Two Chinese Chipmakers File for Hong Kong Stock Listings

Two semiconductor firms from China—Montage Technology Co. and Axera Semiconductor Co.—have announced their intention to debut on Hong Kong's public markets. Both companies plan to commence trading within the coming month, with their combined capital raises projected at roughly 10 billion Hong Kong dollars, equivalent to about $1.28 billion.

Montage's Third Public Market Debut

For Montage, this Hong Kong listing marks its third appearance on a public exchange. The Shanghai-headquartered firm first went public on Nasdaq in 2013, securing $71 million in that initial offering. The company subsequently delisted and returned to public markets through a Shanghai listing, where its shares continue to trade.

Montage intends to offer 65.9 million shares at a maximum price of 106.89 Hong Kong dollars per share on the Hong Kong Stock Exchange. At the upper end of this pricing range, the company could raise approximately $902 million. According to its IPO prospectus, Montage concluded 2024 with net income of $190 million generated from $512 million in total revenue.

Montage's Product Portfolio

A substantial portion of Montage's earnings derives from semiconductor solutions that facilitate communication between server memory modules and central processors. The company manufactures PCIe retimers and RCDs as core components of its business.

These specialized processors serve distinct functions within server infrastructure. RCDs are dedicated to refining the signals that CPUs transmit to memory chips, while PCIe retimers handle multiple categories of data traffic and enhance the integrity of PCIe connections linking CPUs with memory, graphics processors, and additional peripherals.

Beyond interconnect technologies, Montage diversifies its offerings with thermal monitoring solutions for data centers and electrical management semiconductors that regulate power distribution throughout computing systems.

Axera's AI-Focused Strategy

Axera Semiconductor, the second company filing for a Hong Kong listing, specializes in power-efficient artificial intelligence processors. These chips target applications in vehicle driver-assistance systems and internet-connected devices. Several of Axera's offerings incorporate processor cores derived from Arm Holdings plc architecture.

Axera remains unprofitable but generated $38.7 million in revenue during the initial nine months of 2025. The company seeks to raise 2.96 billion Hong Kong dollars—approximately $379.2 million—by issuing 104.9 million shares priced at 28.20 Hong Kong dollars each. Capital obtained through the offering will support further engineering efforts and market expansion activities.

Listing Timeline

Montage and Axera are scheduled to commence trading on February 9 and February 10, respectively. These debuts follow recent Hong Kong IPOs by three Chinese graphics processor manufacturers, which collectively raised more than $2 billion.