Victory Giant Technology (02476) has initiated a share offering from April 13 to April 16, 2026. The company plans a global issuance of 83.348 million H shares, with 10% allocated for the Hong Kong public offering and 90% for the international offering. An additional 15% over-allotment option is also included. The maximum offer price is set at HKD 209.88 per H share, with a board lot size of 100 shares. Trading of the H shares on the Stock Exchange is expected to commence at 9:00 a.m. on Tuesday, April 21, 2026.
Based on its sales revenue for the full year 2024 and the first half of 2025, the company is a leading supplier of advanced printed circuit board products for artificial intelligence and high-performance computing applications. It specializes in the research and development, production, and sales of high-end high-density interconnect and high-layer count multilayer PCBs. Leveraging its advanced technology, high-quality products, and strong production capabilities, the company has become a key partner for numerous top global technology firms.
According to data from Frost & Sullivan, the company held the top global market share at 13.8% in the first half of 2025 based on revenue from AI and high-performance computing PCBs. In 2024, it ranked seventh globally by the same metric, with a market share of 1.7%. Its core applications cover critical equipment such as AI computing cards, servers, AI servers, data center switches, and universal substrates.
The company reported revenues of RMB 7.931 billion, RMB 10.7315 billion, and RMB 19.292 billion for the years 2023, 2024, and 2025, respectively. Its profits for the period were RMB 671 million, RMB 1.154 billion, and RMB 4.312 billion for the same years.
The company has entered into cornerstone investment agreements with a group of investors, including CPE Rosewood, Janchor Fund, New Alternative Limited, New Golden Future Limited, Deliante, Hong Kong Maison, MSIP, Foresight, HHLRA, Pinpoint, Tanwan, Sunshine Life Insurance, Tropical Terrain Limited, Yongrong Asset Management, Huizhou Huilian, HK Greenwoods, Bosera International, Cloudview, CNCB Investment, Mega Prime, Poly Platinum, Golden K2 Falcon, Infore Capital, Metazone, MY.Alpha, Ovata Capital, SR Wealth, Ruihua Investment, Tianhong Fund, Ye Guofu, Singularity Asset, Everbright Wealth Management, Jump Trading, Luhua Daosheng, Mirae Asset, Panjing Fund, WSOF, Black Dragon, and Huaqin Singapore. These cornerstone investors have agreed, subject to certain conditions, to subscribe for or cause their designated entities to subscribe for offering shares amounting to approximately USD 996.75 million in total.
Assuming an offer price of HKD 209.88 per H share, the company estimates net proceeds from the global offering to be approximately HKD 17.2866 billion. It is planned that approximately 74.0% of the net proceeds will be used to expand the company's production capacity in Mainland China; approximately 7.0% will be allocated for the purchase of mSAP manufacturing equipment and other smart manufacturing machinery to further diversify the product portfolio and maintain a competitive edge in advanced PCB technology; approximately 9.0% is earmarked for research and development activities over a five-year period; and approximately 10.0% is intended for working capital and general corporate purposes.
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