Gate News message, April 15 — Victory Giant, a Shenzhen-listed printed circuit board (PCB) maker for AI servers and electronics, is set to price its Hong Kong share sale at HK$209.88 (US$27) per share, raising HK$17.5 billion (US$2.23 billion) following strong investor demand.
The company may also exercise an upsize option of up to 15%, potentially lifting proceeds to approximately HK$20.2 billion (US$2.58 billion). Trading is scheduled to begin on April 21, which would make this Hong Kong’s largest listing since Zijin Gold raised US$3.5 billion in September 2024.
Victory Giant, which already trades in Shenzhen where shares have surged fourfold over the past year on AI-related demand, is pricing the Hong Kong offering at a 37% discount to its Shenzhen-listed share price.
Approximately 74% of the proceeds will be allocated to expand capacity in mainland China for AI and high-performance computing (HPC) circuit boards. The company reported net income growth of 339% year-over-year in the first quarter of 2025, and plans to invest US$520 million in a production facility in Vietnam to diversify manufacturing.
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