AM each subscribed to US$66 million. Yunfeng Capital, under Yunfeng Fund, subscribed to US$45 million through New Alternative and US$21 million through New Golden Future. Alisoft China, under Alibaba, subscribed to US$55 million. Li Ho Kei subscribed US$42 million each via Aspex and Janchor Fund. abrdn Asia subscribed US$19 million, while Barings and Mirae Asset each subscribed US$15 million. AGIC, Hel Ved under Chai Yunmin, and Huaqin Communications each subscribed US$10 million. Huadeng Technology, China Post Wealth Management, and Taikang Life Insurance each subscribed US$8 million, while MY Asian and Qube each subscribed US$5 million.
Huangpujiang Capital, an early investor in Montage Technology and previously one of its major shareholders, has also increased its stake through this Hong Kong IPO. Huangpujiang Capital's investment portfolio includes prominent companies such as Montage Technology, Horizon Robotics, YTMC, Zhongqing Robotics, Digua Robotics, Pinduoduo, WuXi AppTec, Illumina, WoFei ChangKong, Zijin Gold, CATL, Sanhua Intelligent Controls, and Jieyue Xingchen. Its investments span cutting-edge high-tech sectors including semiconductors, AI infrastructure, embodied AI, biopharmaceuticals, aerospace, and controlled nuclear fusion. To date, it has invested in nearly 50 global companies each with a market capitalization exceeding HK$100 billion.
Montage Technology opened at HK$168 per share, a 57.1% increase over the issue price. As of the latest update, the stock remains up over 50%, with the company's market capitalization surpassing HK$190 billion. Montage Technology was the first company to list on the STAR Market, debuting in July 2019. With this Hong Kong listing, Montage Technology now has a dual listing structure of "A+H" shares.
For the first nine months of 2025, Montage Technology reported revenue of RMB4.058 billion, a year-on-year increase of 57.83%. Net profit was RMB1.632 billion, up 66.89% year-on-year, while adjusted net profit was RMB1.467 billion, a 67.93% increase. In the third quarter of 2025 alone, revenue reached RMB1.424 billion, up 57.22% year-on-year, with a net profit of RMB473 million, a 23% increase, and an adjusted net profit of RMB376 million, up 14.11%.
Revenue from interconnect chips accounted for RMB3.832 billion, or 94.4% of total revenue for the first nine months of 2025, while revenue from the Jindai server platform contributed RMB218 million, or 5.4%.
Montage Technology was founded in 2004 and is a designer of data processing and interconnect chips, providing high-performance, low-power chip solutions for cloud computing and artificial intelligence. The company currently has two main product lines: interconnect chips and the Jindai server platform. Headquartered in Shanghai, Montage Technology has branches in Kunshan, Beijing, Xi'an, Macau, the United States, and South Korea.
The company offers a full range of DDR2 to DDR5 memory interface chips and supporting memory module chips, including SPD (Serial Presence Detect) hubs, TS (Temperature Sensor) chips, and PMIC (Power Management Integrated Circuit) chips. Its DDR5 memory interface chips are critical components connecting the CPU and DRAM modules in servers, enabling stable high-speed data transmission. Newly launched interconnect chips include MRCD/MDB, CKD (Clock Driver), PCIe Retimer, and CXL MXC (Memory Expander Controller), designed to enhance data transmission reliability and efficiency in AI servers and personal computers.
For the years 2022, 2023, and 2024, Montage Technology reported revenues of RMB3.672 billion, RMB2.286 billion, and RMB3.639 billion, respectively. Gross profits were RMB1.7 billion, RMB1.347 billion, and RMB2.115 billion, while net profits were RMB1.3 billion, RMB451 million, and RMB1.34 billion. Adjusted net profits for the same periods were RMB1.45 billion, RMB574 million, and RMB1.4 billion, with adjusted net profit margins of 39.5%, 25.1%, and 38.5%, respectively. For the first nine months of 2025, the adjusted net profit was RMB2.1 billion.
As of September 30, 2025, Montage Technology held cash and cash equivalents of RMB8.772 billion. During the track record period, the company declared and paid dividends of RMB341 million, RMB338 million, and RMB443 million for the years ended December 31, 2022, 2023, and 2024, respectively. On August 29, 2025, the company approved an interim dividend for 2025, distributing a cash dividend of RMB227 million, which was fully paid in October 2025.
The executive directors of Montage Technology are Dr. Yang Chonghe and Stephen Kuong-Io Tai. Non-executive directors are Dr. Wang Rui and Ms. Fang Zhoujie. Independent non-executive directors are Dr. Li Ruoshan, Dr. Yuhua Cheng, Dr. Shan Hailing, and Professor Gao Bingqiang.
As of September 30, 2025, Hong Kong Securities Clearing Company Limited held a 12.66% stake, China Electronics Investment Holding Co., Ltd. held 5.06%, Zhuhai Rongying Equity Investment Partnership (Limited Partnership) held 4.31%, and WLT Partners held 3.93%. Other significant shareholders include index funds managed by China Universal Asset Management, China Merchants Fund, and Harvest Fund.
By April 30, 2025, China Electronics Investment Holding and its concert parties had reduced their holdings by 7,269,574 shares through centralized bidding, at an average price range of RMB72.26 to RMB82.60 per share, representing 0.64% of the company's total share capital and realizing approximately RMB554 million. Prior to the reduction, they held 6.61%, which decreased to 5.97% afterward. Subsequently, the combined holdings of China Electronics Investment Holding and Jiaxing Xindian Investment Partnership (Limited Partnership) decreased from 127.198 million shares to 57.257507 million shares, reducing their stake from 11.18% to 4.999995%, meaning they are no longer a shareholder with over 5% ownership.
In the first half of 2025, Zhuhai Rongying and its concert parties reduced their holdings by 11,447,800 shares through centralized bidding, at a price range of RMB70 to RMB85.89 per share, representing 1.00% of the total share capital and realizing approximately RMB853 million. Prior to the reduction, they held 9.24%, which decreased to 8.24% afterward. On October 17, 2025, Montage Technology received notice that Zhuhai Rongying Investment Partnership (Limited Partnership) and its concert party WLT Partners had further reduced their combined stake from 8.98% to 7.98%.
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