By Roushni Nair and Scott Murdoch
April 13 (Reuters) – China’s Victory Giant launched a Hong Kong share sale on Monday seeking to raise up to HK$17.49 billion ($2.23 billion), pressing ahead with what could rank among the city’s largest listings this year despite global market turmoil driven by Middle East tensions.
The Shenzhen-listed printed circuit board maker is offering 83.35 million H shares at a maximum price of HK$209.88 each. The shares are due to start trading in Hong Kong on April 21, according to its prospectus.
The deal size could increase further if overallotment and size adjustment options of up to 15% each are exercised. The final price is due to be set by April 17.
Founded in 2006, Victory Giant makes advanced printed circuit boards, or PCBs, used in artificial-intelligence accelerator cards, servers, AI servers, data centre switches and optical modules, according to the prospectus.
In its Hong Kong prospectus, Victory Giant said it ranked first globally by sales revenue in the PCB market for AI and high-performance computing in the first half of 2025 with a 13.8% market share, citing data from consulting firm Frost & Sullivan.
The company said 74% of the funds raised in Hong Kong would be used to expand its production capabilities in mainland China, 7% to broaden its product portfolio, 9% for research and development and 10% for working capital and general corporate purposes.
Cornerstone investors led by CPE Rosewood, Janchor Fund and Jack Ma’s Yunfeng Capital will buy almost $997 million of shares, the listing documents showed.
Other cornerstone investors include Morgan Stanley & Co International, Bosera Asset Management (International), Sunshine Life, Mirae Asset, Tianhong Fund, Everbright Wealth Management, Jump Trading and Luhua Daosheng, the filing showed.
J.P. Morgan, China Securities International and GF Securities are the joint sponsors, according to the filing.
DEAL A TEST OF HONG KONG MARKET
The deal is a test of whether Hong Kong can still execute jumbo tech offerings as regulatory headwinds nL4N40602U build and geopolitical volatility clouds sentiment.
The city just logged its strongest first quarter for listings in five years, but Beijing has tightened scrutiny of some offshore-incorporated Chinese issuers while Hong Kong regulators have also stepped up pressure on banks over staffing and the quality of IPO paperwork.
Stock exchange HKEX said on its website that 39 main board applicants had listed and 409 were still under processing as of March 31, while 190 new main board applications had been acknowledged in 2026 year-to-date.
LSEG data last month showed Hong Kong stock exchange IPO proceeds, including secondary listings, rose to $11.64 billion in the first quarter from $2.4 billion in the same period a year ago.
Victory Giant’s listing could potentially exceed Hong Kong deals such as Muyuan Foods nL4N3ZZ12H’ roughly $1.5 billion sale, and would be one of the city’s biggest debuts since Midea Group’s $4.6 billion float in 2024.
Victory Giant’s Shenzhen-listed shares are up about 0.8% so far this year, after surging roughly 583.3% in 2025 as investors piled into AI-related hardware names.
($1 = 7.8322 Hong Kong dollars)
(Reporting by Roushni Nair, Scott Murdoch and Yantoultra Ngui; Editing by Chris Reese and Jamie Freed)
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