Montage Technology’s Hong Kong listing marks a broader wave of mainland AI-related firms tapping public markets, following recent debuts by GigaDevice Semiconductor and OmniVision Integrated Circuits.

Analysts see the IPO as evidence of growing appetite for Chinese AI-related listings and a push to move up the AI chip stack from components to middleware and data-center specialized chips.

The listing comes amid a wider trend of Chinese AI and semiconductor companies raising capital despite geopolitics and sector headwinds.

About 17 cornerstone investors committed around $450 million, including JPMorgan Asset Management, UBS Asset Management, and Yunfeng Capital.

Montage’s Shanghai market value has more than doubled over the past year to about $29 billion, with 2025 net income reported between 2.15 and 2.35 billion yuan and 2026 consensus at roughly 3.3 billion yuan.

Standard risk disclosures are noted, but they do not form part of the core business narrative.

Promoters for Montage’s Hong Kong offering include CICC, Morgan Stanley, and UBS, with joint sponsorship from CICC, Morgan Stanley, and UBS Group AG.

Lead sponsors were CICC, Morgan Stanley, and UBS, and the offering used exchange rates of $1 to 7.8142 HKD and $1 to 6.9388 CNY.

China International Capital Corp, Morgan Stanley, and UBS Group AG served as joint sponsors for the listing.

Montage’s Hong Kong debut surged, with shares leaping about 57% after a $902 million share sale.

Stock opened at HK$168 against a HK$106.89 offer price, briefly hit HK$171, and traded near HK$163 as early gains persisted.

Montage sold 65.9 million shares in Hong Kong, with retail demand oversubscribed over 700 times and international demand over 37 times; 17 cornerstone investors put in about $450 million.