China's Victory Giant seeks $2.2 billion in Hong Kong listing amid market turmoil

• The company is offering 83.35 million shares with cornerstone investors committed to purchasing nearly $997 million worth of stock
• Victory Giant ranks first globally by PCB sales revenue in AI and high-performance computing as of Q1 2025, according to Frost & Sullivan
• If successful, the deal would be one of Hong Kong's largest IPOs since Midea Group's $4.6 billion float in 2024, despite tightened scrutiny from Beijing and Hong Kong regulators

China's Victory Giant Launches $2.2 Billion Hong Kong IPO Amid Market Challenges

Victory Giant, a China-based manufacturer of advanced printed circuit boards (PCBs), has launched a Hong Kong initial public offering targeting approximately $2.2 billion, making it one of the city's largest deals since Midea Group's $4.6 billion float in 2024.

Key Deal Details:

• The company is offering 83.35 million shares
• Cornerstone investors have committed nearly $997 million to the offering
• 74% of proceeds will fund production expansion in mainland China
• Additional 15% will support new production facilities

Company Profile:

Founded in 2006, Victory Giant specializes in manufacturing advanced PCBs for high-performance computing systems, including artificial intelligence servers. According to Frost & Sullivan data, the company ranked first globally by PCB sales revenue in the AI and high-performance computing sector in Q1 2025. Victory Giant is already listed in Shenzhen.

Market Context:

The IPO serves as a critical test for Hong Kong's ability to execute large technology offerings amid challenging conditions. While Hong Kong recorded its strongest Q1 for listings in five years, several headwinds persist:

• Heightened Beijing scrutiny of offshore-incorporated Chinese companies
• Hong Kong regulators increasing pressure on banks regarding staffing and IPO documentation quality
• Ongoing geopolitical volatility affecting investor sentiment

Comparisons:

If successful, the deal would surpass Muyuan Foods' approximately $1.5 billion Hong Kong offering, positioning it as a significant benchmark for the city's capital markets amid regulatory tightening and market uncertainty.

The outcome will signal investor appetite for Chinese tech companies and Hong Kong's continued viability as a major listing destination.