IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 澜起科技 |
|---|---|
| Other Market Stock Code | 688008 |
| H-Share Offer Price | HK$ 106.89 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Montage Tech |
|---|---|
| Stock Code | 06809 |
| Company Full Name | Montage Technology Co., Ltd. |
| Industry | Semiconductors |
| Principal Activities | leading global fabless IC design company dedicated to providing innovative, reliable and power-efficient interconnect solutions for cloud computing and AI infrastructure |
| Listing Date | 2026-02-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 181 Caobao Road Xuhui District, Shanghai PRC |
| Business Address (Hong Kong) | 香港 銅鑼灣希慎道33號 利園一期19樓1918室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.montage-tech.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 106.89 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 10,689 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-30 to 2026-02-04 |
| Global Offering Shares | 65,890,000 shares |
| HK Public Offer Shares (Initial) | 6,589,000 shares (10.0%) |
| Public Offer Lots (Initial) | 65,890lots (Pool A32,945lots，Pool B32,945lots) |
| International Placing Shares (Initial) | 59,301,000 shares (90.0%) |
| Offer Ratio | ~5.44% |
| Total Shares Post-IPO | 1,212,316,521 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 49.8% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 7,042,982,100 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 10,689 |
| 2 lots | 200 | HK$ 21,378 |
| 3 lots | 300 | HK$ 32,067 |
| 4 lots | 400 | HK$ 42,756 |
| 5 lots | 500 | HK$ 53,445 |
| 6 lots | 600 | HK$ 64,134 |
| 7 lots | 700 | HK$ 74,823 |
| 8 lots | 800 | HK$ 85,512 |
| 9 lots | 900 | HK$ 96,201 |
| 10 lots | 1,000 | HK$ 106,890 |
| 15 lots | 1,500 | HK$ 160,335 |
| 20 lots | 2,000 | HK$ 213,780 |
| 25 lots | 2,500 | HK$ 267,225 |
| 30 lots | 3,000 | HK$ 320,670 |
| 35 lots | 3,500 | HK$ 374,115 |
| 40 lots | 4,000 | HK$ 427,560 |
| 45 lots | 4,500 | HK$ 481,005 |
| 50 lots | 5,000 | HK$ 534,450 |
| 60 lots | 6,000 | HK$ 641,340 |
| 70 lots | 7,000 | HK$ 748,230 |
| 80 lots | 8,000 | HK$ 855,120 |
| 90 lots | 9,000 | HK$ 962,010 |
| 100 lots | 10,000 | HK$ 1,068,900 |
| 200 lots | 20,000 | HK$ 2,137,800 |
| 300 lots | 30,000 | HK$ 3,206,700 |
| 400 lots | 40,000 | HK$ 4,275,600 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 500 lots | 50,000 | HK$ 5,344,500 |
| 600 lots | 60,000 | HK$ 6,413,400 |
| 700 lots | 70,000 | HK$ 7,482,300 |
| 800 lots | 80,000 | HK$ 8,551,200 |
| 900 lots | 90,000 | HK$ 9,620,100 |
| 1,000 lots | 100,000 | HK$ 10,689,000 |
| 2,000 lots | 200,000 | HK$ 21,378,000 |
| 3,000 lots | 300,000 | HK$ 32,067,000 |
| 4,000 lots | 400,000 | HK$ 42,756,000 |
| 5,000 lots | 500,000 | HK$ 53,445,000 |
| 6,000 lots | 600,000 | HK$ 64,134,000 |
| 7,000 lots | 700,000 | HK$ 74,823,000 |
| 8,000 lots | 800,000 | HK$ 85,512,000 |
| 9,000 lots | 900,000 | HK$ 96,201,000 |
| 10,000 lots | 1,000,000 | HK$ 106,890,000 |
| 15,000 lots | 1,500,000 | HK$ 160,335,000 |
| 20,000 lots | 2,000,000 | HK$ 213,780,000 |
| 25,000 lots | 2,500,000 | HK$ 267,225,000 |
| 32,945 lots | 3,294,500 | HK$ 352,149,105 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 19.25B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 129,600,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 7,042,982,100 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 1,576.4 million (2025) |
| Period-End Cash Balance | RMB 6,698.93 million |
| Listing Expenses | ~HK$ 138,400,000 |
| Listing Expenses / Funds Raised | ~2.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 175.0 |
|---|---|
| First Day Open | HK$ 168.0 |
| First Day Change | 63.72% |
| First Day Volume | 21167300.0 |
| First Day Turnover | 3396100000.0 |
| Use of Proceeds | 1、約70.0%或4,833.2百萬港元將在未來五年內用于投資互連類芯片領域的研 發；
2、約5.0%或345.2百萬港元將用于提高我們的商業化能力；
3、約15.0%或1,035.7百萬港元將用于戰略投資及/或收購；
4、約10.0%或690.5百萬港元將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell Grandall Law Firm (Shanghai) |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师行 德恒律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 浩德融资有限公司 CE AGH102 |
| Receiving Banks |
招商永隆银行有限公司 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | JPMIMI | 66,000,000 USD | 4,814,800 | 7.31% | 0.40% | 6 months | 2026-08-09 |
| 2 | UBS AM | 66,000,000 USD | 4,814,800 | 7.31% | 0.40% | 6 months | 2026-08-09 |
| 3 | New Alternative | 45,000,000 USD | 3,282,800 | 4.98% | 0.27% | 6 months | 2026-08-09 |
| 4 | New Golden Future | 21,000,000 USD | 1,532,000 | 2.33% | 0.13% | 6 months | 2026-08-09 |
| 5 | Alisoft China | 55,000,000 USD | 4,012,400 | 6.09% | 0.33% | 6 months | 2026-08-09 |
| 6 | Aspex | 42,000,000 USD | 3,064,000 | 4.65% | 0.25% | 6 months | 2026-08-09 |
| 7 | Janchor Fund | 42,000,000 USD | 3,064,000 | 4.65% | 0.25% | 6 months | 2026-08-09 |
| 8 | abrdn Asia | 19,000,000 USD | 1,386,100 | 2.10% | 0.11% | 6 months | 2026-08-09 |
| 9 | 霸菱 | 15,000,000 USD | 1,094,200 | 1.66% | 0.09% | 6 months | 2026-08-09 |
| 10 | Mirae Asset | 15,000,000 USD | 1,094,200 | 1.66% | 0.09% | 6 months | 2026-08-09 |
| 11 | AGIC | 10,000,000 USD | 729,500 | 1.11% | 0.06% | 6 months | 2026-08-09 |
| 12 | Hel Ved | 10,000,000 USD | 729,500 | 1.11% | 0.06% | 6 months | 2026-08-09 |
| 13 | 华勤通讯 | 10,000,000 USD | 729,500 | 1.11% | 0.06% | 6 months | 2026-08-09 |
| 14 | Huadeng Technology | 8,000,000 USD | 583,600 | 0.89% | 0.05% | 6 months | 2026-08-09 |
| 15 | 中邮理财 | 8,000,000 USD | 583,600 | 0.89% | 0.05% | 6 months | 2026-08-09 |
| 16 | 泰康人寿 | 8,000,000 USD | 583,600 | 0.89% | 0.05% | 6 months | 2026-08-09 |
| 17 | MY Asian | 5,000,000 USD | 364,700 | 0.55% | 0.03% | 6 months | 2026-08-09 |
| 18 | Qube | 5,000,000 USD | 364,700 | 0.55% | 0.03% | 6 months | 2026-08-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Stephen Kuong | Mr. Stephen Kuong |
| Company Secretary | Ms. Fu Xiao | Ms. Fu Xiao |
| Executive Director | 杨崇和 | Howard C Yang |
| Non-Executive Director | Wang Rui | |
| Independent Non-Executive Director | 李若山 | Li Ruoshan |
| Executive Director | Stephen Kuong-Io Tai | |
| Non-Executive Director | 方周婕 | Fang Zhoujie |
| Independent Non-Executive Director | Yuhua Cheng | |
| Independent Non-Executive Director | 单海玲 | Shan Hailing |
| Independent Non-Executive Director | 高秉强 | Shan Hailing |
Major Shareholders
| Major Shareholders & Holdings | As of the Latest Practicable Date, Dr. Yang Chonghe and Mr. Stephen Tai held in aggregate approximately 4,361,066 A shares, representing approximately 0.36% of the total number of issued shares of the Company. In addition, Dr. Yang Chonghe, Mr. Stephen Tai, Ms. Fang Zhoujie and members of the senior management held in aggregate a certain percentage of shares. For details of specific shareholdings, please refer to the “Principal Shareholders” section of the Prospectus. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO of 澜起科技 received overwhelming demand with an oversubscription ratio of 707.3x, indicating strong investor enthusiasm. Despite the high entry threshold of HKD 10,689, the hit rate stood at just 21.62%, reflecting fierce competition for limited shares. The final offer price of HKD 106.89 presumably sat at the upper end of the range given the demand, though exact range not provided. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable anomaly appears in the A-tail and B-head tiers: applicants in the A-tail (40,000 lots) expected 0.8 lots, while B-head (50,000 lots) buyers expected only 0.675 lots, meaning the higher-investment B-head tier yielded fewer shares on average. This inefficiency suggests that the clawback and reallocation (机制B-无回补) may have distorted allocation ratios between Pools A and B, making the A-tail slightly more efficient despite the larger bet. Broker fee costs per lot would also favor the A-tail. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Broker fee structures vary and actual costs may differ. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable in the provided dataset, as mainland_pct and hk_pct are both recorded as 0. Without breakdowns of applicant origin, gender, or regional concentration, no patterns can be inferred. Investors should refer to the official HKEX filings for a complete picture. (This is AI-generated commentary based on historical data. Data may be incomplete; verify with official sources. Not financial advice.)
