HK Recently Listed Stocks Watch | VGT (02476.HK): Lock-up Period on Cornerstone Investors' 37.22 Million H Shares to Expire on Oct 20

NewTimeSpace News: On September 22, 2026, Victory Giant Technology (02476.HK) traded weakly, quoted at218.80 HKD as of 13:57, down 2.84%.

On the news front, according to the Announcement of Final Offer Price and Allotment Results previously disclosed by the company, a total of 37.22 million H shares held by cornerstone investors will be released from lock-up on October 20, 2026, and will become tradable from October 21, 2026. The cornerstone investor line-up includes CPE Rosewood, Janchor Fund, New Alternative under Yunfeng Capital, Hong Kong Mason Electronics, Morgan Stanley & Co. International plc (MSIP), HHLR, Sunshine Life, Bosera International, Tianhong Asset Management and Everbright Wealth Management, among others.

According to public information, Victory Giant Technology (HuiZhou) Co., Ltd. (02476.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on April 21, 2026, with a final offer price of 209.88 HKD, the upper limit of the offer price range. After the Offer Size Adjustment Option was exercised in full, the global offering comprised 95.85 million H shares, of which 8.3348 million H shares were under the Hong Kong Public Offer, which was 431.15 times oversubscribed (250,606 valid applications and 57,137 successful applicants), and 87.5152 million H shares were under the International Offering, which was 18.5 times oversubscribed. Gross proceeds amounted to approximately 20.117 billion HKD and net proceeds to approximately 19.889 billion HKD. The sponsor and overall coordinator subsequently exercised the Over-allotment Option in full on April 22, issuing an additional 14.3775 million H shares and increasing the total number of H shares from 95.85 million to 110.2275 million. The company's H shares have been included in Stock Connect (Southbound Trading) since May 18, 2026.

In terms of shareholding structure, according to the announcement, the number of issued shares of the company at the time of listing was 968,407,313 (after taking into account the full exercise of the Offer Size Adjustment Option and before the exercise of the Over-allotment Option). As for the lock-up arrangements, apart from the six-month lock-up period of cornerstone investors ending on October 20, 2026, the lock-up period of the Largest Group of Shareholders also ends on October 20, 2026; of which the directly held shares of Shenghua Xinye (134,837,190 shares), Hong Kong Victory Giant (131,432,001 shares) and Liu Chunlan (3,791,642 shares) total 270,060,833 A shares, accounting for 27.88% of the total share capital after listing. According to the announcement, the above two parts of shares will no longer be subject to lock-up restrictions after October 20, 2026, but the shares held by the Largest Group of Shareholders are A shares, which are on a different basis from the supply in the secondary market for H shares.

In terms of results, the company disclosed its 2026 interim results on August 28, 2026. In the first half of 2026, revenue reached 11.629 billion RMB (same unit below), up 28.77% year on year; net profit attributable to shareholders of the listed company was 2.857 billion RMB, up 33.30%; net profit excluding non-recurring gains and losses was 2.418 billion RMB, up 12.50%; gross margin was 33.22%, down 3.0 percentage points year on year. In the second quarter, revenue reached 6.110 billion RMB, up 29.49% year on year; net profit attributable to shareholders was 1.568 billion RMB, up 28.29%; net profit excluding non-recurring gains and losses was 1.161 billion RMB, down 5.28%. Net cash flows from operating activities in the same period amounted to 2.911 billion RMB, up 144.61%. For the full year of 2025, the company achieved revenue of 19.292 billion RMB, up 79.77%, and net profit attributable to shareholders of 4.312 billion RMB, up 273.52%.

At the industry level, investment in AI computing power continues to drive demand for high-end PCBs. According to information from Frost & Sullivan cited in the prospectus, based on revenue from PCBs for AI and high-performance computing in the first half of 2025, the company ranked first globally with a market share of 13.8%. According to the company's statements in its records of investor relations activities, demand for mSAP capacity is currently strong and its order book is full, and such capacity is used to meet the production demand for 1.6T optical modules.

On the industry chain side, China Merchants Securities pointed out after completing research on the PCB industry chain that upstream copper clad laminates have raised prices for four to five consecutive quarters and the pass-through mechanism of PCB manufacturers has been fully opened up, with the pricing approach shifting from following material prices at the same frequency to locking in advance the price increase expectations for the next two to three months, and the net profit margins of most small and medium-sized PCB manufacturers in the third quarter have recovered to a historical high of above 10%; the institution believes that the constraint of this round of price increases lies on the supply side, as the upgrade of copper foil to HVLP continues to push up processing fees, and it conservatively expects monthly price increases of copper clad laminates to continue until June 2027.

As for the variables to watch, whether the price increases can be sustained still depends on the acceptance of end customers. Differentiation has already emerged within the industry chain, with manufacturers that possess high-end product mass production and cost pass-through capabilities benefiting first, while companies with a relatively high proportion of general-purpose boards are under the double squeeze of rising raw material prices and customer price pressure; as new projects of leading companies come into production one after another, the supply-demand structure may also change. As far as the company itself is concerned, the pace of release of high-end capacity and its cost pass-through capability are the main indicators to track for subsequent results delivery.

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