Victory Giant Technology has begun sounding out investors for a Hong Kong share sale that could rank among the city’s biggest equity offerings this year, according to people familiar with the matter, as the printed circuit board maker seeks to tap a market enjoying a stronger pipeline of mainland listings.
Victory Giant weighs Hong Kong debut
The company, already listed in Shenzhen, is gauging appetite ahead of a potential second listing in Hong Kong after securing regulatory clearance on the mainland earlier this month, according to Bloomberg reporting. The deal was earlier described as one that could raise more than $2 billion and arrive as soon as April, although timing, size and valuation remain subject to market conditions and investor feedback. Victory Giant and its advisers have not publicly set final terms.
Any Hong Kong offering by Victory Giant would be watched closely for two reasons. It would test whether investors remain willing to pay up for hardware manufacturers tied to the build-out of data centres, automotive electronics and advanced computing supply chains. It would also add momentum to a listings revival that has brought mainland issuers back to Hong Kong after a quieter patch marked by weak turnover, geopolitical strains and stricter scrutiny of offshore listing structures. Reuters reported that Hong Kong’s IPO market raised about $11.64 billion in the first quarter of 2026, up sharply from a year earlier, with the strongest start to a year since 2021.
Victory Giant’s appeal to investors rests on its position in the printed circuit board business, a sector that underpins everything from servers and telecoms gear to vehicles and consumer electronics. Reuters’ company profile describes the Huizhou-based group as a producer of high-end multilayer boards, HDI boards, flexible boards and rigid-flex boards. Bloomberg’s company profile similarly identifies it as a manufacturer focused on high-density PCB development, production and sales.
That profile matters because Hong Kong investors have shown a clear appetite for industrial and technology names that can present themselves as picks-and-shovels suppliers to larger structural themes. PCB producers occupy a useful middle ground in that story. They are not as visible as chip designers or internet platforms, but they sit deep inside supply chains serving artificial intelligence hardware, cloud infrastructure, networking equipment and increasingly sophisticated vehicles. A Frost & Sullivan industry report filed in Hong Kong this month said revenue from multilayer PCBs with 18 or more layers reached $2.5 billion in 2024 and is projected to double to $5 billion by 2029, making it the fastest-growing segment in that part of the market.
The financial trajectory gives bankers something tangible to market. Data carried by MarketScreener from the company’s full-year results showed revenue of about 19.29 billion yuan in 2025, up from 10.73 billion yuan a year earlier, while net income rose to about 4.31 billion yuan from 1.15 billion yuan. Another report said profit jumped 274 per cent. Those figures, while drawn from market data services rather than the full exchange filing, point to the sort of earnings acceleration that equity investors typically reward when broader market sentiment is supportive.
Still, the deal would not be landing in a friction-free market. Hong Kong’s stronger issuance calendar has been accompanied by fresh concerns over regulation, allocation quality and how much money can be drawn from international investors if geopolitical risks intensify. Reuters reported this month that scrutiny from Beijing over some listing structures could slow parts of the pipeline even as more than 530 companies remain in the queue to list. That leaves issuers with a narrow challenge: move while demand is present, but price carefully enough to avoid a weak aftermarket.
Comparable deals suggest there is still room for sizeable manufacturing names. Reuters reported in January and February that Han’s CNC Technology, another Shenzhen-listed company linked to the PCB ecosystem, sought up to roughly $619 million in Hong Kong and later priced at the top end of its range. Muyuan Foods, a much larger mainland issuer in a different sector, targeted about $1.37 billion in what Reuters described as the city’s largest deal of the year at that point. Against that backdrop, a Victory Giant transaction north of $2 billion would sit at the top end of the 2026 pipeline and underline how strongly Hong Kong is leaning on mainland corporate fundraising to restore depth in its equity capital markets.
What investors will want next is evidence that Victory Giant’s growth can be sustained beyond a cyclical upswing in electronics orders. The company’s application materials in Hong Kong, published last month, make clear that no listing has yet been approved and that any public offer would require a formal prospectus. That means the key questions are still ahead: how much of the growth story is tied to enduring demand for high-layer-count boards, how concentrated its customer base is, what margins look like under price pressure, and whether its mainland valuation can be carried across to Hong Kong without a discount large enough to blunt enthusiasm.
Victory Giant weighs Hong Kong debut
The company, already listed in Shenzhen, is gauging appetite ahead of a potential second listing in Hong Kong after securing regulatory clearance on the mainland earlier this month, according to Bloomberg reporting. The deal was earlier described as one that could raise more than $2 billion and arrive as soon as April, although timing, size and valuation remain subject to market conditions and investor feedback. Victory Giant and its advisers have not publicly set final terms.
Any Hong Kong offering by Victory Giant would be watched closely for two reasons. It would test whether investors remain willing to pay up for hardware manufacturers tied to the build-out of data centres, automotive electronics and advanced computing supply chains. It would also add momentum to a listings revival that has brought mainland issuers back to Hong Kong after a quieter patch marked by weak turnover, geopolitical strains and stricter scrutiny of offshore listing structures. Reuters reported that Hong Kong’s IPO market raised about $11.64 billion in the first quarter of 2026, up sharply from a year earlier, with the strongest start to a year since 2021.
Victory Giant’s appeal to investors rests on its position in the printed circuit board business, a sector that underpins everything from servers and telecoms gear to vehicles and consumer electronics. Reuters’ company profile describes the Huizhou-based group as a producer of high-end multilayer boards, HDI boards, flexible boards and rigid-flex boards. Bloomberg’s company profile similarly identifies it as a manufacturer focused on high-density PCB development, production and sales.
That profile matters because Hong Kong investors have shown a clear appetite for industrial and technology names that can present themselves as picks-and-shovels suppliers to larger structural themes. PCB producers occupy a useful middle ground in that story. They are not as visible as chip designers or internet platforms, but they sit deep inside supply chains serving artificial intelligence hardware, cloud infrastructure, networking equipment and increasingly sophisticated vehicles. A Frost & Sullivan industry report filed in Hong Kong this month said revenue from multilayer PCBs with 18 or more layers reached $2.5 billion in 2024 and is projected to double to $5 billion by 2029, making it the fastest-growing segment in that part of the market.
The financial trajectory gives bankers something tangible to market. Data carried by MarketScreener from the company’s full-year results showed revenue of about 19.29 billion yuan in 2025, up from 10.73 billion yuan a year earlier, while net income rose to about 4.31 billion yuan from 1.15 billion yuan. Another report said profit jumped 274 per cent. Those figures, while drawn from market data services rather than the full exchange filing, point to the sort of earnings acceleration that equity investors typically reward when broader market sentiment is supportive.
Still, the deal would not be landing in a friction-free market. Hong Kong’s stronger issuance calendar has been accompanied by fresh concerns over regulation, allocation quality and how much money can be drawn from international investors if geopolitical risks intensify. Reuters reported this month that scrutiny from Beijing over some listing structures could slow parts of the pipeline even as more than 530 companies remain in the queue to list. That leaves issuers with a narrow challenge: move while demand is present, but price carefully enough to avoid a weak aftermarket.
Comparable deals suggest there is still room for sizeable manufacturing names. Reuters reported in January and February that Han’s CNC Technology, another Shenzhen-listed company linked to the PCB ecosystem, sought up to roughly $619 million in Hong Kong and later priced at the top end of its range. Muyuan Foods, a much larger mainland issuer in a different sector, targeted about $1.37 billion in what Reuters described as the city’s largest deal of the year at that point. Against that backdrop, a Victory Giant transaction north of $2 billion would sit at the top end of the 2026 pipeline and underline how strongly Hong Kong is leaning on mainland corporate fundraising to restore depth in its equity capital markets.
What investors will want next is evidence that Victory Giant’s growth can be sustained beyond a cyclical upswing in electronics orders. The company’s application materials in Hong Kong, published last month, make clear that no listing has yet been approved and that any public offer would require a formal prospectus. That means the key questions are still ahead: how much of the growth story is tied to enduring demand for high-layer-count boards, how concentrated its customer base is, what margins look like under price pressure, and whether its mainland valuation can be carried across to Hong Kong without a discount large enough to blunt enthusiasm.
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