South Korea searches Chinese chipmaker Montage Technology's office in competition probe

July 17 (Reuters) - South ‌Korean authorities ​have ​conducted an on-site search and seizure at the local office of Montage Technology ‌in connection with a potential competition law ⁠violation, the Chinese chipmaker said in an exchange filing.

In the ‌filing on Thursday, Montage ‌said it has been fully cooperating with the Fair Trade Investigation Division of the Seoul ​Central District Prosecutors' Office and that none of its directors or employees have been ⁠charged with wrongdoing by any government authority so far.

South Korea accounted ​for 2.93 billion yuan ($432.63 million) of Montage's sales in fiscal 2025, representing more than ​half of its group revenue, ‌according to the filing.

Founded in 2004, the company is the biggest memory ⁠interconnect chip supplier globally, with a 36.8% market share by revenue in 2024, according to its prospectus, ⁠which cited consultancy and research firm Frost & Sullivan.

The chipmaker's shares ​surged 64% in their Hong Kong trading debut earlier this year after it raised HK$7.04 billion ($897.99 million) in a ‌share sale primarily to fund research.

Montage's Hong Kong-listed stock slumped 23% to ‌close at HK$278.6 on Thursday, while its shares ⁠in Shanghai slid ‌16.4%.

($1 = 6.7726 Chinese ​yuan)

($1 = 7.8397 Hong Kong dollars)

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Sherry ‌Jacob-Phillips)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Two Palestinian teens killed in West Bank raid by Israeli settlers and army
• Mexican musician, family members slain in gruesome shooting at upscale penthouse
• HPE raises forecasts on AI demand, shares fall on supply concerns