China’s Victory Giant seeks up to HK$17.5b in Hong Kong listing

[HONG KONG] Victory Giant Technology Huizhou began taking investor orders for a listing in Hong Kong that might raise as much as HK$17.5 billion (S$2.9 billion), in what is set to be among the city’s largest first-time share sales in 2026. 

The maker of printed circuit-board (PCB) products – the electronic backbone of artificial intelligence (AI) servers – is offering 83.3 million shares at as much as HK$209.88 each, a listing document released on Monday (Apr 13) showed.

The company has options to increase the deal size to almost US$3 billion.

The price also represents a discount of about 37 per cent to Victory Giant’s closing price on Friday in Shenzhen, where its shares are already traded.

The fervour for AI has driven the stock up by four times over the past year, valuing the company at US$37 billion as at Friday.

Victory Giant’s shares rose as much as 4.2 per cent in Shenzhen.

Double-listed companies are generally trading at a more than 15 per cent discount in Hong Kong to their onshore prices.

Thirty-seven cornerstone investors – which get guaranteed allocation in a listing in exchange for holding the shares for at least six months – are buying about US$997 million worth of stock.

They include Yunfeng Capital, which is backed by Chinese billionaire Jack Ma, Morgan Stanley, asset manager Hillhouse Investment and South Korea’s Mirae Asset Securities, confirming an earlier Bloomberg News report.

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By early afternoon on Monday, investors had expressed enough interest to buy all shares on offer, sources said, asking not to be identified while discussing a private matter.

Victory Giant did not immediately respond to a request for comments.

The deal will test investor appetite for maiden share sales at a time when global markets are being rocked by volatility from the Iran war.

At the same time, intensifying regulatory scrutiny has unsettled Hong Kong’s financial industry, raising concerns that the boom in listings at Asia’s leading fundraising hub may slow.

Founded in 2006, Victory Giant counts Nvidia among its key partners. The company is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips.

Surging demand for AI drove the Huizhou-based company’s shares up more than 580 per cent in 2025, making it the top performer on the MSCI Asia Pacific Index.

Victory Giant posted revenue of 19.3 billion yuan (S$3.6 billion) in 2025, with analysts polled by Bloomberg forecasting a 70 per cent jump in 2026.

The rally has cooled in 2025, but even after the gains, Victory Giant trades at about 24 times forward earnings in Shenzhen – a sharp discount to the roughly 50-times multiple of the mainland’s chip-focused Star50 Index.

JPMorgan Chase, China Securities International and GF Securities are the joint sponsors of the offering. BLOOMBERG