Montage Technology

Company Overview

Founded in 2004 and headquartered in Shanghai, Mission Hills is the world's leading provider ofdata processingup tointerconnect chipdesign company, focusing on providing high-performance, low-power chip solutions for the cloud computing and data center sectors. As one of the first batch of companies listed on the Science and Technology Board (stock code: 688008), the company will land on the Shanghai Stock Exchange in 2019 and complete its secondary listing on the Hong Kong Stock Exchange in 2026 (stock code: 06809.HK), with a market capitalization exceeding HK$200 billion. The company adopts the Fabless model, focusing on chip design and R&D, with manufacturing outsourced to foundries such as TSMC, and its business covers the globe, with branches in Kunshan, Beijing, Xi'an, Macao, and the United States and South Korea.

Products & Services

Montage Technology's core products are centered around two main lines: “Memory Interface Chips” and “High-Speed Interconnect Chips”, building a complete solution:

1. Memory Interface Chip::
   • DDR SeriesThe company is one of the only three companies in the world that can produce DDR4/DDR5 memory interface chips, leading the development of international standards, and leading the industry by 6-12 months in terms of technology generation. The DDR5 second-generation MRCD/MDB chips support 12,800MT/s transfer rate, and have a market share of more than 40%.
   • clock chip: Launched DDR5 clock driver (CKD) supporting 9200 MT/s rate, adapting to the new generation of central processors and enhancing the performance of end products.
2. High-speed Interconnect Chip::
   • PCIe RetimerThe only company in the world to mass-produce PCIe 4.0/5.0 Retimer chips and launch PCIe 6.x/CXL 3.x AEC solutions in 2025, supporting 64GT/s transfer rates to meet the high-speed data interconnection needs of AI servers.
   • CXL Memory Expansion Controller: The world's first CXL MXC memory pooling chip, which has received test orders from Google and AliCloud, provides the underlying support for the next-generation storage-computing separation architecture.
3. Tsunaga® Server Platform::
   • Integration of independent security encryption technology, to meet the data security needs of government affairs, finance and other sensitive areas, shortlisted in the three major carriers procurement, becoming the core choice of localization.

core technology

Montage Technology are reflected in the “standard-setting rights + full-stack R&D capabilities + ecological binding”:

1. Standard-setting authority::
   • As a core member of JEDEC (a global microelectronics standards organization), it has led the development of international standards for DDR5 memory interface chips, and core architectures such as RCD and MDB have been adopted as international standards, deeply binding Intel, AMD and other technology lines.
   • The world's first mass-produced CXL controller chip, launched 3 months earlier than Intel, with generation-leading technology.
2. full-stack R&D capability::
   • R&D investment accounted for more than 20%, R&D expenses of 763 million yuan in 2024, a total of 427 patents (386 invention patents), the formation of a full-stack technology reserves from memory interfaces to high-speed interconnections.
   • DDR5 second-generation products support 8800MT/s transmission rate, 10% faster than competitors; the second sub-generation MRCD/MDB set rate increased to 12800MT/s, technology generation ahead of the industry 6-12 months.
3. eco-bonding::
   • Deep cooperation with memory giants such as Samsung, SK Hynix, Micron, etc. 60% or above DDR5 module adopts Lancel chip.
   • Cutting into NVIDIA's supply chain, the DGX/H100 clusters will require eight Mission Hills DDR5 interface chips per unit, with revenue growth of 1,501 TP4T from NVIDIA in 2024.
   • The domestic market has reached strategic cooperation with Huawei Kunpeng and Wave AI servers, and Jin caught the platform to meet the demand for localization.

major client

Montage Technology' customers cover the world's top server vendors, memory module vendors, cloud computing giants and artificial intelligence chip vendors:

1. server manufacturer: Dell, HP, Lenovo, Wave, Huawei, and more.
2. Memory Module Manufacturers: Samsung, SK Hynix, Micron, etc.
3. cloud provider: Amazon AWS, AliCloud, Tencent Cloud, etc.
4. Artificial Intelligence Chip VendorsNVIDIA, AMD, etc., cooperated to develop “GPU+memory interface chip” high-performance computing solutions.

development prospect

1. AI Arithmetic Explosion Opens Growth Ceiling::
   • The rapid expansion of the global AI server market has led to a surge in demand for high-end memory and interconnect chips. The amount of memory interface chips used in a single AI server is several times that of a traditional server, and the demand for PCIe Retimer chips is growing exponentially.
   • The synergistic application of HBM (High Bandwidth Memory) and DDR5 has become an industry trend, and Mission Rise's MRCD chip, as a key component in the interconnection of HBM and GPU, will continue to benefit.
2. Domestic substitution and policy double empowerment::
   • Domestic high-end interconnect chips have long relied on imports. As the only domestic company that can provide a full range of DDR5 memory interface chips, Lantech has realized the localization of CPU+memory interface chips for server platforms, which has become the core choice for government affairs, finance and other fields.
   • The third phase of the National Integrated Circuit Industry Fund focuses on supporting advanced storage and computing chips, and Lantech is expected to receive continuous support in terms of R&D subsidies and capacity expansion.
3. Globalization and Eco-Expansion::
   • After listing in Hong Kong, Lantech will deepen its international layout, establish overseas R&D centers and customer networks, and target to increase the overseas revenue share to 15%.
   • Accelerating the R&D of Ethernet and optical interconnect chips, pointing to the 200G/400G data center interconnect market, and constructing the whole industry chain layout of “memory interface + arithmetic interconnect + security platform”.
4. Financial Performance and Market Recognition::
   • Net profit for the first half of 2025 is expected to reach 1.1 billion to 1.2 billion yuan, surging 85.5%-102.36% year-on-year to a record high.
   • The first day of listing in Hong Kong soared 63.72%, with a market value of more than 200 billion Hong Kong dollars, and was subscribed to a total of 49.82% shares by 17 global cornerstone investors such as JPMIMI, UBS AM, Yunfeng Capital, etc., which highlights the recognition of international capital for China's technical standards.