IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<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> priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <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> and <a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-2476-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231064" rel="noopener">Victory Giant H Share Listing (2476 HK): Valuation Insights</a>. </li>
<li>Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.</li>
</ul>



Victory Giant (2476 HK) priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case and Victory Giant H Share Listing (2476 HK): Valuation Insights. 
Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.


Victory Giant H Share Listing (2476 HK): Trading Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 13 April, Victory Giant (2476 HK) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion). </li>
<li>The company is offering 83.35 million shares in Hong Kong at up to HK$209.88 each. The company is expected to start trading in Hong Kong on April 21.</li>
<li>Victory Giant ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in 1H 2025 with a 13.8% market share.</li>
</ul>


On 13 April, Victory Giant (2476 HK) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion). 
The company is offering 83.35 million shares in Hong Kong at up to HK$209.88 each. The company is expected to start trading in Hong Kong on April 21.
Victory Giant ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in 1H 2025 with a 13.8% market share.


HK/China Equity Long-Short

Osbert Tang, CFA

<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>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Global Healthcare Analyst

Tina Banerjee

<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

<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 <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>. </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

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 Hong Kong Public Offering

On 13 April, Victory Giant (2476 HK) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion).

Douglas Kim

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Victory Giant H Share Listing (2476 HK): Trading Debut

Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the...

Arun George

Victory Giant Hong Kong Public Offering

On 13 April, Victory Giant (2476 HK) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion).

Douglas Kim

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

​Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

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

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

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