Victory Giant Seeks $2.23 Billion in Hong Kong IPO

The China-based manufacturer VICTORY GIANT TECHNOLOGY -A has launched a major share sale in Hong Kong, aiming to raise up to HK$17.49 billion ($2.23 billion). This move represents one of the largest listings in the city this year, proceeding 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, with trading scheduled to begin on April 21 under stock code 2476. According to the company, 74% of the funds raised will be used to expand production capabilities in mainland China, while nearly 15% will be spent on building new production facilities. Cornerstone investors, led by CPE Rosewood, Janchor Fund, and Jack Ma's Yunfeng Capital, will buy almost $997 million worth of shares. The deal serves as a test of whether the city can still execute jumbo tech offerings amid building regulatory headwinds and geopolitical volatility. The city recently logged its strongest first quarter for listings in five years, but Beijing has tightened scrutiny of some offshore-incorporated Chinese issuers. This listing could potentially exceed deals such as the roughly $1.5 billion sale by MUYUAN FOODS CO LTD-A and would be one of the biggest debuts since the $4.6 billion float of MIDEA GROUP CO LTD-A in 2024. Founded in 2006, the company produces advanced printed circuit boards for high-performance computing systems and artificial intelligence servers. It ranked first globally by PCB sales revenue in the AI and high-performance computing sectors in the first quarter of 2025, according to Frost & Sullivan. The company's Shenzhen-listed shares are up about 0.8% so far this year, following a surge of approximately 583.3% in 2025 as investors focused on AI-related hardware.