China-based Victory Giant launched a Hong Kong share sale on Monday seeking to raise up to HK$17.49 billion ($2.23 billion), pressing ahead with what could rank among the city’s largest listings this year despite global market turmoil driven by Middle East tensions.
The company is offering 83.35 million shares at a maximum price of HK$209.88 each in the deal. The shares are due to start trading in Hong Kong on April 21 under stock code 2476.
The company said 74% of the funds raised in Hong Kong would be used to expand its production capabilities in mainland China, and a further nearly 15% would be spent on building new production facilities.
Cornerstone investors will buy almost $997 million worth of shares, led by CPE Rosewood, Janchor Fund and Jack Ma’s Yunfeng Capital, the listing documents showed.
The deal is a test of whether Hong Kong can still execute jumbo tech offerings as regulatory headwinds nL4N40602U build and geopolitical volatility clouds sentiment.
The city just logged its strongest first quarter for listings in five years, but Beijing has tightened scrutiny of some offshore-incorporated Chinese issuers, while Hong Kong regulators have also stepped up pressure on banks over staffing and the quality of IPO paperwork.
Victory’s listing could potentially exceed Hong Kong deals such as Muyuan Foods’ roughly $1.5 billion sale, and would be one of the city’s biggest debuts since Midea Group’s $4.6 billion float in 2024.
Founded in 2006, Victory Giant makes advanced printed circuit boards for high‑performance computing systems, including artificial‑intelligence servers.
In its Hong Kong prospectus, it said it ranked first globally by PCB sales revenue in AI and high-performance computing in the first quarter of 2025, citing Frost & Sullivan.
The Shenzhen-listed shares are up about 0.8% so far this year, after surging roughly 583.3% in 2025 as investors piled into AI-related hardware names.
Reuters
