Graphjet Technology (GTI) shares soared over 50% in recent premarket trading Monday, after the company said it stands to benefit from a semiconductor manufacturing deal between Tesla (TSLA) and Samsung.

Graphjet Technology produces graphite and graphene, a key component used in chip production.

"We have started to generate revenue and have been gaining increasing interest in our product," chief executive officer Chris Lai said.

Earlier on Monday, Samsung said it was awarded an artificial intelligence semiconductor manufacturing contract worth about 22.765 trillion South Korean won ($16.5 billion) by Tesla.