Shanghai, Feb 8, 2026, 09:41 CST — The market is shut.
- Montage’s Class A shares in Shanghai slipped for the week, just before the company’s planned Hong Kong listing.
- Filings showed the company landed its Hong Kong offer price right at the upper limit of its stated range.
- Cross-market pricing signals are drawing investor attention ahead of the Feb. 9 listing.
Montage Technology Co., Ltd. ended Friday’s session in Shanghai with its Class A shares slipping 2.74% to 163.54 yuan, notching a third straight drop, while focus turned toward the company’s Hong Kong listing. 1
This Hong Kong listing brings a second price to a stock that’s already surged in Shanghai this year, and the investor mix looks sharply divided. When trading picks up again onshore, volatility could easily ripple back into those shares.
This is an early check on appetite for Chinese semiconductor stocks beyond the mainland, where retail flows often steer prices. How Hong Kong trades in the opening hours may end up steering sentiment for the rest of the week in Shanghai.
Montage, in a filing to the Shanghai Stock Exchange, locked in the final offer price for its H-share listing in Hong Kong at HK$106.89 each.
The allotment results are in: 65.89 million H shares sold, raising roughly HK$7.04 billion before expenses, with net proceeds landing around HK$6.90 billion. Demand ran hot—Hong Kong’s public tranche drew subscriptions at 707.3 times the available shares, while the international tranche was covered 37.67 times. According to the filing, cornerstone investors snapped up about half of the offer. 2
Montage shares in Hong Kong’s grey market were last quoted at about HK$152.5 on Friday, according to PhillipMart data from AAStocks—that’s a jump of roughly 43% over the offer price. 3
Montage develops integrated circuits that handle data inside servers and data centres—segments investors increasingly link to AI-driven infrastructure demand. 4
With Class A shares, traders are eyeing whether Hong Kong activity drags the valuation toward onshore levels—or just creates fresh volatility. Liquidity is another point of interest; a second listing has the potential to shift the stock’s holder base and speed up capital flows.
Grey-market prices? They don’t always stick around after the official open—fast money often unravels those levels, and retail appetite is tough to nail down. If chip stocks backpedal broadly, forget deal cues; A shares end up mirroring sector mood more than anything tied to the listing itself.
Montage’s Hong Kong-listed shares are set to begin trading on Feb. 9, the next key event on the calendar, the HKEX’s latest schedule for newly listed securities shows. 5
