A Chinese technology manufacturer has kicked off a massive stock sale in Hong Kong, aiming to collect up to HK$17.49 billion ($2.23 billion) even as worldwide markets face uncertainty due to Middle East conflicts.
Victory Giant initiated its Hong Kong share offering on Monday, making available 83.35 million shares with a top price of HK$209.88 per share. Trading on the Hong Kong exchange is scheduled to begin April 21 using the ticker symbol 2476.
According to the company’s plans, roughly 74% of the money collected will go toward expanding manufacturing operations in mainland China, while nearly 15% will fund the construction of additional production sites.
Major investors including CPE Rosewood, Janchor Fund, and Jack Ma’s Yunfeng Capital will purchase approximately $997 million in shares as cornerstone backers, according to official listing paperwork.
This offering represents a significant challenge for Hong Kong’s ability to handle large technology stock launches as regulatory pressures mount and geopolitical tensions affect investor confidence.
Hong Kong recently recorded its best first-quarter performance for new listings in half a decade, though Beijing has increased oversight of Chinese companies incorporated overseas while Hong Kong authorities have also intensified scrutiny of investment banks regarding staffing levels and initial public offering documentation quality.
If successful, Victory’s public debut could surpass recent Hong Kong offerings like Muyuan Foods’ approximately $1.5 billion sale and would rank among the city’s most significant launches since Midea Group’s $4.6 billion flotation in 2024.
Established in 2006, Victory Giant produces sophisticated printed circuit boards designed for high-performance computing applications, including servers that power artificial intelligence systems.
The company’s Hong Kong filing states it held the top position worldwide for printed circuit board sales revenue in the AI and high-performance computing sectors during the first quarter of 2025, based on data from Frost & Sullivan.
Victory Giant’s existing Shenzhen-traded stock has gained approximately 0.8% year-to-date, following a dramatic surge of roughly 583.3% in 2025 as investors flocked to AI-related technology hardware companies.
