BRIEF: PCB leader Victory Giant launches $2.2 billion Hong Kong IPO

PCB maker Victory Giant Technology (HuiZhou) Co. Ltd. (2476.HK; 300476.SZ) launched its Hong Kong IPO on Monday, aiming to raise up to HK$17.49 billion ($2.23 billion) by selling 83.35 million Hong Kong-listed H-shares for up to HK$209.88 each.

The company is a leading supplier of advanced printed circuit board (PCB) products for artificial intelligence (AI) and high-performance computing, specializing in high-end high-density interconnect (HDI) and high-layer-count multilayer PCBs (MLPCB). Victory Giant cited third-party data saying it ranked No. 1 globally with a 13.8% of the market in AI and high-performance computing PCBs in the first half of last year. According to media reports, the company is also a key supplier to AI chip giant Nvidia.

The company’s revenue reached 19.3 billion yuan in 2025, surging 79.8% year-on-year, while its net profit nearly quadrupled to 4.31 billion yuan. Its gross margin also improved significantly to 35.2% last year from 22.7% in 2024. Analysts surveyed by Bloomberg expect the company’s revenue to grow another 70% this year.

The company plans to use about 74% of the IPO proceeds to expand its production capacity in China, 7% to purchase mSAP and other intelligent manufacturing equipment, 9% for R&D, and the remaining 10% for working capital and general corporate purposes.

The shares are set to begin trading on April 21. Joint sponsors of the listing include JPMorgan, CSC Financial and GF Securities. Driven by the recent rally in AI-related stocks, Victory Giant’s Shenzhen-listed shares have more than tripled over the past year.

By Lee Shih Ta

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