Montage tops CATL as priciest dual-listed stock after chip rally

[HONG KONG] Montage Technology has overtaken Contemporary Amperex Technology (CATL) as the most expensive dual-listed stock in Hong Kong relative to its mainland shares, propelled by surging demand for AI chips.

Chipmaker Montage jumped 17 per cent in Hong Kong on Wednesday (May 6), pushing its shares to a 40 per cent premium over its Shanghai-listed stock, the widest gap among companies trading in both markets. Since its Hong Kong debut in February, Montage’s mainland stock has risen 22 per cent while H-shares have tripled after initially listing at a discount.

The gap underscores how strong demand is from global investors seeking semiconductor exposure in the region. Peer Gigadevice Semiconductor is close behind with a premium of about 35 per cent, as expectations for sustained spending on computing capacity fuel fresh inflows into memory-related stocks.

In contrast, CATL’s long-standing lead has faded, with its premium narrowing to 26 per cent after a US$5 billion share sale boosted supply. The gap climbed to 49 per cent in March, supported by strong earnings and optimism about energy storage demand. CATL had held the top spot for months. BLOOMBERG