According to reports, on October 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (October 12, 2025 - October 17, 2025)," in which the CSRC's International Department provided supplementary material requirements for ten companies. In the announcement, the CSRC requested Victory Giant Technology (300476.SZ) to supplement explanations regarding its business scope and share pledge status. As disclosed by the Hong Kong Stock Exchange on August 20, Victory Giant Technology (Huizhou) Co., Ltd. (referred to as: Victory Giant Technology) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities International, and GF Securities (Hong Kong) serving as joint sponsors. The CSRC has asked Victory Giant Technology to clarify the following matters, and to have its lawyers verify and provide clear legal opinions: 1. Please provide clarification on whether the company's and its subsidiaries' business scope involves areas specified in the "Special Management Measures for Foreign Investment (Negative List) (2024 Version)." 2. Please explain whether the pledge of shares held by shareholders under the control of the major shareholder and actual controller, prior to and after the completion of this issuance, could lead to significant ownership disputes or result in changes in the controlling shareholders of the issuer.
The prospectus indicates that Victory Giant Technology is a global leader in AI and high-performance computing PCB supply, focusing on the R&D, production, and sales of advanced HDI and multi-layer PCBs. With its advanced technology, high-quality products, and strong production capacity, it has become a vital partner for many of the world's top technology companies. According to data from Frost & Sullivan, as of the first quarter of 2025, the company's market share in AI and high-performance computing PCBs ranked first globally, with core applications covering essential equipment such as AI computing cards, servers, AI servers, data center switches, and general substrates.
Financially, in the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2024, and 2025, Victory Giant Technology achieved revenues of approximately RMB 7.885 billion, RMB 7.931 billion, RMB 10.731 billion, RMB 2.392 billion, and RMB 4.312 billion, respectively. During the same periods, the company reported annual/period profits attributable to the owners of approximately RMB 791 million, RMB 671 million, RMB 1.154 billion, RMB 210 million, and RMB 921 million, respectively.
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