South Korea raids Montage Technology office over suspected competition law breach

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, 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%. Reuters