Victory Giant Technology Huizhou Co began taking investor orders for its second listing in the Hong Kong Special Administrative Region, which may raise as much as HK$17.5 billion ($2.2 billion) in what is set to be among the city’s largest first-time share sales this year.
The company, which makes printed circuit board products — the intricate electronic backbone of artificial-intelligence servers — is offering 83.3 million shares at up to HK$209.88 each, according to a listing document released on Monday.
Victory Giant, whose shares also trade in Shenzhen, plans to list in the HKSAR on April 21. The fervor for AI has driven its stock fourfold over the past year in the Chinese mainland, valuing the firm at $37 billion as of Friday.
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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.
Surging demand for AI drove the Huizhou-based company’s shares up more than 580 percent 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 percent jump in 2026.
JPMorgan Chase & Co, China Securities International and GF Securities Co are the joint sponsors of the offering.