Key Points:
- Victory Giant plans to raise to $2.23 billion in a massive Hong Kong share offering.
- The printed circuit board maker will use 74% of the new funds to expand its Chinese factories.
- High-profile cornerstone investors agreed to buy almost $997 million of the newly issued shares.
- The massive deal tests the strength of the Hong Kong financial market amid global geopolitical tensions.
Victory Giant launched a massive share sale in Hong Kong on Monday. The Chinese printed circuit board manufacturer hopes to raise to 17.49 billion Hong Kong dollars, which equals about $2.23 billion. The company decided to move forward with one of the largest listings of the year, even as global markets face severe turmoil amid rising tensions in the Middle East.
The company currently trades on the Shenzhen stock exchange. For this new offering, Victory Giant will sell 83.35 million H shares to investors. Executives capped the maximum price at 209.88 Hong Kong dollars for each share. Buyers will find out the exact final price by April 17, and the new shares will officially hit the Hong Kong trading floor on April 21. The total deal size could grow even larger if underwriters exercise special options to increase the offering by up to 15%.
Founders started the company in 2006 to build advanced printed circuit boards. Today, tech companies use these critical hardware components inside artificial intelligence accelerator cards, high-speed servers, data center switches, and complex optical modules. As artificial intelligence grows, global demand for these specific hardware pieces continues to skyrocket.
The company holds a powerful position in the technology hardware space. According to the consulting firm Frost & Sullivan, Victory Giant ranked first globally for sales revenue in the high-performance computing circuit board market during the first half of 2025. The company captured a massive 13.8% market share.
Executives know exactly how they want to spend their new capital. They plan to allocate 74% of the funds raised directly to expanding their production capabilities across mainland China. They will dedicate 7% to expanding their product lineup, spend 9% on research and development, and set aside the remaining 10% for general corporate working capital.
Big names in the financial world already lined up to back the deal. A group of cornerstone investors agreed to buy almost $997 million worth of shares. This wealthy group includes CPE Rosewood, Janchor Fund, and Jack Ma’s Yunfeng Capital. Other major global players joined the list, including Morgan Stanley, Mirae Asset, and Jump Trading. Heavy hitters J.P. Morgan, China Securities International, and GF Securities will serve as joint sponsors of the massive sale.
Financial experts view this listing as a major test for the Hong Kong market. The city needs to prove it can still handle massive tech offerings while regulators tighten their rules and global political issues scare away cautious investors. Beijing authorities recently increased their scrutiny of Chinese companies operating offshore. At the same time, Hong Kong regulators started pressuring local banks to improve their staffing and clean up the paperwork they submit for initial public offerings.
Despite these hurdles, Hong Kong just celebrated its strongest first quarter for new listings in five years. Data from LSEG showed that first-quarter IPO proceeds, including secondary listings, jumped to a massive $11.64 billion. This marks a huge increase from the $2.4 billion raised during the same period last year.
The local stock exchange reported that 39 main board applicants successfully listed their shares by March 31. The exchange still has 409 applications under processing and has acknowledged 190 brand-new main board applications so far in 2026.
If successful, the Victory Giant sale will easily surpass other recent major deals, such as the $1.5 billion offering by Muyuan Foods. It will also rank among the biggest market debuts since Midea Group raised $4.6 billion in 2024. Investors clearly love the company’s focus on artificial intelligence hardware. Victory Giant saw its Shenzhen-listed shares explode by 583.3% in 2025 as investors scrambled to buy AI stocks, and the stock remains up about 0.8% so far this year.
