Victory Giant Technology (Huizhou) Co., Ltd. (02476.HK) has launched its Hong Kong IPO. The subscription period runs from April 13 to April 16, 2026, with a global offering of 83,348,000 H-shares, including a 15% over-allotment option and offer size adjustment option. The maximum offer price is HKD 209.88 per share, with a board lot of 100 shares, implying an estimated minimum investment of approximately HKD 21,199.67. The company is expected to commence trading on the Main Board of the HKEX on April 21. J.P. Morgan, CICC International, and GF Securities (Hong Kong) act as joint sponsors.

Victory Giant Technology: Global Leader in AI and High-Performance Computing PCBs

Offering Breakdown: Approximately 10% for the Hong Kong public (8,334,800 shares) and approximately 90% for international placement (75,013,200 shares).

Offer Price: Maximum HKD 209.88 per share; board lot of 100 shares; estimated minimum investment ~HKD 21,199.67.

Subscription Period: April 13–16, 2026 (expected pricing date April 17, 2026).

Listing Date: April 21, 2026.

Joint Sponsors: J.P. Morgan, CICC International, GF Securities (Hong Kong).

Company Overview

Victory Giant Technology focuses on the R&D, manufacturing, and sales of high-end high-density interconnect (HDI) and high-layer-count multilayer printed circuit boards (MLPCBs). Its core applications cover AI computing cards, AI servers, and data center switches. According to Frost & Sullivan, based on AI and high-performance computing PCB revenue in the first half of 2025, the company holds a 13.8% global market share, ranking first worldwide; it also ranks first globally in high-end HDI and 14-layer or higher MLPCB segments. Victory Giant Technology is among the first globally to achieve mass production of 6-step 24-layer HDI boards and possesses manufacturing capabilities for MLPCBs exceeding 100 layers.

Financial Information

According to the prospectus, Victory Giant Technology recorded revenues of approximately RMB 7.931 billion, RMB 10.731 billion, and RMB 19.292 billion for 2023, 2024, and 2025, respectively, with net profits of approximately RMB 671 million, RMB 1.154 billion, and RMB 4.312 billion over the same periods. At the maximum offer price of HKD 209.88 per share, assuming the over-allotment and offer size adjustment options are not exercised, the company expects to raise a net proceeds of approximately HKD 17.287 billion. The proceeds are intended to be used for expanding production in Mainland China (~74%), purchasing mSAP and other smart manufacturing equipment (~7%), R&D activities (~9%), and working capital (~10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Victory Giant Technology via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Victory Giant Technology Tech, tap "Public Offer," enter your subscription quantity, and submit your order.

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