Montage Technology Co., Ltd.
Date of prospectus: January 30, 2026
Montage Technology’s Landmark Hong Kong IPO: Comprehensive Investor Analysis, Financials, and Outlook

Montage Technology Co., Ltd. launches one of the most anticipated Hong Kong IPOs of 2026, offering investors exposure to a global leader in interconnect chip technology, a high-growth sector driven by cloud computing and AI infrastructure. This article delivers a full-spectrum analysis for investors, covering IPO mechanics, financial health, growth strategy, key risks, and listing outlook—all based strictly on the company’s official disclosures.

IPO Snapshot: Key Details and Offer Structure

IPO Symbol: 6809 (H Shares)

Offer Price: HK\$106.89 per H Share (fixed)

Total Offer Size: HK\$7,042.98 million (H Shares market capitalization)

Number of Shares Offered: 65,890,000 H Shares (including public and international tranches; subject to reallocation and over-allotment option)

Post-IPO Outstanding Shares: 1,212,316,521 Shares

Offer Period: January 30, 2026 – February 4, 2026

Expected Listing Date: On or before March 31, 2026

Minimum Application: 100 H Shares

Application Channels: White Form eIPO (www.eipo.com.hk), HKSCC EIPO via brokers/custodians (FINI system)

Use of Proceeds: Growth-Driven Allocation

Montage Technology is clearly prioritizing innovation and expansion. The breakdown of net proceeds (HK\$6,904.6 million) is as follows:

• 70% (HK\$4,833.2 million): Investment in R&D for interconnect chips, with a strong focus on cloud and AI infrastructure over the next five years
• 5% (HK\$345.2 million): Enhancement of commercialization capabilities
• 15% (HK\$1,035.7 million): Strategic investments and acquisitions targeting long-term growth
• 10% (HK\$690.5 million): Working capital and general corporate purposes

This capital deployment signals a growth-driven story with a strong focus on technological leadership and global market expansion.

Placement Breakdown and Investor Participation

Hong Kong Public Offering: 6,589,000 H Shares (approx. 10% of total), fully electronic application only.

International Offering: 59,301,000 H Shares (approx. 90% of total), including cornerstone and institutional investors. Subject to reallocation and a greenshoe (over-allotment) option of up to 9,883,500 additional H Shares (15% of initial Global Offering).

Cornerstone Investors: Cornerstone allocation capped at 50% of the Global Offering, with at least 40% reserved for non-cornerstone placing investors, per regulatory requirements.

Cornerstone investors are subject to a six-month lock-up period from the listing date.

Assessment: The presence of high-profile institutional names and a diversified investor base signals a robust book and strong first-day support.

Deal Structure: Underwriters, Sponsors, and Stabilization

Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Morgan Stanley Asia Limited, UBS AG Hong Kong Branch

Bookrunners/Lead Managers: Goldman Sachs (Asia) L.L.C., CLSA Limited

Underwriters: Full syndicate with all above parties participating

Stabilization/Greenshoe: Over-allotment option up to 9,883,500 H Shares (15% of initial Global Offering), exercisable for 30 days post-closing.

Underwriting commissions: RMB72.7 million (fixed and discretionary fees total)

Listing-day performance is likely to be supported by a global syndicate of top-tier investment banks and strong cornerstone participation.

Company Overview: Business Model and Industry Position

Montage Technology specializes in the design and sale of interconnect chips, targeting cloud computing, AI infrastructure, and data center markets. Revenue streams are driven by direct sales of chips, strategic partnerships, and long-term customer contracts. The company serves global technology leaders and cloud service providers, with a primary listing on the Shanghai Stock Exchange STAR Market and now expanding to Hong Kong.

Key Products: Interconnect chips for cloud and AI infrastructure.

Geographies: Global footprint, with customers in China and overseas.

Industry Overview: The interconnect chip sector is a critical segment within semiconductors, driven by demand for high-speed data processing and cloud/AI expansion.

Competitive Advantages: Strong R&D focus, global leadership in interconnect chip technology, established customer base, and strategic investments in innovation.

Financial Health: Multi-Period Performance

Montage Technology confirms no material adverse change in financial or trading position as of the date of the prospectus.

Dividend Policy

Dividend decisions are proposed by the Board, subject to shareholder approval. There is no stated payout ratio or schedule. Dividends will be based on operating results, cash flow, financial position, business strategy, and future expansion plans.

Management Team

Board of Directors: Detailed names and backgrounds available in the prospectus, with a focus on R&D and global business management expertise.

Senior Management: Experience spans semiconductor engineering, global sales, and strategic development.

Market Trends and Timing: Sector Growth and IPO Environment

Industry Trends: The interconnect chip sector is experiencing rapid growth due to surging demand for cloud computing and AI infrastructure. Market expansion is fueled by global digital transformation and increased data center investments.

Timing: Offer opens January 30, 2026; closes February 4, 2026. Listing expected by March 31, 2026.

Economic Environment: Favorable conditions for technology IPOs, with robust capital market activity and strong investor demand for semiconductor and AI-related opportunities.

Recent Developments: No material regulatory violations or adverse changes have occurred; company is focused on international expansion and talent acquisition.

Market conditions are favorable for a high-profile technology IPO, supported by sector momentum and institutional demand.

Risk Factors and Quantified Exposures

• Product Development: Success depends on timely introduction of products aligned with industry transitions.
• Market Volatility: Exposure to interest rates, FX rates, equity prices, trading volumes, and commodity prices.
• Competition & Customer Concentration: Competitive pressure and reliance on key customers may impact results.
• Legal/Regulatory: Subject to PRC and Hong Kong regulations; compliance confirmed as of the prospectus date.
• Forward-Looking Statements: All forecasts are subject to uncertainties and may not materialize as expected.
• Immediate Dilution: Offer price exceeds net asset value per share; new investors will experience dilution.

Growth Strategy and Expansion Plans

• R&D Investment: Largest allocation of IPO proceeds to research and development, aiming to cement global leadership in core chip domains.
• Commercialization: Funds dedicated to scaling sales and marketing capabilities.
• Strategic Investments & M&A: Targeting acquisitions and partnerships to expand market reach.
• Global Expansion: Hong Kong listing to support international capital access and talent attraction.

All growth initiatives are funded by IPO proceeds, with clear timelines and allocation percentages.

Ownership Structure and Lock-up Periods

Shareholding Pre- and Post-IPO: 1,212,316,521 shares outstanding post-IPO.

Major Shareholders: Details of substantial shareholders and promoter holdings available in the prospectus.

Lock-up: Company and cornerstone investors subject to six-month lock-up from the listing date; employee incentive plans have no new grants post-listing.

Valuation and Peer Comparison

Market Capitalization: HK\$180,367.6 million (A Shares and H Shares combined)

Issuer Metrics:

• Offer Price: HK\$106.89 per H Share
• Net Profit (2025E): RMB2.15–2.35 billion
• No peer company financials or sector tables disclosed in the prospectus.

Research Coverage and Analyst Opinions

Industry Consultant: Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. provided independent market research. No explicit analyst price targets or opinions are disclosed.

IPO Allotment and Subscription Results

Final subscription figures by tranche are not disclosed in the prospectus.

Implication: Robust institutional demand is inferred from the cornerstone and syndicate structure.

Listing Outlook: First-Day Performance and Investment Appeal

Based solely on disclosed factors, Montage Technology’s IPO is well-supported by institutional anchors, a top-tier global syndicate, strong growth prospects, and favorable market conditions. The book quality and strategic investor mix suggest a likely premium to offer price and strong first-day performance, with trading expected to open above HK\$106.89 per H Share.

For investors seeking exposure to semiconductor innovation and global AI infrastructure growth, Montage Technology’s IPO presents a compelling opportunity.

Prospectus Access and Application Process

Investors can obtain the prospectus at:

• www.hkexnews.hk
• www.montage-tech.com

Application Channels: White Form eIPO (www.eipo.com.hk), or via brokers/custodians using the HKSCC EIPO channel (FINI system). Minimum application is 100 H Shares. Application window: January 30, 2026 (9:00 a.m.) to February 4, 2026 (12:00 noon).

Eligibility: Applicants must be 18+ and have a Hong Kong address (White Form eIPO only). No physical application channels will be provided.

Montage Technology Co., Ltd. is launching a growth-driven, investor-focused Hong Kong IPO with strong institutional support, robust financials, and favorable sector tailwinds. All application and offer details are available at the company and exchange websites above.