By Roushni Nair and Scott Murdoch<\/p>\n
April 13 (Reuters) – China’s Victory Giant launched a Hong Kong share sale on Monday seeking to raise up to HK$17.49 billion ($2.23 billion), pressing ahead with what could rank among the city’s \u200clargest listings this year despite global market turmoil driven by Middle East tensions.<\/p>\n
The Shenzhen-listed printed circuit board maker \u200cis offering 83.35 million H shares at a maximum price of HK$209.88 each. The shares are due to start trading in Hong Kong on April 21, \u200baccording to its prospectus.<\/p>\n
The deal size could increase further if overallotment and size adjustment options of up to 15% each are exercised. The final price is due to be set by April 17.<\/p>\n
Founded in 2006, Victory Giant makes advanced printed circuit boards, or PCBs, used in artificial-intelligence accelerator cards, servers, AI servers, data centre switches and optical modules, according to the prospectus.<\/p>\n
In its Hong Kong prospectus, Victory \u200cGiant said it ranked first globally by sales \u2060revenue in the PCB market for AI and high-performance computing in the first half of 2025 with a 13.8% market share, citing data from consulting firm Frost & Sullivan.<\/p>\n
The company said 74% of the \u2060funds raised in Hong Kong would be used to expand its production capabilities in mainland China, 7% to broaden its product portfolio, 9% for research and development and 10% for working capital and general corporate purposes.<\/p>\n
Cornerstone investors led by CPE Rosewood, Janchor Fund and Jack Ma’s \u200bYunfeng \u200bCapital will buy almost $997 million of shares, the listing documents showed.<\/p>\n
Other cornerstone \u200binvestors include Morgan Stanley & Co International, Bosera Asset \u200cManagement (International), Sunshine Life, Mirae Asset, Tianhong Fund, Everbright Wealth Management, Jump Trading and Luhua Daosheng, the filing showed.<\/p>\n
J.P. Morgan, China Securities International and GF Securities are the joint sponsors, according to the filing.<\/p>\n
DEAL A TEST OF HONG KONG MARKET<\/p>\n
The deal is a test of whether Hong Kong can still execute jumbo tech offerings as regulatory headwinds nL4N40602U build and geopolitical volatility clouds sentiment.<\/p>\n
The city just logged its strongest first quarter for listings in five years, but Beijing has tightened scrutiny of some offshore-incorporated Chinese issuers while \u200cHong Kong regulators have also stepped up pressure on banks over staffing \u200band the quality of IPO paperwork.<\/p>\n
Stock exchange HKEX said on its website \u200bthat 39 main board applicants had listed and 409 \u200bwere still under processing as of March 31, while 190 new main board applications had been acknowledged \u200cin 2026 year-to-date.<\/p>\n
LSEG data last month showed Hong Kong \u200bstock exchange IPO proceeds, including secondary \u200blistings, rose to $11.64 billion in the first quarter from $2.4 billion in the same period a year ago.<\/p>\n
Victory Giant’s listing could potentially exceed Hong Kong deals such as Muyuan Foods nL4N3ZZ12H’ roughly $1.5 billion sale, and would be one of \u200bthe city’s biggest debuts since Midea Group’s $4.6 \u200cbillion float in 2024.<\/p>\n
Victory Giant’s Shenzhen-listed shares are up about 0.8% so far this year, after surging roughly 583.3% \u200bin 2025 as investors piled into AI-related hardware names.<\/p>\n
($1 = 7.8322 Hong Kong dollars)<\/p>\n
(Reporting by Roushni Nair, Scott \u200bMurdoch and Yantoultra Ngui; Editing by Chris Reese and Jamie Freed)<\/p>\n","protected":false},"excerpt":{"rendered":"By Roushni Nair and Scott Murdoch April 13 (Reuters) – China’s Victory Giant launched a Hong Kong share…\n","protected":false},"author":2,"featured_media":3020,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,1657,73810,3448,85,46,4691,185331,185330,13125],"class_list":{"0":"post-389055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-china","10":"tag-giant","11":"tag-hong-kong","12":"tag-il","13":"tag-israel","14":"tag-market-share","15":"tag-market-turmoil","16":"tag-printed-circuit-board","17":"tag-victory"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/389055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=389055"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/389055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/3020"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=389055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=389055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=389055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}