Montage Technology Co has overtaken Contemporary Amperex Technology Co Ltd as the most expensive dual-listed stock in the Hong Kong Special Administrative Region relative to its Chinese mainland shares, propelled by surging demand for AI chips.

Chipmaker Montage jumped 17 percent in Hong Kong on Wednesday, pushing its shares to a 40 percent premium over its Shanghai-listed stock, the widest gap among companies trading in both markets. Since its Hong Kong SAR debut in February, Montage’s mainland stock has risen 22 percent 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 Inc is close behind with a premium of about 35 percent, as expectations for sustained spending on computing capacity fuel fresh inflows into memory-related stocks.

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