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Alibaba, JPMorgan said to back chip designer Montage’s HK listing
Chinese chip designer Montage Technology is expected to raise up to US$900 million in a Hong Kong IPO as soon as this month, with Alibaba and JP Morgan Asset Management set to join as cornerstone investors, according to sources familiar with the matter.
Montage, which designs chips for data centers and AI accelerators and is already listed in Shanghai, may start taking investor orders as early as January 16, 2026.
Other cornerstone investors include Aberdeen Group, Mirae Asset Securities, and UBS Asset Management, the sources said.
The company reported a profit of 1.4 billion yuan (US$196 million) in 2024 and is valued at about US$22 billion.
🔗 Source: South China Morning Post
🧠 Food for thought
Implications, context, and why it matters.
What the prospectus will add
- The HKEX (Hong Kong Exchanges and Clearing) Post Hearing Information Pack (PHIP) or prospectus will give product mix and revenue mix 1. It also gives big customer exposure and export-control exposure. It covers use of proceeds and pricing or share-sale lock-ups.
- Montage held a 36.8% revenue share in 2024 for memory interconnect chips, which link processors to server memory modules. It has new PCIe (Peripheral Component Interconnect Express) retimer chips and CXL (Compute Express Link) chips 2. The prospectus will split revenue by product and name customer concentration to make clear revenue maturity. US China tech tensions could limit access to some technologies or customers 3.
Brokers and IR in 2026 listings
- At least six AI-related Chinese companies plan Hong Kong listings in early 2026 4. GigaDevice Semiconductor aims to raise up to US$1 billion, while Shanghai Biren Technology seeks about US$600 million 4. Brokers can offer eIPO (electronic IPO subscription) access. IR and research firms can add investor relations or research coverage, while fintechs support pre-IPO financing.
- More mainland chip makers are preparing to list in Hong Kong 3. Iluvatar CoreX Semiconductor is among them. UBS projects 150 to 200 IPOs that raise over HK$300 billion in 2026 5. Some first quarter deals could top HK$10 billion. Brokers and independent equity research providers that build early ties with semiconductor issuers can win underwriting, placement, or ongoing coverage mandates.
