China AI PCB Maker Seeks $2.2 billion from Hong Kong IPO
By Reuters | 13 Apr, 2026

Victory Giant, which makes advanced circuit boards for AI accelerator cards, will test investor appetite amid greater volatility from Mideast tensions.

China's Victory Giant on Monday said it launched a Hong Kong share sale that seeks to raise up to HK$17.5 billion ($2.2 billion), in a major test of investor appetite as Middle Eastern tensions have triggered greater volatility and caution in the world's markets.

The deal is set to be the largest equity offering since the Iran war started more than a month ago; it would be the biggest Hong Kong listing since Zijin Gold's $3.5 billion listing in September, according to Dealogic.

The deal size could increase if overallotment and size-adjustment options of up to 15% are exercised.

Founded in 2006, Victory Giant makes advanced printed circuit boards (PCBs) for artificial intelligence (AI) accelerator cards, servers, AI servers, data centre switches and optical modules, according to its prospectus.

The Shenzhen-listed firm is offering 83.35 million shares in Hong Kong at up to HK$209.88 each, according to its prospectus. The offering will end on Thursday and the company is expected to start trading in Hong Kong on April 21.

Victory Giant's Hong Kong listing is the latest on a list of Chinese companies, mainly from the tech and AI sectors, that have raised capital in the Asian financial hub over the past year.

Proceeds from equity offerings in Hong Kong, including secondary listings, rose to $11.64 billion in the first quarter of this year from $2.4 billion a year earlier, LSEG data showed, after the city emerged as the world's No. 1 IPO destination last year.

Dickie Wong, executive director of research at Hong Kong-based uSMART Securities, said Victory Giant's listing could attract long-term investors, though the valuation was not cheap and macro headwinds needed to be considered.

"In this choppy macro environment, with Middle East tensions pushing oil prices higher and adding volatility, long-term AI investors should love the story," Wong said.

Oil prices surged on Monday as the U.S. moved to impose a blockade nL1N40W03S on Iranian shipping after the collapse of weekend peace talks; the dollar rose and stocks and bonds fell.

CORNERSTONE INVESTORS

Victory Giant ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in the first half of 2025 with a 13.8% market share, the company said in its prospectus, citing data from consulting firm Frost & Sullivan.

Cornerstone investors led by CPE Rosewood, Janchor Fund and Jack Ma's Yunfeng Capital plan to buy nearly $997 million worth of Victory Giant shares, the prospectus showed.

Other cornerstone investors include Morgan Stanley International, Bosera Asset Management (International), Sunshine Life, Mirae Asset, Tianhong Fund, Everbright Wealth Management, Jump Trading and Luhua Daosheng, the filing showed.

Nearly three-quarters of the funds raised in Hong Kong would be used to expand production capabilities in China, while the remaining money would be used to broaden product lines, fund research and development and pay for working capital and general corporate purposes, it said.

Victory Giant's Shenzhen-listed shares are up about 3.7% so far this year, LSEG data showed, after surging roughly 583.3% in 2025 as investors piled into AI-related hardware firms. It jumped 4.2% and hit a four-week high on Monday.

"I expect investor interest to run high," said Kenny Ng, a securities strategist at China Everbright Securities International, due to a bigger discount being offered for the Hong Kong shares compared with their Shenzhen-listed counterparts.

JPMorgan, China Securities International and GF Securities are the joint sponsors, according to the filing.

($1 = 7.8322 Hong Kong dollars)

(Reporting by Roushni Nair, Scott Murdoch and Yantoultra Ngui; Editing by Chris Reese, Jamie Freed and Thomas Derpinghaus)