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)
