Victory Giant Technology (Huizhou) Co., Ltd. has passed the listing hearing on the Main Board of the Hong Kong Exchanges and Clearing Limited. J.P. Morgan, China Securities International, and GF Securities are acting as the joint sponsors.
According to its prospectus, the company is a leading supplier of advanced printed circuit boards for artificial intelligence and high-performance computing, specializing in the research, development, production, and sale of high-end high-density interconnect and high-layer count PCBs. It has become a significant partner to numerous top global technology companies, leveraging its leading technology, high-quality products, and strong production capacity.
Data from Frost & Sullivan indicates that based on revenue from AI and high-performance computing PCBs in the first half of 2025, the company ranked first globally with a 13.8% market share. In 2024, it held the seventh position globally by the same metric, with a 1.7% share. Its core applications cover key equipment such as AI computing cards, servers, AI servers, data center switches, and general-purpose substrates.
The company possesses the capability to manufacture PCBs with over 100 layers. It is among the first companies globally to achieve mass production of 6-step 24-layer HDI products, and has the technical capability for 10-step 30-layer HDI and 16-layer any-layer HDI. This demonstrates its ability to mass-deliver highly complex, high-density PCBs for the most advanced AI and high-performance computing applications, further solidifying its leading position in the industry.
Its products are widely used in high-growth fields like artificial intelligence, new energy vehicles, and high-speed network communications, contributing to the development of China's high-end PCB industry. The company is recognized as one of the PCB manufacturers in China that pioneered the construction of smart factories, the implementation of green manufacturing, and the expansion into emerging sectors, resulting in increased output value, shorter delivery times, reduced energy consumption, and labor savings, ultimately enhancing its competitiveness.
By continuously strengthening its core capabilities, the company is seizing opportunities presented by the growth in AI and new energy vehicles. It is building a global delivery network to meet increasing worldwide demand, rapidly positioning itself within the top tier of global PCB intelligent manufacturing.
The company offers a comprehensive product portfolio for various applications. It has expanded its market presence in key areas, including AI and high-performance computing, smart terminals, automotive electronics, network communications, and medical equipment, with a focus on technologies supporting AI computing:
- AI and High-Performance Computing: The company masters technologies for low-loss material application and signal integrity optimization. Its core products are high-end HDI and high-layer count PCBs that support high-frequency, high-speed signal transmission, used in AI computing cards, servers, data center switches, and high-speed optical modules. - Smart Terminals: It focuses on meeting the core technical demands of smart terminal devices for high integration, slimness, and high-speed computing power, offering HDI and FPC products for AI computers, wearables, and AR/VR devices. - Automotive Electronics: Its products are designed to meet automotive-grade requirements for high reliability, high-temperature resistance, and high signal integrity, including HDI, high-layer count PCBs, and FPCs used in new energy vehicle powertrains, intelligent driving, body control modules, and smart cockpits. - Network Communications: The company specializes in materials supporting high-frequency, high-speed transmission and signal integrity technologies, providing high-layer count PCBs and high-end HDI for 5G base stations, optical communication equipment, and data center optical modules. - Medical Equipment and Other Applications: Its products include MLPCBs, HDI, and FPCs, primarily used in high-end medical devices, industrial automation control systems, and core main control modules for humanoid robots. PCB products specifically for humanoid robots have entered the production and sales phase.
The company's customer base primarily includes global AI technology solution providers, large cloud service providers, data center equipment OEMs, server brands, leading electric vehicle companies and automotive electronics suppliers, renowned smart terminal brands, and major medical device manufacturers.
Amid the explosive growth of AI technology, the iteration of AI computing hardware is creating structural growth opportunities for the PCB industry. As a critical carrier for core computing components, PCBs must meet stringent requirements for high frequency and speed, low signal loss, and high heat dissipation performance. The PCB value per AI server is significantly higher than that of traditional servers. With the continuous expansion of AI applications, demand for high-performance PCBs is expected to grow substantially.
According to Frost & Sullivan, global AI server shipments were approximately 2 million units in 2024 and are projected to reach about 5.4 million units by 2029, representing a compound annual growth rate of over 20%. The proportion of AI servers to total server shipments is expected to rise to approximately 29.0%.
Financially, for the years 2023, 2024, and 2025, the company reported revenues of approximately RMB 7.931 billion, RMB 10.731 billion, and RMB 19.292 billion, respectively. Profit attributable to owners of the company for the same periods was approximately RMB 671 million, RMB 1.154 billion, and RMB 4.312 billion, respectively.
Comments