Montage is said to hire banks for US$1 billion Hong Kong listing
[HONG KONG] Chinese chip designer Montage Technology has hired banks for its planned Hong Kong listing that could raise about US$1 billion, according to sources familiar with the matter.
The Shanghai-listed company is working with China International Capital Corporation (CICC), Morgan Stanley and UBS Group on the potential share sale, the sources said, asking not to be identified because the information is not public.
Montage Technology said on Friday (Jun 20) that it was planning a Hong Kong listing, without providing further details.
Deliberations are ongoing and plans may change, the sources said.
A representative for UBS declined to comment. CICC, Morgan Stanley and Montage Technology did not immediately respond to requests seeking comment.
Montage Technology listed on Shanghai's Nasdaq-style Star Board in 2019 and has a market capitalisation of about 93 billion yuan (S$16.7 billion).
The US has been trying to curb Beijing's ambitions to build a domestic semiconductor industry, initially cutting China off from equipment used to make the most advanced electronic components and gradually broadening the rules.
Chinese companies listed on mainland stock markets have been flocking to sell shares in Hong Kong as regulators give such deals their blessing and onshore fundraising remains constrained. The listings form the bulk of Hong Kong's pipeline of first-time share sales and have been a key driver of the resurgence in activity seen in the financial hub. BLOOMBERG
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"Together, Defendants have established an industry for flavored e-cigarettes, particularly disposable vapes, and staked out their own lucrative shares in the soaring market," the complaint states. "All have engaged in reprehensible, illegal conduct and aim to addict youth to their products." Mitch Zeller, former head of the FDA's Center for Tobacco Products during the Obama, Trump and Biden administrations, placed the blame on U.S.-based distributors, such as those named in James' lawsuit, for feeding demand. "There's only a handful of middlemen, middle companies, that are responsible for taking the illegal, imported stuff being misclassified and mislabeled and getting it into interstate commerce," he said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
