New stock news | Victory Giant Technology (02476) ends its IPO with a total subscription of 5188.9 billion Hong Kong dollars, oversubscribed 295.6 times.

One of the suppliers of NVIDIA Corporation (NVDA.US), AI and high-performance computing PCB supplier Victory Giant Technology (02476) launched its IPO from April 13 to 16, and the latest IPO has ended. According to market data, Victory Giant Technology obtained a margin loan of HKD 51.88 billion from brokers, with the public offering portion of HKD 1.749 billion oversubscribed by 295.6 times. Victory Giant Technology plans to issue 83.348 million H shares, with ten percent to be publicly offered in Hong Kong. The offering price will not exceed HKD 209.88 per share, raising up to HKD 17.49 billion. Each board lot of Victory Giant Technology consists of 100 shares, with an entrance fee of approximately HKD 21,199.7. It is expected to start trading on April 21, with Morgan Stanley, China Securities Co., Ltd. International, and GF SEC as joint sponsors. In this offering, Victory Giant Technology introduced cornerstone investors including CPE Rosewood, Janchor Fund, Foresight, HHLRA, Pinpoint, Sunlife Insurance, Wing Hing Asset Management, Huizhou Huilian, HK Greenwoods, Bo Shi International, Cloudview, CCB Investment, Tianhong Fund, MNSO Group Chairman Ye Guofu, Qidian Asset, Everbright Wealth Management, Jump Trading, Lu Hua Roadsheng, Mirae Asset, Panjing Fund, WSOF, Black Dragon, and Huaqin Singapore, subscribing a total of nearly USD 1 billion. According to the prospectus, Victory Giant Technology has the capability to produce PCBs with more than 100 layers, making it one of the first companies in the world to mass-produce 6-order 24-layer HDI products, as well as having the technology capabilities for 10-order 30-layer HDI and 16-layer any-layer HDI. This highlights the company's ability to deliver large-scale, highly complex, and high-density PCBs for cutting-edge AI and high-performance computing applications, further solidifying its leading position in the industry. The products are widely used in artificial intelligence, new energy vehicles, high-speed network communication, and other high-growth areas, driving the development of China's high-end PCB industry. Based on sales revenue in the first half of 2024 and 2025, the company is one of the leading suppliers of advanced AI and high-performance computing printed circuit boards (PCBs), focusing on the research, development, production, and sale of high-end high-density interconnect (HDI) and high-layer PCBs. With leading technology, high-quality products, and strong production capacity, it has become an important partner for many top global technology companies. According to data from Frost & Sullivan, based on the scale of AI and high-performance computing PCB revenue in the first half of 2025, the company ranks first globally with a market share of 13.8%. In 2024, based on the same index, the company ranked seventh globally with a market share of 1.7%. Its core applications include AI computing cards, servers, AI servers, data center switches, and general substrates.