Victory Giant Technology IPO: AI and High-Performance Computing PCB Leader Targets HK$17.5 Billion
- Has launched an initial public offering in Hong Kong, seeking to raise up to HK$17.5 billion, or approximately $2.2 billion.
- The company is offering 83.3 million shares at a maximum price of HK$209.88 each.
- The proposed Hong Kong price represents an approximate 37% discount to the closing share price of the company in Shenzhen on April 11, 2026.
Victory Giant Technology Huizhou Co. Has launched an initial public offering in Hong Kong, seeking to raise up to HK$17.5 billion, or approximately $2.2 billion. The offering marks a significant test of investor appetite for AI-related hardware amid broader market volatility and geopolitical tensions in the Middle East.
The company is offering 83.3 million shares at a maximum price of HK$209.88 each. According to reporting from Bloomberg, Victory Giant holds options to increase the total size of the deal to nearly $3 billion.
Pricing and Market Positioning
The proposed Hong Kong price represents an approximate 37% discount to the closing share price of the company in Shenzhen on April 11, 2026. This discount is notably higher than the typical 15% discount usually seen for firms listed in both the Hong Kong and onshore Shenzhen markets.
Shares of Victory Giant, which are already traded in Shenzhen, rose as much as 4.2% on April 11, 2026.
Cornerstone Investment
A group of 37 cornerstone investors has committed to purchasing approximately $997 million worth of shares. These investors have agreed to a minimum holding period of six months.
The cornerstone group includes several high-profile financial institutions and investment firms, such as:
- Yunfeng Capital, which is backed by billionaire Jack Ma
- Morgan Stanley & Co. International Plc
- Hillhouse Investment
- Mirae Asset Securities Co. From South Korea
Business Operations and AI Integration
Founded in 2006, Victory Giant is a manufacturer of printed circuit boards (PCBs), including IC substrates and high-performance PCBs. The company specializes in multi-layer printed circuit boards and high-density interconnects, which are components essential for the production of artificial intelligence chips.
The company serves as a key partner to Nvidia Corp., positioning itself within the high-performance computing and AI hardware supply chain.
Financial Performance and Projections
Victory Giant reported revenue of 19.3 billion yuan for 2025. Analysts project that the company’s revenue could grow by 70% in 2026.
The company’s market performance in Shenzhen was significant in 2025, with shares increasing by more than 580%. This growth led the MSCI Asia Pacific Index during that calendar year.
Market Context and Sponsorship
The Hong Kong listing comes at a time of increased market volatility. Factors influencing the environment include global events and concerns that heightened regulatory scrutiny in Hong Kong could impact the pace of new public offerings.
JPMorgan Chase & Co. Is serving as the joint sponsor for the Hong Kong offering.