MONTAGE TECH (06809.HK) has successfully listed on the Main Board of The Stock Exchange of Hong Kong, marking its entry into a dual-capital platform phase with both 'A+H' shares. China International Capital Corporation Limited, Morgan Stanley, and UBS AG acted as the joint sponsors for the offering. The listing ceremony was attended by various dignitaries.
MONTAGE TECH is a global leader in fabless integrated circuit design, focusing on providing innovative, reliable, and energy-efficient interconnect solutions for cloud computing and AI infrastructure. The company supplies interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, to leading industry clients. These products are used in a wide range of end applications, including data centers, servers, and computers. According to Frost & Sullivan, by revenue, MONTAGE TECH was the world's largest supplier of memory interconnect chips in 2024, holding a market share of 36.8%.
The Hong Kong IPO attracted cornerstone investors including JPMIMI, UBS AM, Yunfeng Capital, Alisoft China, Aspex, Janchor Fund, abrdn Asia, Barings, Mirae Asset, AGIC, Hel Ved, Huaqin Technology, Huadeng Technology, China Post & Capital Wealth Management, Taikang Life Insurance, MY Asian, and Qube.
On its first trading day, MONTAGE TECH's share price closed at HKD 175.00 per share, a significant increase of 63.72%, giving the company a market capitalization of approximately HKD 212.155 billion.
MONTAGE TECH offers a full portfolio of DDR2 to DDR5 memory interface chips and DDR5 companion chips, including SPD Hub, Temperature Sensor, and Power Management IC chips. The company's DDR5 memory interface chips are critical interconnect components between the CPU and DRAM modules in servers, enabling stable, high-speed data transfer. Newly introduced interconnect chips, such as MRCD/MDB, Clock Driver, PCIe Retimer, and CXL Memory Expander Controller, are designed to further enhance the reliability and efficiency of data transmission in AI servers and personal computers.
The company currently has two main product lines: interconnect chips and its Jintide product series. The interconnect chip line primarily includes memory interface chips, memory module companion chips, PCIe/CXL chips, and clock chips. The Jintide series mainly consists of Jintide server CPUs. MONTAGE TECH's solutions are strategically positioned to address key interconnect market demands, a foundational area for enabling cloud computing, data centers, and AI infrastructure.
According to Frost & Sullivan, the global high-speed interconnect chip market is projected to grow significantly from USD 15.4 billion in 2024 to USD 49.0 billion by 2030, representing a compound annual growth rate of 21.2%. Within this market, the memory interconnect chip segment is expected to expand from USD 1.2 billion in 2024 to USD 5.0 billion by 2030, a CAGR of 27.4%. The PCIe and CXL interconnect chip market is forecast to grow from USD 2.3 billion in 2024 to USD 9.5 billion by 2030, a CAGR of 26.7%.
As data volumes continue to grow exponentially, MONTAGE TECH anticipates that increasing demands for higher transmission speeds will drive growing demand for its products. Furthermore, the company plans to continue expanding its product portfolio by introducing new products in the Ethernet and optical interconnect fields to enhance its capabilities and cover a broader segment of the interconnect chip market.
Financially, for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, MONTAGE TECH reported revenues of approximately RMB 3.672 billion, RMB 2.286 billion, RMB 3.639 billion, and RMB 4.058 billion, respectively. Profits for the same periods were approximately RMB 1.299 billion, RMB 451 million, RMB 1.341 billion, and RMB 1.576 billion, respectively. Supported by continuous product innovation, the company has maintained robust profit margins, with gross profit margins of 46.4%, 58.9%, 58.1%, and 61.5% for 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively.
According to its strategy, the company plans to use the net proceeds from the offering, subject to adjustments based on evolving business needs and market conditions, as follows: approximately 70.0% will be used for research and development investment in the interconnect chip field over the next five years to enhance its global leadership and capitalize on opportunities in cloud computing and AI infrastructure; approximately 5.0% will be used to enhance commercialization capabilities; approximately 15.0% is allocated for strategic investments and/or acquisitions to support long-term growth strategies; and approximately 10.0% will be used for working capital and general corporate purposes.
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