香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集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。 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 表示同意： 本公司文件根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依 據呈交香港公司註冊處處長註冊的本公司文件作出投資決定；有關文本將於發售期內向公眾刊發。 Montage Technology Co., Ltd. 瀾起科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） (a) 本文件僅為 ...

Core Viewpoint - The demand for high-speed data transmission in data centers is experiencing exponential growth due to the AI model revolution, positioning interconnect chips as a critical sector in the technology industry [1]. Group 1: Company Overview - Lanqi Technology, a leading global memory interconnect chip company, is set to raise funds through its listing on the Hong Kong Stock Exchange to enhance R&D and commercialization efforts [1]. - The company has a strong market presence, holding a significant share in the global interconnect chip market, particularly in memory interconnect and PCIe/CXL segments [2][7]. Group 2: Competitive Advantages - Lanqi Technology has established a dual barrier of "R&D innovation + standard-setting" as its core competitive advantage, with a total of 208 patents and significant R&D investments amounting to 2.54 billion RMB from 2022 to 2024 [2][5]. - The company is one of the few suppliers offering a full range of memory interface chips from DDR2 to DDR5, with its DDR4 architecture adopted as an international standard by JEDEC [3]. Group 3: Market Position - In the memory interconnect chip market, Lanqi Technology is projected to hold a 36.8% market share in 2024, ranking first globally alongside Renesas and Rambus [7]. - The company is rapidly gaining traction in the PCIe Retimer segment, expected to achieve a 10.9% market share in 2024, ranking second globally [7]. Group 4: Financial Performance - The company's revenue is expected to grow significantly, with a forecasted increase from 3.67 billion RMB in 2022 to 4.06 billion RMB in 2025, reflecting a 57.8% year-on-year growth in the first three quarters of 2025 [9][10]. - The gross profit margin has been steadily increasing, reaching 61.5% in the first three quarters of 2025, with interconnect chips achieving a gross margin of 64.8% [10]. Group 5: Industry Growth Potential - The global high-speed interconnect chip market is anticipated to grow from $15.4 billion in 2024 to $49 billion by 2030, with a CAGR of 21.2%, driven by the increasing demand for AI servers and data center upgrades [12]. - Lanqi Technology's strategic focus on Ethernet and optical interconnects is expected to open new market opportunities, covering a wide range of interconnect needs from memory to system-level solutions [12]. Group 6: Future Strategies - The company plans to allocate the net proceeds from its Hong Kong listing towards R&D in advanced interconnect technologies, commercial expansion, and strategic investments [14]. - With a strong financial foundation, including cash reserves of 8.77 billion RMB and a low debt ratio of 10.9%, the company is well-positioned to capitalize on growth opportunities in the AI infrastructure sector [14].

Core Viewpoint - The demand for high-speed data transmission in data centers is experiencing exponential growth due to the AI model revolution, positioning interconnect chips as a critical sector in the technology industry [1]. Group 1: Company Overview - Lanqi Technology, a leading global memory interconnect chip company, is set to raise funds through its listing on the Hong Kong Stock Exchange to enhance R&D and commercialization efforts [1]. - The company has a strong market presence, holding a significant share in the global interconnect chip market, particularly in memory interconnect and PCIe/CXL segments [2][7]. Group 2: Technological Leadership and Standards - Lanqi Technology has established a dual barrier of "R&D innovation + standard-setting" as its core competitive advantage, with a total of 208 patents and significant R&D investments [2][5]. - The company is one of the few suppliers offering a full range of memory interface chips from DDR2 to DDR5, with its DDR4 architecture adopted as an international standard [3]. Group 3: Market Position and Financial Performance - In the memory interconnect chip market, Lanqi Technology is projected to hold a 36.8% market share in 2024, leading the market alongside Renesas and Rambus [7]. - The company's revenue is expected to grow significantly, with a forecasted increase from 36.72 billion RMB in 2022 to 40.58 billion RMB in the first three quarters of 2025, reflecting a 57.8% year-on-year growth [9][10]. Group 4: Future Growth and Investment Strategy - The global high-speed interconnect chip market is anticipated to grow from $15.4 billion to $49 billion between 2024 and 2030, with Lanqi Technology aiming to capitalize on this growth through strategic investments in R&D and market expansion [12][13]. - The company plans to focus its fundraising on advancing core technologies, expanding its global customer network, and strengthening ecosystem collaboration [13].

Core Viewpoint - The company, Lanke Technology Co., Ltd. (澜起科技), is a leading global fabless integrated circuit design firm focused on providing innovative and efficient interconnect solutions for cloud computing and AI infrastructure, with a significant market share in memory interconnect chips [3][4]. Company Overview - Lanke Technology specializes in interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, serving major clients in data centers, servers, and computers [3]. - The company is projected to be the largest supplier of memory interconnect chips globally in 2024, holding a market share of 36.8% according to Frost & Sullivan [3]. Product Lines - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips being critical for cloud computing and AI infrastructure [4]. - The interconnect chip offerings include a full range of DDR2 to DDR5 memory interface chips and supporting chips like SPD, TS, and PMIC, which are essential for stable data transmission in servers [3][4]. Market Growth - The global high-speed interconnect chip market is expected to grow from $15.4 billion in 2024 to $49 billion by 2030, with a compound annual growth rate (CAGR) of 21.2% [4]. - The memory interconnect chip market is projected to increase from $1.2 billion in 2024 to $5 billion by 2030, with a CAGR of 27.4%, while the PCIe and CXL interconnect chip market is expected to grow from $2.3 billion to $9.5 billion in the same period, with a CAGR of 26.7% [5]. Financial Performance - The company's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the nine months ending September 30, 2025, are approximately RMB 3.67 billion, RMB 2.29 billion, RMB 3.64 billion, and RMB 4.06 billion respectively [5][6]. - The net profit for the same periods is approximately RMB 1.30 billion, RMB 0.45 billion, RMB 1.34 billion, and RMB 1.58 billion respectively [5][6].

Core Viewpoint - The company, Wantong Development, is planning to invest a total of 854 million yuan to acquire a 62.98% stake in Beijing Shudu Information Technology Co., Ltd., making it a subsidiary after the investment is completed [1] Group 1: Investment Details - The investment will be executed through capital increase and equity transfer [1] - The total investment amount is 854 million yuan [1] Group 2: Company Profile - Shudu Technology specializes in high-speed interconnect chip design and development, as well as providing ASIC chip customization services [1] - The core product of Shudu Technology is the PCIe high-speed switching chip [1] Group 3: Product Development - Shudu Technology has developed a PCIe switching chip that supports the PCIe 5.0 protocol [1] - The product is currently in the customer introduction phase [1]