Shares of Chinese chip designer Montage Technology surged around 60% in its Hong Kong trading debut on Monday following an initial share sale that raised $902 million.
Montage Technology jumped to HK$171 after pricing its offering at HK$106.89, the upper end of the range, joining a growing list of Chinese artificial intelligence companies tapping capital markets. It's currently trading 52% higher as of 9:18 p.m. ET Sunday.
The Hong Kong public tranche was subscribed more than 700 times, while the international offering was nearly 38 times covered, signaling strong investor appetite for Chinese semiconductor names despite ongoing geopolitical and tech-sector headwinds.
The share sale follows January debuts by GigaDevice Semiconductor and OmniVision Integrated Circuits.
Montage Technology is also listed on the mainland, with a market cap of around $27 billion, according to LSEG data.
