(March 30): Victory Giant Technology (Huizhou) Co has started gauging investor interest for a Hong Kong listing, according to people familiar with the matter, getting the ball rolling for what may be among the city’s largest deals this year.
The Chinese company, which already trades in Shenzhen, is aiming to raise more than US$2 billion in a listing as soon as April, people familiar with the matter have said, asking not to be named to discuss a private matter. Victory Giant makes printed circuit board products, the intricate electronic backbone for artificial intelligence servers.
Deliberations, including the size and timing of the deal, are ongoing, the people added. Victory Giant didn’t immediately reply to a request for comment. IFR earlier reported the company had started premarketing the deal.
Hong Kong is set to close its best quarter in five years for new listings, but the deal flow now faces snags that have emerged in recent weeks. The mood has soured as regulators warned over staff shortages and the quality of paperwork, Beijing rolled out restrictions on some Chinese companies seeking Hong Kong initial public offerings and the war in Iran rattled the market.
Victory Giant had 19.3 billion yuan in revenue in 2025. The Shenzhen-listed shares of the company, which was founded in 2006, have tripled over the past year. Delton Technology Guangzhou Inc, which also makes circuit boards, this month raised HK$3.3 billion in a Hong Kong listing. Its shares have since gained 40%.
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