Shares of Montage Technology Co jumped 57 percent in their Hong Kong debut on Monday after a share sale that raised $902 million.

The chip designer’s stock traded at HK$168 after a share sale that was priced at HK$106.89, the top of the offered range. The company sold 65.9 million shares at that price on Thursday, a 44 percent discount to the Shanghai-listed stock that closed at 170.90 yuan the previous day.

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The Shanghai-based company is joining a wave of Chinese mainland artificial intelligence firms tapping the market, including January debuts by GigaDevice Semiconductor Inc and OmniVision Integrated Circuits Group Inc. Montage’s first-day performance is a test of resilience for mainland AI-related stocks after record debut pops last year.

 “We maintain our positive view on Montage as a rare opportunity among China semiconductor names to gain exposure to the global data center expansion,” Citigroup Inc analysts led by Kevin Chen wrote in a note earlier this month, citing their view on Montage’s Shanghai-listed shares.

Montage designs chips that help speed data flows within data centers and AI accelerators. It was the largest global memory interconnect chip supplier in 2024, with more than one third of market share by revenue, according to a listing document filed with the Hong Kong stock exchange, citing US consultancy Frost & Sullivan.

READ MORE: Chinese chip designer Montage seeks up to $902m in HK listing

The company’s shares have more than doubled over the past year in Shanghai, giving it a valuation of about $29 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.

China International Capital Corp, Morgan Stanley and UBS Group AG are joint sponsors of Montage’s listing.