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6809 IPO | Lanqi Technology’s Share Offering: Subscription Amount per Lot: HK$10,796.8
Lanqi Technology launched its IPO from January 30 to February 4, 2026, issuing approximately 65.89 million shares, with an expected listing date of February 9 at HK$10,796.8 per lot. The company is the world’s largest supplier of memory interconnect chips, holding a 36.8% market share in 2024 and generating revenue of RMB 3.639 billion. It has secured subscriptions totaling approximately HK$3.5 billion from cornerstone investors including JPMIMI, UBS AM, and Alibaba. The company is expected to raise HK$6.9 billion, with 70% allocated to R&D on interconnect chips to capitalize on opportunities in AI and cloud computing infrastructure. Currently, subscribing to new shares through Futu offers zero interest, zero fees, and zero cash subscription charges!
$MONTAGE TECH(06809.HK)$A public announcement has been made that the company will launch its share offering from January 30 to February 4, planning to issue approximately 65.89 million shares globally. The IPO is expected to list on February 9, 2026, with a minimum subscription amount of HK$10,796.8 per lot.
Overview of Lanqi Technology Co., Ltd.
Lanqi Technology is a globally leading fabless integrated circuit design company dedicated to providing innovative, reliable, and energy‑efficient interconnect solutions for cloud computing and AI infrastructure. The company is committed to addressing the challenges of data exchange and transmission, making data interconnection and interoperability more efficient and dependable. By aligning this strategic goal with sustained, substantial R&D investment, Lanqi Technology has been able to establish and maintain its market leadership in memory interface chips for DDR4, DDR5, and future generations. The company is now expanding its expertise into PCIe/CXL interconnects and next‑generation interconnect chip technologies, further solidifying its position as an industry leader.
Leveraging more than two decades of specialized expertise and a steadfast commitment to solving data transmission and interconnect challenges, according to Frost & Sullivan data, Lanqi Technology has become the world’s largest supplier of memory interconnect chips, capturing a 36.8% market share in 2024 based on revenue. The company’s DDR memory interface chips and supporting components are designed to deliver optimal performance, bandwidth, and reliability, accelerating data transfer speeds while ensuring consistent performance for enterprise and cloud servers. In the field of memory interconnect, the company has secured a critical first-mover advantage by developing and leading industry standards.
Leveraging the company’s technical expertise and industry knowledge in interconnect solutions, it has also independently developed innovative technologies such as high‑speed SerDes serial interfaces and expanded into the fields of PCIe and CXL high‑speed interconnects—technologies all compliant with the standards and specifications established by the PCI-SIG and CXL Consortium. According to data from Frost & Sullivan, RISE Technology is one of the world’s two leading PCIe Retimer providers and the first company to launch CXLMXC chips.
Lanqi Technology Financial Overview
In 2022, 2023, and 2024, Ralink Technology recorded revenues of RMB 3,672.3 million, RMB 2,285.7 million, and RMB 3,638.9 million, respectively. During the same period, the company’s gross profits were RMB 1,705.5 million, RMB 1,346.5 million, and RMB 2,115.3 million, respectively. Correspondingly, the company’s annual/period profits were RMB 1,299.4 million, RMB 451.1 million, and RMB 1,340.7 million, respectively.
Industry Overview
High‑speed interconnect chips are essential components that enable data centers, servers, and computers to achieve high‑speed data exchange, primarily addressing the bottlenecks in various data transmission scenarios amid the ongoing evolution and upgrades of intelligent computing systems. These chips are compatible with multiple standardized communication protocols and, through signal processing and architectural optimization, ensure efficient and reliable data transfer across different systems.
Memory interconnect chips are the core components that enable high‑speed data transmission and reliable memory access. Traditional product portfolios include memory interface chips (RCD/DB) and companion chips for memory modules (SPD, TS, PMIC). With the advancement of AI and big data applications and the evolution of related technologies, memory interconnect chips have given rise to new product categories tailored to emerging computing power requirements, including high‑bandwidth memory interface chips (MRCD/MDB) for server memory modules and clock driver chips (CKD) for PC memory modules.
From 2020 to 2024, global memory module shipments increased from 158.2 million units to 170.4 million units; by 2030, they are expected to surge to 306.6 million units, with a compound annual growth rate of approximately 10.8% between 2025 and 2030, indicating strong growth momentum. From a market structure perspective, server memory modules are rapidly transitioning to the DDR5 generation: DDR5 began penetrating downstream applications in 2021, and by 2024 its penetration rate had exceeded 50%, with projections indicating it will surpass 85% in 2025. Meanwhile, DDR6 memory modules are poised to achieve commercial deployment around 2029, injecting new growth impetus into the market.
Lanqi Technology’s cornerstone investor
The cornerstone investors have agreed, subject to certain conditions, to subscribe for, or to procure their designated entities to subscribe for, a total of approximately US$450 million (or roughly HK$3.509 billion) worth of the relevant number of offer shares at the offer price. Assuming an offer price of HK$106.89 per H share—i.e., the indicative maximum offer price set out in this prospectus—the total number of offer shares to be subscribed by the cornerstone investors will be 32.828 million shares. The cornerstone investors include JPMIMI, UBS AM, Yunfeng Capital, Alisoft China, Aspex, Janchor Fund, abrdn Asia, and others.
JPMIMI is a wholly owned subsidiary of the investment management firm JPMorgan Asset Management Holdings Inc., which is ultimately owned by…$JPMorgan(JPM.US)$Wholly owned.
UBS AM is a wholly owned subsidiary of UBS Asset Management AG, which is an investment management company, by…$UBS Group(UBS.US)$Wholly owned, UBS Group is a company incorporated under Swiss law and has issued common shares to investors.
Alisoft China is a limited company incorporated and registered in Hong Kong, and is…$BABA-W(09988.HK)$an indirect wholly owned subsidiary. Alisoft China is the holding company for several Chinese subsidiaries of Alibaba Group, primarily engaged in cloud computing operations.
Lanqi Technology’s Use of Funds
In terms of the use of proceeds, Lanqi Technology expects to receive net proceeds of approximately HK$6.905 billion from the global offering (assuming the over-allotment option is not exercised and based on the maximum offer price of HK$106.89). According to the prospectus, Lanqi Technology plans to allocate the funds raised from the global offering to the following purposes:
Approximately 70% will be allocated to R&D in the interconnect chip sector over the next five years, aiming to strengthen the company’s global leadership and capitalize on opportunities in cloud computing and AI infrastructure; roughly 5% will be used to enhance the company’s commercialization capabilities; around 15% will be earmarked for strategic investments and/or acquisitions to support the company’s long‑term growth strategy; and approximately 10% will be reserved for working capital and general corporate purposes.
Read more:Lanqi Technology Prospectus
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