(April 15): Victory Giant Technology Huizhou Co is likely to price its Hong Kong listing at the highest possible figure, according to people familiar with the matter, in a sign of strong demand for the city’s biggest share sale in seven months.
The Chinese maker of printed circuit board products — the intricate electronic backbone of artificial-intelligence (AI) servers — is slated to set shares at the maximum price of HKD209.88 ($34.05) each, the people said, asking not to be identified to discuss a private matter. Victory Giant may also exercise an option to increase the deal size to as much as US$2.6 billion ($3.3 billion), the people said.
Deliberations on the pricing of the deal are ongoing, the people added. Victory Giant didn’t respond to a request for comments.
The Guangdong-based company stopped taking orders from institutional investors a day earlier than expected, people familiar with the matter have said. Victory Giant, whose shares are also listed in Shenzhen, is set to make its Hong Kong debut next Tuesday.
The deal’s maximum price reflects a discount of 41% to the Tuesday’s closing price of CNY310 ($57.81) in Shenzhen. The company’s shares have more than quadrupled over the past year.
The share sale, Hong Kong’s biggest since Zijin Gold International Co’s US$3.7 billion offering in September, has kicked off what Hong Kong bankers hope to be a procession of heavyweight deals this year. Hong Kong listing proceeds are likely to top US$40 billion in 2026, surpassing last year’s proceeds despite fresh snags like the intensifying scrutiny into initial public offerings, according to Bloomberg Intelligence. Deals also need to navigate the rapid developments with the war in Iran.
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JPMorgan Chase & Co, China Securities International and GF Securities Co are leading Victory Giant’s offering.
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