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AI Backbone Maker Victory Giant Seeks $2B IPO
10 Apr
Summary
- Victory Giant plans a $2 billion Hong Kong IPO.
- Jack Ma's Yunfeng Capital is a key investor.
- Company makes AI server printed circuit boards.
Victory Giant Technology Huizhou Co., a manufacturer of printed circuit boards crucial for AI servers, is preparing for a substantial initial public offering in Hong Kong. The company, already listed in Shenzhen, anticipates raising approximately $2 billion in what could be one of the city's largest new share sales this year.
Expected to begin taking investor orders as early as Monday, Victory Giant aims to list its shares later this month. Notable investors, including Jack Ma's Yunfeng Capital and Hillhouse Investment, are planning to join as cornerstone investors. These investors receive guaranteed allocation in exchange for a commitment to hold the shares for a specified period.
Other potential cornerstone investors identified include Mirae Asset Securities Co. from South Korea and an entity associated with Morgan Stanley. Founded in 2006, Victory Giant reported revenue of 19.3 billion yuan ($2.8 billion) in 2025, with analysts projecting a 70% revenue increase this year. The company's Shenzhen-traded shares have quadrupled in value over the past year, mirroring the surge in AI-related stocks.
