Victory Giant Technology and other hard-tech companies are intensively listing on the Hong Kong stock market, enhancing international financing capabilities, optimizing shareholder structures, and strengthening global brands by establishing "A+H" dual-capital platforms. This marks the "dual-platform" approach as a new standard for the internationalization strategies of Chinese technology enterprises.
On April 13, Victory Giant Technology announced that it had published the H-share prospectus for its offering on the Hong Kong Stock Exchange website in accordance with relevant regulations, signaling the final sprint towards its H-share listing. Following the standard process, after publishing the prospectus, the company will proceed with public offering, pricing, and ultimately achieve listing and trading.
Prior to Victory Giant Technology's H-share listing, leading companies in various sectors such as OmniVision Group, GigaDevice, and Longqi Technology have already established "A+H" dual-capital platforms. Additionally, Honghe Technology, VeriSilicon Microelectronics, Boqian New Materials, and ZKTeco are frequently announcing plans for H-share listings.
The accelerated construction of "A+H" dual-capital platforms by domestic hard-tech companies indicates this has become a critical pathway for Chinese tech firms to advance their internationalization strategies.
Multiple technology companies are planning H-share listings. On April 13, Victory Giant Technology, a global leader in high-end PCBs, released its H-share listing prospectus. According to the company announcement, the base offering size for the global sale of H-shares is 83.348 million shares. The preliminary arrangement includes 8.3348 million shares for the Hong Kong public offering and 75.0132 million shares for the international offering. The offering period is from April 13 to April 16, with the expected pricing date on April 17. The maximum offer price is HKD 209.88 per share. J.P. Morgan, China Securities International, and GF Securities are the joint sponsors. H-shares are expected to commence trading on the Hong Kong Exchange on April 21.
Victory Giant Technology's H-share listing countdown has begun. Similarly, since late March, several A-share technology companies have announced plans for H-share listings. Honghe Technology announced on March 28 that its board's audit committee passed a resolution regarding appointing auditors for the H-share issuance and listing. VeriSilicon Microelectronics announced on April 2 that it submitted an application for an H-share listing on the Hong Kong Exchange main board on April 1 and published the application materials on the exchange's website. Boqian New Materials announced on April 3 its intention to issue H-shares overseas and list on the Hong Kong Exchange main board to accelerate overseas business development and build an international capital platform. ZKTeco announced on April 9 that it is planning an overseas H-share issuance and application for a Hong Kong listing to advance its global strategy.
It is worth noting that an important objective for Victory Giant Technology, Honghe Technology, VeriSilicon Microelectronics, Boqian New Materials, and ZKTeco in building the "A+H" dual platform is to advance international layout and diversify financing.
The general H-share listing process involves several stages. The Preparation and Internal Decision-Making stage includes board and shareholder approval, hiring intermediaries, due diligence, compliance rectification, and designing the listing plan. The Application and Review stage involves submitting applications to the CSRC and HKEX, and responding to regulatory inquiries. The Issuance and Pricing stage includes a global roadshow and finalizing the offer price. The final Listing and Post-listing stage involves share registration and commencing trading.
Currently, Honghe Technology, ZKTeco, and Boqian New Materials are in the preparation stage. VeriSilicon Microelectronics has entered the application and review stage, while Victory Giant Technology is in the final listing stage. Using Victory Giant Technology's process as an example, it first submitted its application on August 20, 2025, received CSRC filing notice on March 6, 2026, had its listing hearing on March 26, 2026, published post-hearing information on March 29, and initiated the global offering on April 13, 2026. This nearly 8-month process suggests that the listings for Honghe Technology, VeriSilicon, Boqian, and ZKTeco will still require some waiting time.
Thirty-six companies have achieved "A+H" share structures since the start of the year up to April 13. Total equity financing volume in the Hong Kong market during this period reached HKD 147.549 billion, with 40 IPOs raising HKD 109.927 billion. Among them, 36 newly listed H-share companies raised a total of HKD 103.669 billion, accounting for 94.31% of the total IPO financing volume. Hard-tech companies dominate the new H-share listings, including top firms in their segments like OmniVision Group, GigaDevice, and Longqi Technology.
As of April 13, Wind data shows that 10 of the 36 new H-share listed companies have released their 2025 performance results, demonstrating strong overall performance. Among these tech companies, OmniVision Group and GigaDevice lead in profit scale.
According to its financial report, OmniVision Group achieved operating revenue of RMB 28.855 billion in 2025, a year-on-year increase of 12.14%, showing steady growth. Net profit attributable to shareholders reached RMB 4.045 billion, up 21.73% year-on-year, indicating enhanced profitability. The company stated it is deepening technological reforms and expanding its product portfolio for high-end applications. With accelerated penetration in automotive smart driving and expansion in markets like panoramic and action cameras, its market share in related fields continues to rise. According to Frost & Sullivan data, OmniVision held a 32.9% global market share in automotive image sensors in 2024, ranking first worldwide. In 2025, revenue from the automotive market for its image sensor business reached approximately RMB 7.471 billion, a 26.52% increase, with market share steadily improving.
OmniVision is also actively returning value to investors through dividends. According to its 2025 profit distribution plan, combined with the interim dividend completed on November 24, 2025, the total cash dividend for 2025 was RMB 607.9085 million, representing 15.03% of its 2025 net profit. The company also announced a share repurchase plan on April 4, 2026, intending to repurchase between RMB 800 million and RMB 1 billion of its shares. By April 7, 2026, it had repurchased 578,900 shares for approximately RMB 52.5838 million.
Similarly, GigaDevice achieved double-digit growth in both revenue and profit. Its 2025 operating revenue was RMB 9.203 billion, up 25.12% year-on-year, while net profit reached RMB 1.648 billion, surging 49.47%. In the fourth quarter of 2025, revenue was RMB 2.372 billion, up 39% year-on-year, and net profit was RMB 565 million, soaring 108.85% year-on-year. The company has achieved sequential and year-on-year profit growth for three consecutive quarters, indicating sustained performance improvement.
GigaDevice is a beneficiary of the AI demand boom. The company noted in its report that growth was driven by optimized industry dynamics, strategic execution, and rapid technological iteration. The company is actively embracing AI, developing customized storage, higher-compute MCUs, and AI MCUs, aiming to provide tailored solutions and deepen its diversified product portfolio.
The "A+H" dual platform has become a standard for the internationalization of hard-tech leaders. Notably, OmniVision Group and GigaDevice listed on the HKEX main board on January 12 and January 13 of this year, respectively. Both companies highlighted the value of the dual platform in their 2025 reports.
GigaDevice stated that its H-share listing completed a key step in building the "A+H" dual-capital platform, marking a new phase for its capital platform and international strategy. The company aims to solidify its multi-chip product layout under a global vision, seizing opportunities in AI, automotive electronics, and new smart terminals.
OmniVision Group described its listing as "successfully landing on the HKEX, opening a new 'A+H' chapter." It raised approximately HKD 5.318 billion. The H-share listing is a crucial move to enhance its financing platforms and optimize its capital structure. Leveraging the dual platform, the company will utilize resources from both domestic and international markets and improve its global governance. The raised funds will be used primarily to increase R&D investment in core technologies like image sensors, deepen global market penetration, and pursue strategic investments.
OmniVision Group and GigaDevice, leaders in global image sensors and domestic storage chips respectively, both chose the Hong Kong market for their internationalization first step. Similarly, Victory Giant Technology, a global high-end PCB leader, is taking the same path. For hard-tech companies, the Hong Kong market offers advantages in financing efficiency, investor base, strategic synergy, and regulatory fit. For instance, OmniVision's process from announcement to listing took about 8 months, similar to Victory Giant Technology's timeline, indicating a stable and relatively fast listing rhythm. The substantial IPO fundraising amounts for both companies highlight the "fast, large, and certain" financing capability, a core value of the "A+H" dual platform. Listing in Hong Kong also helps introduce global long-term capital and enhances international brand image and competitiveness.
From an institutional perspective, 12 of the 36 newly listed H-share companies have received institutional research visits since the start of the year up to April 13. Estun was researched 5 times by 84 institutions, while Longqi Technology received 3 research visits from 83 institutions.
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