Chinese chip designer Montage Technology Co is seeking to raise as much as HK$7 billion ($902 million) from its Hong Kong listing, adding to what has been the busiest start to the year ever for maiden share sales in the Asian financial hub.

The Shanghai-based company is offering about 65.9 million shares at up to HK$106.89 apiece, according to a listing document dated Friday. That reflects a discount of at least 41 percent to the company’s last closing price of 162.18 yuan in Shanghai, where its shares have already been traded.

Founded in 2004, Montage designs chips that help speed data flows within data centers and AI accelerators. The company said it would use proceeds from the offering for hiring, investments and acquisitions. It expects its shares to begin trading in Hong Kong on Feb 9.

Cornerstone investors — which get guaranteed allocation in the deal in exchange for holding the stock for at least six months — have agreed to buy $450 million worth of Montage shares. They include J.P. Morgan Investment Management Inc, UBS Asset Management AG, technology giant Alibaba Group Holding Ltd, Scotland-based asset manager Aberdeen Group Plc and South Korea’s Mirae Asset Securities Co, confirming an earlier Bloomberg News report.

The company’s shares have more than doubled over the past year in Shanghai, giving it a valuation of about $27 billion. Montage recently reported net income of 2.15 billion yuan to 2.35 billion yuan for 2025. The metric could rise to 3.3 billion yuan in 2026, according to analysts polled by Bloomberg.

Montage would be adding to what has been a record January for listings in Hong Kong, largely fueled by Chinese firms tied to AI tapping the market against the backdrop of the technological race between Beijing and Washington.

Listings in the Chinese territory have raised $5 billion this month alone, according to data compiled by Bloomberg.

Also on Friday, chipmaker Axera Semiconductor Co said it was seeking to raise HK$2.96 billion from its Hong Kong initial public offering to list shares on Feb 10.

The company is taking orders from retail investors from Friday and institutional investors from next Monday, according to terms of the deal seen by Bloomberg News.

China International Capital Corp, Morgan Stanley and UBS Group AG are joint sponsors of Montage’s listing. CICC, Guotai Junan International Holdings Ltd and BOCOM International Holdings Co are arranging Axera’s IPO.