Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>Victory Giant Technology launched Hongkong IPO aiming to raise up to HK$17.5B (~ US$ 2.2B). They manufacture advanced Printed Circuit Board (PCB) products for AI and high-performance computing.  </li>
<li>Victory Giant Technology intends to use the IPO proceeds for production expansion in China, diversify product portfolio, R&amp;D activities, working capital and general corporate purpose.</li>
<li>The stock’s medium to long-term potential looks attractive given the growing demand for AI computing power, along with ongoing upgrades to data center servers.</li>
</ul>


Victory Giant Technology launched Hongkong IPO aiming to raise up to HK$17.5B (~ US$ 2.2B). They manufacture advanced Printed Circuit Board (PCB) products for AI and high-performance computing.  
Victory Giant Technology intends to use the IPO proceeds for production expansion in China, diversify product portfolio, R&amp;D activities, working capital and general corporate purpose.
The stock’s medium to long-term potential looks attractive given the growing demand for AI computing power, along with ongoing upgrades to data center servers.


Victory Giant Tech IPO: Multi Layered and High-Definition Growth Opportunity Not Hard To Compute

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:228918" rel="noopener">Victory Giant H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Victory Giant (2476 HK), the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case. 
The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.


Victory Giant H Share Listing (2476 HK): Valuation Insights

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.</li>
<li>Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.</li>
<li>The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.</li>
</ul>


Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.
Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.
The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.


China Strategy: Evolution of H-Share IPO Premium/Discount

China

Victory Giant Technology (HuiZhou) Co., Ltd. specializes in the research, development, manufacture, and sale of high-precision printed circuit boards (PCBs), including multilayer, HDI, FPC, and rigid-flex PCBs. Its products are widely used in artificial intelligence, high-performance computing, smart devices, automotive electronics, network telecommunication, and medical equipment. The company is headquartered in Huizhou, Guangdong, China, and was founded in 2006.

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Victory Giant Technology (HuiZhou) (2476 HK)

Victory Giant Tech IPO: Multi Layered and High-Definition Growth Opportunity Not Hard To Compute

Victory Giant Technology launches HK IPO to raise $2.2B for PCB production expansion, R&D, and product diversification. Stock holds potential amid...

Tina Banerjee

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Victory Giant Tech IPO: Multi Layered and High-Definition Growth Opportunity Not Hard To Compute

​Victory Giant Technology launches HK IPO to raise $2.2B for PCB production expansion, R&D, and product diversification. Stock holds potential amid...

Tina Banerjee

Victory Giant H Share Listing (2476 HK): Valuation Insights

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion....

Arun George

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

China Strategy: Evolution of H-Share IPO Premium/Discount

​Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...

Osbert Tang, CFA

Victory Giant Technology launches HK IPO to raise $2.2B for PCB production expansion, R&D, and product diversification. Stock holds potential amid...

Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...