Victory Giant to price $2.2bn Hong Kong listing at top

China’s Victory Giant Technology is expected to price its Hong Kong share offering at the top of its indicated range, reflecting robust investor demand despite broader market volatility, according to sources familiar with the matter.

The company is likely to set the offer price at HK$209.88 per share.

This would allow it to raise approximately HK$17.5 billion.

Two sources with knowledge of the matter said demand from investors has been strong.

The sources declined to be identified because the information is not yet public.

Victory Giant is also expected to exercise an upsize option of up to 15% of the offering.

This could increase total proceeds to around HK$20.2 billion, one of the sources said, as mentioned in a Reuters report.

The company, which manufactures printed circuit boards used in artificial intelligence servers and other electronic devices, has seen increasing investor interest due to its exposure to the fast-growing AI sector.

Victory Giant did not immediately respond to a request for comment on Wednesday.

The pricing of the offering is expected to take place on Friday, based on details in the company’s prospectus.

Trading is scheduled to begin on April 21.

If the shares are priced at the top end, it would indicate that investor appetite for large Chinese technology listings remains strong.

This comes despite market uncertainty linked to geopolitical tensions, including the ongoing conflict in the Middle East.

The deal would be the largest equity offering since the Iran war began in late February.

One of Hong Kong’s biggest listings in recent months

Victory Giant’s listing is set to be Hong Kong’s biggest since Zijin Mining Group raised $3.5 billion in September, according to data from Dealogic.

The offering also reflects a broader trend of renewed activity in Hong Kong’s equity markets.

On the same day, Huaqin Technology launched its own share sale in the city.

The company aims to raise up to HK$4.55 billion, extending a series of sizeable Chinese deals.

Offering details and company background

Victory Giant, already listed in Shenzhen, has a market value of $39.6 billion, according to LSEG.

The company launched its Hong Kong offering on Monday.

It plans to sell 83.35 million shares at a maximum price of HK$209.88 each, as outlined in its prospectus.

The company’s focus on printed circuit boards for advanced technologies, including artificial intelligence infrastructure, has positioned it as a key player in the sector.

The expected top-end pricing highlights continued investor confidence in Chinese technology firms raising capital offshore.

The strong demand suggests that large-scale listings can still attract interest even amid global market uncertainty.

The outcome of Victory Giant’s offering is likely to be closely watched as a gauge of investor sentiment toward Chinese equities in Hong Kong.