Summary of Montage Technology Conference Call Company Overview - **Company Name**: Montage Technology - **Ticker Symbols**: 688008.SS (A-shares), 6809.HK (H-shares) - **Industry**: Semiconductor, focusing on memory interface and connectivity solutions - **Market Share**: Approximately 40% in the global memory interface market - **Key Products**: Memory interface solutions (RCD/DB), PCIe retimers, server platform solutions, etc. [33][40] Core Insights - **Investment Rating**: Montage-H initiated with a Buy rating and a target price (TP) of HK$205, reflecting a 10% discount to Montage-A's TP of Rmb205 [1][4] - **Stock Performance**: Montage-A shares have increased by 35% year-to-date, outperforming the SSE Index, which rose by 2% [1] - **AI Infrastructure Growth**: The company is positioned as a direct beneficiary of AI capital expenditures, with expectations for increased demand in memory interfaces and MRDIMM due to agentic AI developments [1][3][21] Financial Forecasts - **Revenue and Earnings Growth**: Revenue forecasts for Montage-A have been revised upwards, with expected revenues of Rmb5,593 million for 2025E, Rmb7,463 million for 2026E, and Rmb10,030 million for 2027E [13][20] - **Profit Margins**: Gross profit margins are projected to improve, with gross margins expected to reach 62.2% by 2027 [20] - **Earnings Per Share (EPS)**: EPS is forecasted to grow from Rmb1.96 in 2025E to Rmb4.08 in 2027E [20] Market Dynamics - **AI Capex Catalyst**: Anticipation of positive announcements regarding AI capital expenditures in China's upcoming 15th Five Year Plan, which could further enhance Montage's market position [21][22] - **Technological Advancements**: The transition to DDR5 technology is expected to drive ASP and margin improvements, alongside new connectivity solutions [34][42] Risks - **Downside Risks**: Key risks include potential slowdowns in AI infrastructure capex, market share loss to international competitors, and delays in product migration and development [37][43] - **High-Risk Rating**: Montage-H is rated high-risk due to its short trading history, although fundamentals remain strong [38] Additional Insights - **Investor Sentiment**: Positive feedback from investors highlights Montage as a unique AI investment opportunity within the Chinese semiconductor sector, attributed to its growth outlook and technological advantages [2] - **Product Pipeline**: Montage has a clear product pipeline and upgrade cadence, which is crucial for maintaining its competitive edge [2] Conclusion Montage Technology presents a compelling investment opportunity driven by its strong market position in the semiconductor industry, particularly in AI-related applications. The company's financial forecasts indicate robust growth, supported by favorable market dynamics and technological advancements. However, investors should remain cautious of potential risks that could impact future performance.

Group 1 - The company, 澜起科技 (Lianqi Technology), announced that the overall coordinator representing international underwriters fully exercised the over-allotment option on February 10, 2026, involving a total of 9.8835 million H-shares, which accounts for approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] - The H-shares to be issued due to the exercise of the over-allotment option will be allocated and issued at a price of HKD 106.89 per H-share [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on February 13, 2026, at 9:00 AM [1]

Core Viewpoint - Company announced the full exercise of the over-allotment option involving a total of 9,883,500 H-shares, representing approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] Summary by Sections - **Over-allotment Option** - The overall coordinator, representing international underwriters, fully exercised the over-allotment option as of February 10, 2026 [1] - The total number of shares involved is 9,883,500 H-shares [1] - **Share Pricing and Fees** - The H-shares will be issued at a price of HKD 106.89 per share, which is the same as the offering price under the global offering, excluding various fees [1] - Fees include a 1% brokerage commission, a 0.0027% Securities and Futures Commission transaction levy, a 0.00565% Stock Exchange trading fee, and a 0.00015% Financial Reporting Council trading fee [1] - **Listing and Trading** - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares [1] - The over-allotment shares are expected to commence trading on the main board of the Stock Exchange at 9:00 AM on February 13, 2026 [1]

Core Viewpoint - The company, 澜起科技 (Lianqi Technology), announced the full exercise of the over-allotment option by the overall coordinator on February 10, 2026, involving a total of 9.8835 million H-shares, which represents approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] Group 1 - The over-allotment shares will be issued at a price of HKD 106.89 per H-share [1] - The over-allotment shares are intended to facilitate the delivery of a portion of H-shares to the underwriters, who have agreed to delay the delivery of the relevant H-shares subscribed under the global offering [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on February 13, 2026, at 9:00 AM [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告不會直接或間接在或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發及派發。本公告並不構成或組成於美國或任何其他司法管轄區購買或認購證券的任何要約或 招攬的一部分。發售股份並無亦將不會根據1933年美國證券法（經不時修訂）（「美國證券法」） 或美國任何州或其他司法管轄區的證券法登記，亦不得於美國境內提呈發售、出售、質押或以 其他方式轉讓，惟根據美國證券法登記規定獲得豁免或屬毋須遵守美國證券法登記規定的交易 中進行且遵守任何適用的州證券法則除外。發售股份將不會於美國公開發售。發售股份僅向(1) 可根據美國證券法登記規定豁免向合資格機構買家（定義見美國證券法第144A條）；及(2)根據 美國證券法S規例以及該等發售及銷售所在地各司法管轄區的適用法律於美國境外於境外交易 提呈發售及出售。 除本公告另有界定者外，本公告所用詞彙與瀾起科技股份有限公司（「本公 ...

Core Viewpoint - The successful IPO of 澜起科技 (Lianqi Technology) on the Hong Kong Stock Exchange marks a significant milestone for the company and its founder, 杨崇和 (Yang Chonghe), who is recognized as a leading figure in IC design. The company has achieved substantial growth driven by the increasing demand for AI and memory interconnect chips, positioning itself as a market leader with a 36.8% market share in 2024 [2][12]. Company Overview - 澜起科技 was founded in 2004 by 杨崇和, focusing initially on digital set-top box chips and memory interface chips. The company received early investment from Intel and achieved significant milestones, including the certification of DDR2 and DDR3 memory interface chips [6][7]. - The company has undergone strategic shifts, moving from consumer electronics to data center chip development, capitalizing on the opportunities presented by cloud computing and AI [7][8]. IPO Details - The IPO was priced at HKD 106.89 per share, raising a net amount of HKD 6.905 billion, with a subscription rate of 707.3 times [2][10]. - On its first trading day, 澜起科技's stock surged by 63.72%, bringing its market capitalization to over HKD 200 billion, and it further increased to HKD 178 per share the following day, exceeding HKD 240 billion in market value [2][11]. Financial Performance - 澜起科技's revenue and net profit have shown significant growth, with projected net profits for 2025 expected to reach between RMB 2.15 billion and RMB 2.35 billion, representing a year-on-year increase of 52.29% to 66.46% [13]. - The company has reported revenues of approximately RMB 36.72 billion, RMB 22.86 billion, RMB 36.39 billion, and RMB 40.58 billion for the years 2022 to 2025, respectively [13]. Market Trends - The global market for high-speed interconnect chips is projected to grow from USD 15.4 billion in 2024 to USD 49 billion by 2030, with a compound annual growth rate of 21.2% [14]. - The demand for memory interconnect chips is expected to surge due to the AI industry's growth, particularly as the industry shifts from training to inference, increasing the need for high-speed interconnect solutions [12][13].

记者丨杨坪 编辑丨巫燕玲 2026 年 2 月 9 日 ， 被 业 界 誉 为 "IC 设 计 海 归 第 一 人 " 的 科 学 家 杨 崇 和 ， 带 着 澜 起 科 技 （06809.HK）登上了港交所的上市大厅。 这是他继2013年登陆纳斯达克、2019年登陆科创板后，第三次带领企业完成IPO。 从电视机顶盒芯片起步，到做大内存接口芯片， 杨崇和一路将澜起科技推向内存互连芯片全 球第一的宝座，公司2024年市占率高达36.8%。 近年来，AI需求带动全球存储市场大爆发，澜起科技市值、业绩双突破。 在此轮港股IPO 中，澜起科技以每股106.89港元的上限定价，所得款项净额69.05亿港元，公开发售接获707.3 倍认购。 此外，澜起科技还引入了阵容强大的基石投资者，JPMIMI、UBS AM、Yunfeng Capital、 Alisoft China、华勤通讯、中邮理财等17名全球基石投资者合共认购3282.8万股，占发售总数 的49.82%。 上市首日，澜起科技大涨63.72%，公司总市值已超过2000亿港元。2月10日，澜起科技再涨 1.71%，报178港元/股，市值突破2400亿港元。 海归博 ...

2月9日，香港交易所，澜起科技（06809.HK）上市的锣声敲响。当日收盘，股价锁定在175.00 港元，较发行价暴涨63.72%，公司A+H双平台市值携手突破2100亿港元大关。这热烈的场景， 仿佛是七年前一次关键握手所激荡出的悠长回响。 澜起科技代表了中国在内存接口芯片这一高端半导体关键领域实现自主突破，并跻身全球规则制定 者行列。这为国家数字基础设施供应链注入了至关重要的安全与韧性。而如黄浦江资本这样的早期 重仓资本，成为了支撑这类硬核科技企业攻坚克难的市场化基石。产业与资本的深度融合，正是中 国加速关键领域国产替代、培育世界级创新企业的生动呈现。 从1000亿到1600亿，完整一级市场周期陪跑与二级市场持续加持 资本范本：一场跨越双城的价值长跑 ｜从上海科创到香港主板的双城记 从100亿到1000亿，价值发现与重仓布局并伴随上市 在澜起科技自纳斯达克私有化回归后，黄浦江资本便果断重仓入股，成为公司前几大重要民营战略 股东。这不是试探性的小额投资，而是基于深度产业研究后，对一家已具备全球竞争力龙头的确定 性下注。 黄浦江资本深度陪伴澜起科技于2019年作为首批硬科技企业登陆科创板。自2018年初投资打款 ...

| 所得款項 | | | --- | --- | | 所得款項總額(附註) | 2,958.6 百 萬 港 元 | | 減:按最終發售價計算的估計應付上市開支 | (159.6)百萬港元 | | 所得款項浄額 | 2,799.0 百 萬 港 元 | 中国经济网北京2月10日讯 爱芯元智半导体股份有限公司（以下简称"爱芯元智"，06809.HK）今日在港交所上市。截 至今日收盘，爱芯元智收平，报28.20港元。 爱芯元智是人工智能（「AI」）推理系统芯片（「SoC」）的供货商，专注为边缘计算与终端设备AI应用打造高性能 感知与计算平台。 根据配发结果公告，爱芯元智本次发行发售股份数目（于超额配股权获行使前）为104,915,200股股份，其中，香港公 开发售的发售股份最终数目为10,491,600股股份，国际发售的发售股份最终数目（于超额配股权获行使前）为 94,423,600股股份。 | 慣格資料 | | | --- | --- | | 最終發售價 | 28.20 港元 | | 發售價範圍 | 不適用 | | 發售價進行調整 | 不適用 | | 發售股份及股本 | | | 發售股份數目(於超額配股權獲行使前) ...

2026年2月9日，被业界誉为"IC设计海归第一人"的科学家杨崇和，带着澜起科技（06809.HK）登上了港交所的上市大厅。 这是他继2013年登陆纳斯达克、2019年登陆科创板后，第三次带领企业完成IPO。 从电视机顶盒芯片起步，到做大内存接口芯片，杨崇和一路将澜起科技推向内存互连芯片全球第一的宝座，公司2024年市占率高达36.8%。 近年来，AI需求带动全球存储市场大爆发，澜起科技市值、业绩双突破。在此轮港股IPO中，澜起科技以每股106.89港元的上限定价，所得款 项净额69.05亿港元，公开发售接获707.3倍认购。 此外，澜起科技还引入了阵容强大的基石投资者，JPMIMI、UBS AM、Yunfeng Capital、Alisoft China、华勤通讯、中邮理财等17名全球基石 投资者合共认购3282.8万股，占发售总数的49.82%。 上市首日，澜起科技开盘涨57%，截至收盘，涨幅扩大至63.72%，公司总市值已超过2000亿港元。 海归博士的三次IPO 现年68岁的杨崇和，是业内公认的"IC设计海归第一人"。 在美国俄勒冈州立大学电子工程博士毕业后，杨崇和先后在美国国家半导体、英特尔等巨头担 ...