Shares of cloud computing chip designer Montage Technology Co. Ltd. (6809.HK; 688008.SH) debuted strongly on Monday in Hong Kong, opening up 57% and holding on to most of the gains to close up 50.15% at HK$160.50 by the midday break.
The company sold 65.89 million shares, with the tranche for local Hong Kong investors oversubscribed by 706.3 times and the international tranche 36.67 times covered. Shares were priced at HK$106.89 — the top end of their range — raising net proceeds of HK$6.9 billion ($884 million).
Montage is a fabless integrated circuit (IC) designer focused on chips for cloud computing and AI infrastructure. Its products include memory interconnect, PCIe and CXL interconnect chips for applications such as data centers, servers and end devices.
The company reported revenue of 4.06 billion yuan in the first three quarters of last year, up 58% from 2.57 billion yuan in the same period a year earlier. Its profit rose 67% over that time year-on-year to 1.63 billion yuan.
By Lee Shih Ta
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