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China’s Victory Giant Seeks Up to $2.2 Billion in Hong Kong Listing

Dave Sebastian, Sangmi Cha
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⚡ Quantum Brief
Victory Giant Technology, a Chinese PCB manufacturer, launched a Hong Kong IPO aiming to raise up to $2.2 billion, marking one of the city’s largest listings this year. The company, specializing in printed circuit boards for AI servers, is offering 83.3 million shares at a maximum price of HK$209.88 each, per its Monday filing. The deal could expand to nearly $3 billion if additional options are exercised, reflecting strong investor demand for AI infrastructure components. Victory Giant’s IPO underscores Hong Kong’s resurgence as a key fundraising hub amid China’s push to dominate AI and advanced computing hardware sectors. The move aligns with global trends of surging demand for high-performance PCBs, critical for next-gen data centers and quantum-classical hybrid systems.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A visitor looks at a circuit board at the booth of Victory Giant Technology Huizhou Co. during an electronics show in Shanghai.Victory Giant Technology Huizhou Co. began taking investor orders for a listing in Hong Kong that may raise as much as HK$17.5 billion ($2.2 billion) in what is set to be among the city’s largest first-time share sales this year. The company, which makes printed circuit board products — the intricate electronic backbone of artificial-intelligence servers — is offering 83.3 million shares at as much as HK$209.88 each, according to a listing document released on Monday. The firm has options to increase the deal size to almost $3 billion.

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