China’s semiconductor industry is stepping up its global expansion. According to the General Administration of Customs, China exported 298.11 billion chips in 2024, with a total export value of USD 159.5 billion, an 18.7% increase year-on-year. For the first time, chips became China’s top single export product by value, surpassing traditional categories such as apparel and mobile phones.
The sector’s increasing sophistication has fostered a cohort of specialized, less known firms quietly making their way into international markets. Many, having stabilized product exports, are now working to integrate into high-end global supply chains through technological innovation, capital deployment, and collaboration. Others are using “reverse innovation” to outpace global competitors in niche segments.
In 2025, a key trend is the rising number of Chinese semiconductor firms pursuing Hong Kong listings as part of broader globalization strategies. These include:
- Silicon Magic, a leader in OLED display PMICs (power management integrated circuits).
- Montage Technology, a global supplier of memory interface chips.
- GigaDevice, a key player across several chip segments.
Each aims to tap international capital to expand R&D and pursue strategic acquisitions. This article explores their strategies based on public prospectuses, unless otherwise noted.
Silicon Magic
Founded in 2019 and headquartered in Hangzhou, Silicon Magic designs and sells power semiconductors. Frost & Sullivan ranks it first globally in OLED display PMIC shipments over the past decade.
Power semiconductors regulate voltage and current to optimize energy use in electronic systems. Silicon Magic’s offerings include PMICs for portable devices; power devices such as MOSFETs (metal-oxide semiconductor field-effect transistors) and IGBTs (insulated gate bipolar transistors) for industrial and communications use; and display PMICs for LCD and OLED panels.
The company uses a “fab-lite” model, focusing on design while ensuring supply chain stability through manufacturing partnerships. It holds a 16.76% stake in Fullsemi, a foundry operating 12-inch wafer lines tailored for high-performance power management ICs.
Sales are split between direct engagement with strategic customers and distribution to mature markets. The core team brings over 20 years of R&D experience. As of its most recent filing, Silicon Magic held more than 150 granted patents and 159 pending applications. R&D spending rose from 14.6% to 25.8% of revenue between 2022–2024.
International markets made up 68.1% of revenue in 2024, with key regions including South Korea, Japan, Germany, Brazil, and India. Its 2020 acquisition of South Korean PMIC firm SMI expanded its global supply chain footprint.
In July 2025, Silicon Magic filed for an H-share listing in Hong Kong. Proceeds are intended for R&D and production capacity, strategic investments, sales efficiency improvements, and general operations.
The global power semiconductor market grew from RMB 411.5 billion (USD 57.6 billion) in 2020 to RMB 595.3 billion (USD 83.3 billion) in 2024. It is projected to reach RMB 802.9 billion (USD 112.4 billion) by 2029, led by demand from the automotive, artificial intelligence infrastructure, and industrial robotics sectors.
Montage Technology
Established in 2004 and listed on Shanghai’s STAR Market since 2019, Montage Technology held a 36.8% share of the global memory interface chip market in 2024, according to Frost & Sullivan.
Its business spans two main areas:
- Interconnect chips, including memory interface as well as PCIe (peripheral component interconnect express) and CXL (compute express link) retimer chips.
- The Jintai server platform, a domestic CPU solution.
Montage follows a fabless model, outsourcing production while focusing on chip design. Procurement is concentrated, with the top five suppliers accounting for over 70% of purchases. More than 85% of sales are direct.
The company is heavily international, with overseas revenue contributing 66.9%, 84.0%, 70.8%, 76.5%, and 76.4% of total sales from 2022 through the first quarter of this year. Key clients include Samsung, SK Hynix, and Micron. In Q1 2025, its top five clients generated 80% of revenue.
In April, the company reported that US-bound shipments accounted for less than 1% of 2024 revenue, and recent tariffs had minimal impact.
Montage filed for an H-share listing in July. Proceeds will be used for R&D in interconnect chips, expanding global commercial teams, strategic acquisitions, and general operations.
The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49 billion by 2030. Montage’s core focus areas are projected to drive a significant share of that growth.
GigaDevice
Established in 2005, GigaDevice is a fabless chipmaker active across memory, microcontrollers (MCUs), analog, and sensor chips. In 2024, Frost & Sullivan ranked it among the global top ten in NOR flash, SLC NAND flash, niche DRAM, and MCUs.
Its largest business segment is specialty memory. The MCU business markets itself as a “one-stop shop” with over 60 product series and 700 models. GigaDevice also acquired Xysemi, a battery protection firm, to expand its analog chip capabilities.
GigaDevice employs an integrated product development (IPD) approach, coordinating R&D, market research, production, and sales to accelerate iteration. By 2024, technical staff comprised over 70% of its workforce, and R&D spending consistently exceeded 15% of revenue. The company held 997 granted patents and 492 pending applications in mainland China.
Most sales go through distributors, although direct sales are also used. GigaDevice operates in over 40 countries, with service hubs in the US, South Korea, Japan, the UK, Germany, and Singapore. Its top five customers accounted for 29.3%, 30.6%, and 33.3% of sales in 2022, 2023, and 2024, respectively.
In June, GigaDevice filed for a Hong Kong listing. It plans to use the proceeds to expand R&D, pursue acquisitions, enhance its global network, and support general operations.
The company sees global markets as key to scalable growth. It plans to build international headquarters, increase global supply capacity, and deepen presence in strategic regions.
The global specialty memory chip market is projected to rise from USD 13.6 billion in 2024 to USD 20.8 billion by 2029, offering continued room for expansion.