(April 10): Chinese billionaire Jack Ma’s Yunfeng Capital Co and alternative-asset manager Hillhouse Investment are among key investors planning to buy shares in the Hong Kong listing of Victory Giant Technology Huizhou Co, according to people familiar with the matter, in what could be among the city’s largest maiden share sales this year.
The firms are planning to participate as cornerstone investors, which get guaranteed allocation in a deal in exchange for holding the shares for a period of time, the people said, asking not to be identified to discuss a private matter. Deliberations are ongoing, and details of the deal including the cornerstone investments may change, the people added.
Founded in 2006, Victory Giant makes printed circuit board products that are the intricate electronic backbone for artificial-intelligence (AI) servers. Its shares are already traded in Shenzhen.
The Guangdong-based company is set to start taking investor orders as early as Monday for the listing, which may raise about US$2 billion ($2.6 billion), the people said, barring any last-minute snags. It is aiming to list shares later this month, they added.
Other potential cornerstone investors in the deal include South Korea’s Mirae Asset Securities Co and a Morgan Stanley entity, the people said.
Victory Giant, Yunfeng, Hillhouse, and Morgan Stanley didn’t respond to requests for comments. A representative of Mirae was unable to comment when reached by Bloomberg.
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Victory Giant had 19.3 billion yuan (US$2.8 billion or $3.6 billion) in revenue in 2025. Analysts polled by Bloomberg expect the company’s revenue to rise about 70% this year. The Shenzhen-listed shares of the company have more than quadrupled over the past year, along with the surge in AI-related stocks.
Hong Kong recently notched its best quarter in five years for new listings, but the deal flow now faces fresh snags. 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 has led to market volatility.
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