BRIEF: Victory Giant shares jump in one of Hong Kong’s biggest IPOs this year

Shares of printed circuit board (PCB) maker Victory Giant Technology (HuiZhou) Co. Ltd. (2476.HK; 300476.SZ) jumped in their trading debut on Tuesday, as the company raised about HK$20 billion ($2.55 billion), making it one of Hong Kong’s biggest IPOs so far this year.

The stock opened at HK$330, up 57% from the offer price of HK$209.88, but later gave back some of the gains. It was trading at HK$311.40 in Tuesday afternoon trade, up 48% from the IPO price, valuing the company at about HK$300 billion. The company sold about 96 million shares in the offering, 39% of those to a group of about 40 cornerstone investors.

The Hong Kong portion of the listing for local investors was more than 400 times oversubscribed, while the international offering was fully subscribed. The company plans to use about three-quarters of the IPO proceeds to expand its manufacturing operations in China.

Victory Giant makes PCBs for AI and high-performance computing, as well as for smart devices and car electronics. Its revenue rose 80% last year to 19.3 billion yuan from 10.7 billion yuan in 2024, while its profit roughly tripled over that period to 4.31 billion yuan from 1.15 billion yuan.

By Doug Young

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