Group 1 - The company, Lianqi Technology (06809), plans to conduct a global offering of 65.89 million shares from January 30 to February 4, 2026, with a maximum offer price of HKD 106.89 per share [1] - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and energy-efficient interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally in 2024, holding a market share of 36.8% by revenue [1] Group 2 - The company offers a full range of memory interface chips from DDR2 to DDR5, including supporting chips like SPD, TS, and PMIC, which are critical for stable data transmission between CPUs and DRAM modules in servers [2] - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips including memory interface chips, PCIe/CXL interconnect chips, and clock chips [2] Group 3 - The company has secured cornerstone investments totaling USD 450 million from various investors, including JPMIMI and UBS AM, under specific conditions [3] - The estimated net proceeds from the global offering are approximately HKD 6.905 billion, assuming no exercise of the over-allotment option and a share price of HKD 106.89 [3] - About 70% of the proceeds will be allocated to R&D in the interconnect chip sector over the next five years, while 5% will enhance commercialization capabilities, 15% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - The company, 澜起科技, is set to launch an initial public offering (IPO) from January 30 to February 4, 2026, aiming to raise approximately 6.589 million shares globally, with a maximum price of HKD 106.89 per share, focusing on interconnect solutions for cloud computing and AI infrastructure [1]. Group 1: Company Overview - 澜起科技 is a leading fabless integrated circuit design company specializing in innovative and reliable interconnect solutions for cloud computing and AI infrastructure [1]. - The company provides interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, applicable in data centers, servers, and computers [1]. - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally by 2024, holding a market share of 36.8% [1]. Group 2: Product Lines - The company offers a full range of DDR2 to DDR5 memory interface chips and supporting chips, including SPD, temperature sensors, and power management integrated circuits [2]. - The DDR5 memory interface chips are critical components for stable data transmission between CPUs and DRAM modules in servers [2]. - New interconnect chips, such as MRCD/MDB, clock drivers, PCIe Retimer, and CXL MXC, aim to enhance data transmission reliability and efficiency in AI servers and personal computers [2]. Group 3: Fundraising and Use of Proceeds - The company has secured cornerstone investments totaling USD 450 million from various investors, including JPMIMI and UBS AM, under specific conditions [3]. - After deducting underwriting commissions and estimated expenses, the net proceeds from the global offering are estimated to be approximately HKD 6.905 billion, assuming no exercise of the over-allotment option [3]. - Approximately 70% of the proceeds will be allocated to R&D in the interconnect chip sector over the next five years, 5% to enhance commercialization capabilities, 15% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [3].

每经AI快讯，1月30日，澜起科技在港交所公告，在港上市拟发行65,890,000股H股（视乎超额配股权行 使与否而定），定价不超106.89港元/股。预期H股将在2月9日开始交易。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, 澜起科技 (Lianqi Technology), plans to globally offer 65.89 million H-shares, with a portion allocated for Hong Kong and international sales [1] Group 1: Offering Details - The company intends to issue 6.589 million shares in Hong Kong and 59.301 million shares internationally, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is set from January 30, 2026, to February 4, 2026, with the expected pricing date on February 5, 2026 [1] - The maximum offer price is set at HKD 106.89 per share, with a trading unit of 100 shares for H-shares [1] Group 2: Underwriters and Trading - The joint sponsors for the offering include China International Capital Corporation (CICC), Morgan Stanley, and UBS Group [1] - H-shares are expected to commence trading on the Hong Kong Stock Exchange on February 9, 2026 [1]

瀾起科技股份有限公司 Montage Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 6809 全球發售 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文首字母排序） 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本招股章程的內容有任何疑問，應尋求獨立專業意見。 Montage Technology Co., Ltd. 瀾起科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 （按英文首字母排序） 整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本招股章程連同本招股章程附錄六「送呈香港公司註冊處處長及展示文 ...

澜起科技申请香港IPO。 ...

Core Viewpoint - 澜起科技 is preparing for an H-share IPO amid a surge of semiconductor companies entering the Hong Kong market, with significant growth in revenue and profit projected for 2025, driven by strong sales of memory interface chips and modules [1][3]. Financial Performance - As of January 28, 2026, 澜起科技's market capitalization reached 198.6 billion yuan [1]. - Revenue from 2022 to the first three quarters of 2025 was 3.672 billion yuan, 2.286 billion yuan, 3.639 billion yuan, and 4.058 billion yuan, respectively [1]. - Net profit attributable to shareholders for the same periods was 1.299 billion yuan, 0.451 billion yuan, 1.412 billion yuan, and 1.630 billion yuan [1]. - The company expects a net profit of 2.150 billion to 2.350 billion yuan for 2025, representing a year-on-year growth of 52.29% to 66.46% [1]. Business Segments - The interconnect chip business accounted for over 94% of total revenue in the first three quarters of 2025, generating 3.832 billion yuan [1]. - Gross margin improved from 58.7% in 2022 to 64.8% in the first three quarters of 2025 [1]. Market Trends - The server memory module market is transitioning to DDR5, with penetration expected to rise from 50% in 2024 to 85% in 2025, providing growth opportunities for 澜起科技 [3]. - The demand for memory modules is anticipated to increase due to trends in the AI industry, positively impacting the sales of interconnect chips [3]. Market Position - 澜起科技 holds a 36.8% market share in the memory interconnect chip market, leading the sector [3]. - In the emerging PCIe Retimer chip market, 澜起科技 ranks second with a 10.9% global market share [3]. Inventory and Risks - The company's inventory increased significantly, from 350 million yuan at the end of 2024 to 795 million yuan by the end of September 2025 [4]. - The rise in raw material costs and the need for inventory impairment provisions indicate potential risks associated with inventory management [4]. Customer Dependency - 澜起科技's revenue is heavily reliant on a few major clients, with the top five customers contributing 84.2% to 76.8% of total revenue from 2022 to 2025 [5]. - The largest customer accounted for 25.6% to 28.1% of total revenue during the same period, highlighting the risks of customer concentration [5]. Financial Health - As of the end of Q3 2025, 澜起科技 had a low debt ratio of 10.87% and held 8.9 billion yuan in cash [6]. - The company has consistently generated positive operating cash flow, with 1.691 billion yuan in Q3 2025 [6]. Strategic Outlook - 澜起科技 aims to attract international talent and enhance its global presence through the Hong Kong listing [6]. - The company is navigating the cyclical nature of the semiconductor industry and focusing on inventory management and customer diversification to ensure long-term stability [7].

责任编辑：小浪快报 进一步统计，近3个月内该股累计发生22笔大宗交易，合计成交金额为1.7亿元。该股近5个交易日累计 下跌3.41%，主力资金合计净流出12.65亿元。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 1月29日，澜起科技收跌6.40%，收盘价为162.18元，发生1笔大宗交易，合计成交量6.17万股，成交金 额1000.65万元。 第1笔成交价格为162.18元，成交6.17万股，成交金额1,000.65万元，溢价率为0.00%，买方营业部为广 发证券股份有限公司广州花城大道证券营业部，卖方营业部为广发证券股份有限公司广州花城大道证券 营业部。 ...

1月29日，澜起科技大宗交易成交6.17万股，成交额1000.65万元，占当日总成交额的0.1%，成交价 162.18元，较市场收盘价162.18元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 026-01-29 | 湖起科技 | 688008 | 162.18 6.17 | 1000.65 | 公營管證據與契 | 金尊居福建集团 | KO | ...

Core Insights - The number of active Agents is projected to surge from 28.6 million in 2025 to 2.216 billion by 2030, with a compound annual growth rate (CAGR) of 139% [1] - The total number of tasks executed annually is expected to explode from 44 billion in 2025 to 415 trillion by 2030, reflecting a CAGR of 524% [1] - The estimated annual Token consumption will increase dramatically from 0.0005 P in 2025 to 152,667 P by 2030, indicating a staggering CAGR of 3,418% [1] Group 1: Agent Development Trends - The trend is shifting from single LLMs to Agents, significantly boosting the demand for parallel processing [1] - Domestic and international models are accelerating Agent development, with notable advancements such as Kimi's new open-source model K2.5 and Anthropic's Claude in Excel plugin [1][2] - Agents enhance single LLMs by incorporating decision orchestration, enabling them to autonomously plan tasks and utilize external tools, thus addressing limitations in context awareness and real-time information retrieval [2] Group 2: Multi-Agent Systems (MAS) - Multi-Agent Systems are emerging as a new form of Agents, exemplified by Kimi K2.5, which can manage 100 sub-agents and execute 1,500 tool calls in parallel, reducing execution time by up to 4.5 times compared to single agents [2] Group 3: CPU as a Critical Support - CPUs are crucial for Agent performance, affecting latency, throughput, and power consumption, with CPU processing accounting for up to 90.6% of total latency [3] - In Agent operations, CPUs handle tasks that GPUs cannot, such as executing external tools and system-level task orchestration, thus becoming essential for efficient resource allocation [3] Group 4: Investment Recommendations - As the demand for Agents grows, CPUs are expected to become a key performance bottleneck, leading to increased demand for core supply chain companies such as Haiguang Information, Longxin Zhongke, Guanghe Technology, Tongfu Microelectronics, and Lanke Technology [4]