(Bloomberg) — Victory Giant Technology Huizhou Co. began taking investor orders for a listing in Hong Kong that may raise as much as HK$17.5 billion ($2.2 billion) in what is set to be among the city\u2019s largest first-time share sales this year.<\/p>\n
The maker of printed circuit board products \u2014 the intricate electronic backbone of artificial-intelligence servers \u2014 is offering 83.3 million shares at as much as HK$209.88 each, according to a listing document released on Monday. The firm has options to increase the deal size to almost $3 billion.<\/p>\n
The price represents a discount of about 37% to Victory Giant\u2019s closing price on Friday in Shenzhen, where the firm\u2019s shares are already traded. The fervor for AI has driven the stock up fourfold over the past year, valuing the firm at $37 billion as of Friday. Victory Giant shares rose 4.7% in Shenzhen. Double-listed firms are generally trading at a more than 15% discount in Hong Kong to their onshore prices.<\/p>\n
Thirty-seven cornerstone investors \u2014 which get guaranteed allocation in a listing in exchange for holding the shares for at least six months \u2014 are buying about $997 million worth of stock. They include Chinese billionaire Jack Ma-backed Yunfeng Capital, Morgan Stanley & Co. International Plc, asset manager Hillhouse Investment and South Korea\u2019s Mirae Asset Securities Co., confirming an earlier Bloomberg News report.<\/p>\n
By early afternoon Monday, investors had expressed enough interest to buy all shares on offer, people familiar with the matter said, asking not to be identified to discuss a private matter. Victory Giant didn\u2019t immediately respond to a request for comment.<\/p>\n
The deal will test investor appetite for maiden share sales at a time when global markets are being rocked by volatility from the Iran war. At the same time, intensifying regulatory scrutiny has unsettled Hong Kong\u2019s financial industry, adding to concerns that the boom in listings at Asia\u2019s premier fundraising hub may slow.<\/p>\n
Founded in 2006, Victory Giant counts Nvidia Corp. among its key partners. The firm is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips. The company said it planned to use a chunk of the proceeds from the Hong Kong listing to expand production in mainland China.<\/p>\n
Surging demand for AI drove the Huizhou-based company\u2019s shares up more than 580% in 2025, making it the top-performer on the MSCI Asia Pacific Index. Victory Giant posted revenue of 19.3 billion yuan ($2.8 billion) last year, with analysts polled by Bloomberg forecasting a 70% jump in 2026.<\/p>\n
The rally has cooled this year, but even after the gains, Victory Giant trades at about 24 times forward earnings in Shenzhen \u2014 a sharp discount to the roughly 50-times multiple of the mainland\u2019s chip-focused Star50 Index.<\/p>\n
JPMorgan Chase & Co., China Securities International and GF Securities Co. are the joint sponsors of the offering.<\/p>\n
–With assistance from Kelly Li and Kurt Schussler.<\/p>\n
(Updates with use of proceeds in the seventh paragraph, Shenzhen stock move.)<\/p>\n