China's Victory Giant $2.2b HK IPO set for top pricing

Shenzhen-listed Victory Giant, a Chinese printed circuit board maker for AI servers and other electronics, is expected to price its Hong Kong share sale at the top of its range at HK$209.88 (US$27) a share, raising HK$17.5 billion (US$2.2 billion) after strong investor demand, said two people familiar with the matter.

The company may also exercise an upsize option of up to 15%, lifting proceeds to about HK$20.2 billion (US$2.5 billion), one of the people said.

Victory Giant launched the deal on Monday to sell 83.35 million shares and plans to price it on Friday, its prospectus showed.

If completed at that amount, it would be Hong Kong’s biggest listing since Zijin Gold raised US$3.5 billion in September, according to Dealogic, and trading is due to start on April 21.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

A discounted IPO tied to a mainland stock already climbing

This is not a standard Hong Kong listing. Victory Giant already trades in Shenzhen, where the shares have climbed fourfold over the past year on AI-related demand 1.
Pricing helps explain the rush of orders. The offer comes at a 37% discount to the Shenzhen-listed share price 1.
The money has a defined use. About 74% of proceeds are set aside to add capacity in mainland China for AI and high-performance computing (HPC) circuit boards 2.
Results back the spending plan. Net income rose 339% year over year in the first quarter of 2025 3.

A Chinese component maker opens a new lane in the global tech race

The IPO puts attention on printed circuit boards (PCBs), the boards that connect and support chips and other electronic parts, which now sit near the center of the AI hardware supply chain 4.
For AI server makers and data center operators, PCB vendors may shape build-out speed and costs. The filing gives no targets for output volume or delivery times 2.
Victory Giant also plans more overseas production. A US$520 million plant in Vietnam aims to spread manufacturing and steady the supply chain during geopolitical strains 3.
Strong demand during a choppy market suggests money is still available for AI infrastructure suppliers, especially when funds go to factory growth 2.