Core Viewpoint - The successful IPO of Lanqi Technology on the Hong Kong Stock Exchange marks a significant milestone for the company and its founder, Yang Chonghe, who is recognized as a leading figure in IC design. The company has achieved a dominant position in the memory interconnect chip market, driven by the growing demand for AI and data center technologies [1][5][10]. Company Overview - Yang Chonghe, known as the "first returnee in IC design," has led Lanqi Technology through three IPOs, including its recent listing on the Hong Kong Stock Exchange [1][3]. - Lanqi Technology started with set-top box chips and has grown to dominate the memory interconnect chip market, achieving a market share of 36.8% in 2024 [1][6]. 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 [1][8]. - The company attracted significant cornerstone investors, including JPMIMI, UBS AM, and others, who collectively subscribed to 32.828 million shares, accounting for 49.82% of the total offering [1][8]. Market Performance - On its first trading day, Lanqi Technology's stock surged by 63.72%, closing at HKD 175.00 per share, resulting in a market capitalization exceeding HKD 212.155 billion [1][9]. - The company's A-share performance has also been strong, with a 74.61% increase in 2025 and a further 47.24% rise in early 2026 [10]. Financial Performance - Lanqi Technology'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% [10]. - The company anticipates a substantial increase in demand for its interconnect chips due to the AI industry's growth, particularly as the focus shifts from training to inference [10]. Industry Outlook - The global high-speed interconnect chip market 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% [11].