NewTimeSpace | IPO Watch: Victory Giant, Leader in AI Computing Power PCB, Launches Hong Kong IPO — High-Order HDI Drives Explosive Performance

Victory Giant Technology (Huizhou) Co., Ltd.（02476.HK） officially launched its H-share IPO on April 13, 2026, with an offer price set at HK$209.88 per share, 100 shares per lot and an entry fee of approximately HK$21,199.67.
The company is expected to list on the Main Board of the Hong Kong Stock Exchange on April 21, 2026.
It plans to issue 83.34 million shares globally, raising approximately HK$17.287 billion.
As a leading global provider of PCBs for AI and high-performance computing, Victory Giant specializes in the R&D, manufacturing and sales of high-build-up HDIs and high-layer-count PCBsVictory Giant Technology, achieving leapfrog growth amid the boom in AI computing hardware.
The offering has successfully attracted a number of renowned cornerstone investors with a total subscription of approximately US$997 million.
The investor lineup includes top international institutions such as CPE Rosewood, Janchor Fund, Yunfeng Capital, MSIP, HHLR, Pinpoint and Sunshine Life Insurance, providing solid anchor support for the listing.

Core Highlights: Global Leader in AI Computing Power PCBs, High-Order HDI Builds Technical Barriers

No.1 Global Market Share in AI Computing Power PCBs
Victory Giant’s core strength lies in its global leading position in the high-growth sector of AI and high-performance computing PCBs.
According to Frost & Sullivan, based on revenue from AI and high-performance computing PCBs in the first half of 2025, the company ranked first globally with a 13.8% market share, up from seventh place (1.7% market share) for the full year 2024 — jumping six positions in a single year, underscoring its explosive growth amid the AI computing power wave.
Deep Technical Barriers in High-Order HDI
The company possesses manufacturing capabilities for high-layer-count PCBs of over 100 layers.
It is among the world’s first enterprises to achieve mass production of 6-nodes 24-layer HDI products, as well as technical capabilities for 10-nodes 30-layer HDI and 16-layer any-layer HDI.
These ultra-complex, high-density PCBs are widely used in cutting-edge AI and high-performance computing applications.
In 2025, the average selling price of the company’s HDI products surged from RMB 2,351 per square meter in 2024 to RMB 13,475 per square meter — an almost five-fold increase — mainly driven by a higher proportion of higher-node HDI products and their adoption of more advanced designs, processes and materials.
Product Structure Shifts Toward High-Value-Added Fields
The company’s products are widely applied in high-growth sectors including AI and high-performance computing, smart terminals, automotive electronics, network communications and medical equipment.
Revenue from the AI and high-performance computing segment skyrocketed from RMB 461 million in 2023 to RMB 8.341 billion in 2025, with its share of total PCB revenue surging from 5.8% to 43.2%, becoming the company’s largest revenue source.
Automotive electronics revenue grew from RMB 848 million in 2023 to RMB 2.592 billion in 2025, maintaining a stable share of 10%–20%.
Global Client Network Covers Leading Enterprises
The company’s customer base includes global AI technology solution providers, major cloud service providers, data center equipment OEMs, server brands and top electric vehicle companies.
In 2025, revenue from the top five customers accounted for 51.0%, with the largest customer alone contributing 29.7%, mainly reflecting a substantial increase in orders for HDI products related to AI computing cards.

Financial Performance: Explosive Revenue and Profit Growth, Significantly Enhanced Profitability

Victory Giant has delivered explosive revenue growth, with profit growth far outpacing revenue and profitability rising sharply.
Rapid Revenue Growth Driven by AI Computing Power
The company’s revenue rose from RMB 7.931 billion in 2023 to RMB 10.731 billion in 2024 (up 35.3% year-on-year), and further surged to RMB 19.292 billion in 2025 (up 79.8% year-on-year) — nearly 1.5 times growth in two years.
By product structure, HDI revenue skyrocketed from RMB 930 million in 2023 to RMB 7.425 billion in 2025, with its revenue share rising from 11.7% to 38.5%, becoming the core growth driver.
MLPCB revenue increased from RMB 5.788 billion to RMB 8.316 billion, accounting for 43.1% and remaining the largest revenue source.
Sharply Rising Gross Margins, Stunning Profit Growth
The company’s gross margin improved from 20.7% in 2023 to 22.7% in 2024, and jumped significantly to 35.2% in 2025 — mainly driven by a higher proportion of high-margin high-order HDI and MLPCB products.
Net profit grew from RMB 671 million in 2023 to RMB 1.154 billion in 2024 (up 72.0% year-on-year), and reached RMB 4.312 billion in 2025 (up 273.5% year-on-year).
Profit growth far outpaced revenue growth, reflecting significant operating leverage from product structure upgrading.
Net profit margin rose from 8.5% to 22.4%, with profitability greatly enhanced.
Rapidly Expanding Asset Scale
The company’s net assets increased from RMB 7.626 billion at the end of 2023 to RMB 16.618 billion at the end of 2025 — doubling in two years — mainly driven by profit accumulation and funds raised from non-public share issuances, providing ample financial space for subsequent capacity expansion and technological R&D.

IPO Details: Star-Studded Cornerstone Lineup, Proceeds Focused on R&D Innovation and Capacity Expansion

Victory Giant’s IPO offer price is HK$209.88 per share, 100 shares per lot, with an entry fee of approximately HK$21,199.67.
Subscription opened on April 13, 2026 and will close on April 16, with listing scheduled on the Main Board of the Hong Kong Stock Exchange on April 21, 2026.
The company plans to issue 83.34 million shares globally, raising approximately HK$17.287 billion.
Star-Studded Cornerstone Investor Lineup
The offering has successfully attracted a number of renowned cornerstone investors with a total subscription of approximately US$997 million.
The list includes top international investment institutions such as CPE Rosewood, Janchor Fund, Yunfeng Capital, MSIP, HHLR, Pinpoint, Sunshine Life Insurance, Yongrong Assets, Bosera International and Huizhou Investment Holdings — demonstrating global capital’s high recognition of the company’s leading position in AI computing power PCBs and long-term development prospects.

Risk Concerns: Customer Concentration, Industry Cycles and International Trade Policies

Customer Concentration Risk
In 2025, revenue from the company’s top five customers rose to 51.0%, with the largest customer accounting for 29.7%, mainly reflecting a substantial increase in AI computing card-related orders.
While this underscores the company’s core position in the AI industry chain, it also means that any order fluctuations or changes in partnerships with major customers could significantly impact performance.
AI Infrastructure Investment Cycle Risk
Demand for the company’s products is highly correlated with capital expenditures on AI infrastructure.
A global economic downturn or cuts in AI-related spending by tech companies could reduce demand for the company’s high-end PCBs, affecting business and financial conditions.
International Trade Policy and Geopolitical Risks
As key components in AI and high-performance computing, the company’s products face risks from changes in international trade policies such as U.S. export controls and tariff policies toward China.
In recent years, the U.S. BIS has continuously expanded export restrictions on advanced computing integrated circuits and semiconductor manufacturing equipment.
Although the company is currently minimally affected, policy uncertainty could indirectly impact downstream customer demand or supply chain stability.

Conclusion

Overall, as a global leader in AI computing power PCBs, Victory Giant has successfully attracted a number of renowned cornerstone investors with a total subscription of approximately US$997 million, further confirming global capital’s high recognition of the company’s development prospects.
However, the company still faces risks including high customer concentration, cyclical fluctuations in AI infrastructure investment and changes in international trade policies.
After listing, the market will continue to focus on how the company consolidates its advantages in AI computing power PCBs while effectively expanding into diversified application areas, optimizing customer structure, deepening supply chain cooperation and continuously advancing technological innovation.

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