IPO 申购指南 澜起科技（6809.HK） 建议申购 2026-1-30 星期五 【申购建议】 | 【招股详情】 | | | --- | --- | | 保荐人 | 中金公司，摩根斯坦利，瑞银集团 | | 上市日期 | 年 月 日（星期一） 2026 2 9 | | 招股价格 | 106.89 港元/股 | | 集资额 | 69.046 亿港元（扣除包销费及佣金，按中间价计算） | | 每手股数 | 100 股 | | 入场费 | 港元 10,796.8 | | 招股日期 | 2026 年 1 月 30 日-2026 年 2 月 4 日 | | 国元证券认购截止日期 | 2026 年 2 月 3 日 | | 招股总数 | 万股(可予调整及视乎超额配售权的行使情况而定) 6,589 | | 国际配售 | 5,930.1 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 658.9 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 2022 年、2023 年及 2024 年公司分别录得收入人民币 3,672.3 百万元、人民 币 2,285.7 百万元、人民币 ...

Investment Rating - The report assigns a rating of 7.1 out of 10 for the IPO, suggesting a recommendation for subscription [12] Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative and reliable interconnect solutions for cloud computing and AI infrastructure, with a significant market share in memory interconnect chips [1] - The financial performance shows a robust recovery and rapid growth, with projected revenues increasing significantly from 22.86 billion RMB in 2023 to 40.58 billion RMB in the first three quarters of 2025, reflecting a year-on-year growth of 57.8% [2] - The market for interconnect chips is expected to grow substantially, with a compound annual growth rate (CAGR) of 21.2% from 2024 to 2030, driven by advancements in memory interface technology and the adoption of advanced interconnect protocols [3] Company Overview - The company is the largest supplier of memory interconnect chips globally, holding a market share of 36.8%, and ranks second in the PCIe Retimer market [1] - The product range includes a full series of memory interface chips from DDR2 to DDR5, as well as supporting chips for DDR5 [1] Financial Performance - Revenue figures for 2022 to 2025 show a strong upward trend, with gross margins improving from 46.4% in 2022 to 61.5% in the first three quarters of 2025 [2] - The adjusted net profit margin reached 52.0% in the first three quarters of 2025, indicating strong profitability [2] Industry Outlook - The interconnect chip market is projected to grow from $15.4 billion in 2024 to $49 billion by 2030, with memory interconnect chips expected to see a CAGR of 27.4% [3] - The increasing demand for high-performance and reliable interconnect solutions is driven by the rise of AI and cloud computing [5] Competitive Advantages - The company leads in technology and standards, having developed multiple international standards for DDR5 and maintaining a strong position in SerDes technology [4] - The product portfolio is recognized by leading industry clients, with significant revenue growth from new product launches [4] Market Opportunities - The demand for high-speed interconnect chips is expected to rise due to the explosive growth of the AI industry, which aligns with the company's product offerings [5] - The global market for high-speed interconnect chips is maintaining a growth rate of over 20%, providing ample opportunity for market share expansion [5]

Investment Rating - The report recommends subscription for the company’s IPO [2][3] Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2] - It is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% [2] - The demand for high-speed interconnect chips is increasing, particularly in AI servers, which is expected to drive market expansion [2] - The global AI server shipment is forecasted to grow from 0.5 million units in 2020 to 2.0 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [2] - The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49.0 billion by 2030, with a CAGR of 21.2% [2] Financial Performance - The company recorded revenues of RMB 3,672.3 million, RMB 2,285.7 million, and RMB 3,638.9 million for the years 2022, 2023, and 2024, respectively, with corresponding gross profit margins of 46.4%, 58.9%, and 58.1% [3] - Net profits for the same years were RMB 1,299.38 million, RMB 450.91 million, and RMB 1,411.78 million [3] - The IPO price of HKD 106.89 per share represents 59% of the A-share closing price of RMB 162.18 on January 29, 2026, indicating a certain margin of safety in valuation [3]

格隆汇1月30日丨澜起科技(06809.HK)发布公告，公司拟全球发售6589万股H股，中国香港发售股份 658.9万股，国际发售股份5930.1万股(以上可予重新分配及视乎超额配股权行使与否而定)；2026年1月 30日至2月4日招股，预期定价日为2月5日；发售价将不高于每股发售股份106.89港元，H股的每手买卖 单位将为100股，中金公司、摩根士丹利及瑞银集团为联席保荐人；预期H股将于2026年2月9日开始于 联交所买卖。 公司估计将自全球发售收取所得款项净额约69.046亿港元，当中假设超额配股权并无获行使及发售价为 每股发售股份106.89港元。根据公司的战略，公司计划将所得款项净额用于下列用途，但可因业务需求 的不断演变及市况的变化而调整：约70.0%将在未来五年内用于投资互连类芯片领域的研发，提升公司 的全球领先地位，把握云计算和AI基础设施领域的机遇；约5.0%将用于提高公司的商业化能力；约 15.0%将用于战略投资及╱或收购，以实现公司的长期增长策略；及约10.0%将用于营运资金及一般公 司用途。 公司是一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基础设施提供创新、可靠且 高 ...

招股书显示，澜起科技是一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基础设施 提供创新、可靠且高能效的互连解决方案。 智通财经APP获悉，据港交所1月26日披露，澜起科技股份有限公司(简称：澜起科技，688008.SH)通过 港交所主板上市聆讯，中金、摩根士丹利及瑞银为其联席保荐人。根据弗若斯特沙利文的资料，按收入 计算，公司于2024年位居全球最大的内存互连芯片供应商，市场份额达36.8%。 凭借公司在互连解决方案方面的技术专长及专业知识，澜起科技亦自研了高速SerDes串行接口等创新技 术，并扩展到PCIe及CXL高速互连领域，这些技术均遵循PCI-SIG及CXL联盟制定的标准及规范。公司 的产品基于开放的行业标准而开发。根据弗若斯特沙利文的资料，公司是全球两大PCIe Retimer提供商 之一，也是首家推出CXL MXC芯片的公司。公司拟通过开发及扩展以太网及光互连的创新解决方案来 增强公司的产品组合，进一步拓宽公司的技术能力。 财务方面，于2022年度、2023年度、2024年度、2025年截至9月30日止九个月，公司分别录得收入36.72 亿元(人民币，下同)、22.86亿元、36. ...

据港交所1月26日披露，澜起科技股份有限公司(简称：澜起科技，688008.SH)通过港交所主板上市聆 讯，中金、摩根士丹利及瑞银为其联席保荐人。根据弗若斯特沙利文的资料，按收入计算，公司于2024 年位居全球最大的内存互连芯片供应商，市场份额达36.8%。 招股书显示，澜起科技是一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基础设施 提供创新、可靠且高能效的互连解决方案。 公司向行业领先的客户提供互连类芯片，包括内存互连芯片及PCIe(Peripheral Component Interconnect Express)/CXL(Compute Express Link)互连芯片，应用场景涵盖包括数据中心、服务器及计算机在内的广 泛终端领域。 澜起科技提供全系列DDR2至DDR5(第二代至第五代双倍数据速率技术)内存接口芯片以及DDR5配套芯 片，包括SPD(串行检测集线器)、TS(温度传感器)及PMIC(电源管理集成电路)芯片。公司的DDR5内存 接口芯片是服务器中CPU与DRAM模块之间的关键互连组件，可实现高速数据的稳定传输。公司新推出 的互连类芯片(包括MRCD/MDB、CKD(时钟驱动 ...

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].

Group 1 - The company, Lattice Semiconductor Corporation, submitted its Hong Kong IPO application on July 11, 2025, which will expire on January 12, 2026, with CICC, Morgan Stanley, and UBS as joint sponsors [2] - The company is a global leader in fabless integrated circuit design, focusing on innovative, reliable, and high-performance interconnect solutions for cloud computing and AI infrastructure [3] - The company provides interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, with applications across a wide range of end-user fields, including data centers, servers, and computers [3] Group 2 - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% based on revenue [3]

Group 1 - The company, 澜起科技股份有限公司 (Lanqi Technology), submitted its Hong Kong IPO prospectus on July 11, 2025, which will expire on January 12, 2026, with CICC, Morgan Stanley, and UBS as joint sponsors [1] - The company is a global leader in the fabless integrated circuit design sector, focusing on innovative, reliable, and high-performance interconnect solutions for cloud computing and AI infrastructure [2] - It provides interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, with applications across a wide range of end-user fields such as data centers, servers, and computers [2] Group 2 - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% based on revenue [2]