Victory Giant Pursues $2.23 Billion Hong Kong Listing Amid Market Challenges

China's Victory Giant (300476.SZ), a leading manufacturer of printed circuit boards (PCBs), has initiated a share sale in Hong Kong aiming to raise up to HK$17.49 billion (approximately $2.23 billion). This move comes despite ongoing global market turmoil, particularly influenced by tensions in the Middle East. The company plans to offer 83.35 million H shares at a maximum price of HK$209.88 each, with trading expected to commence on April 21, 2026. The final pricing is set to be determined by April 17.

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Founded in 2006, Victory Giant specializes in advanced PCBs utilized in artificial intelligence (AI) accelerator cards, servers, and data center switches. According to its prospectus, the company achieved a 13.8% market share in the global PCB market for AI and high-performance computing during the first half of 2025, ranking first in sales revenue. The funds raised from the listing will primarily be allocated to expanding production capabilities in mainland China (74%), enhancing the product portfolio (7%), research and development (9%), and general corporate purposes (10%).

Reuters

Victory Giant's listing is supported by cornerstone investors, including CPE Rosewood, Janchor Fund, and Jack Ma's Yunfeng Capital, who are set to purchase nearly $997 million worth of shares. Other notable investors include Morgan Stanley & Co International and Bosera Asset Management. This IPO is viewed as a critical test for Hong Kong's ability to attract large technology offerings amidst increasing regulatory scrutiny and geopolitical uncertainties.

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The Hong Kong stock exchange has experienced a resurgence in IPO activity, recording its strongest first quarter in five years, with total proceeds reaching $11.64 billion, a significant increase from $2.4 billion in the same period last year. As of March 31, 2026, there were 39 main board applicants listed and 409 still under processing. Victory Giant's potential listing could surpass other significant offerings, such as Muyuan Foods' $1.5 billion sale and Midea Group's $4.6 billion float in 2024.

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Despite the positive outlook, the listing occurs against a backdrop of heightened regulatory pressures on offshore-incorporated Chinese issuers. Hong Kong regulators have intensified scrutiny over IPO processes, impacting banks' staffing and the quality of paperwork. This environment raises questions about the sustainability of large tech listings in the region.

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• “Victory Giant's listing could potentially exceed Hong Kong deals such asMuyuan Foods'(002714.” — Market Analyst

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• “The deal is a test of whether Hong Kong can still execute jumbo tech offerings asregulatory headwindsbuild and geopolitical volatility clouds sentiment.” — Financial Expert

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Victory Giant's upcoming IPO represents a significant moment for both the company and the Hong Kong stock market, reflecting broader trends in technology investment and regulatory challenges. As the listing date approaches, market participants will closely monitor its implications for future offerings in the region.

Reuters