Chinese chip firms line up for Hong Kong listings in coming weeks

[HONG KONG] At least six Chinese companies related to artificial intelligence are set to go public in Hong Kong in the coming weeks, people familiar with the matter said, building on the strong recent listings on the mainland.

Among them are Shanghai-traded chip firms Montage Technology and GigaDevice Semiconductor, each aiming to raise as much as US$1 billion in listings as early as January, said the people who requested anonymity discussing private matters.

AI chipmaker Shanghai Biren Technology is also slated to start gauging investor interest in the coming days for an initial public offering worth around US$600 million, the people said.

Deliberations are ongoing, with the size and timing of the deals still subject to change, the people added.

Montage and Biren declined to comment. GigaDevice did not immediately respond to a request for comment.

The flurry of share sales in Hong Kong will follow the blockbuster trading debuts of industry peers MetaX Integrated Circuits Shanghai and Moore Threads Technology in Shanghai, as investors bet on national champions that may one day rival global leader Nvidia.

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Asean Intelligence

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The enthusiasm for new stocks, however, contrasts with a weaker secondary market where Chinese tech shares have failed to extend momentum since a rally peaked in October.

Shanghai-listed chip designer OmniVision Integrated Circuits Group is also gauging investor interest this week for a Hong Kong offering worth as much as US$1 billion, Bloomberg News reported.

AI startups MiniMax and Zhipu, both backed by Alibaba Group Holding, Tencent Holdings and others, are aiming to complete their IPOs as soon as January. BLOOMBERG