HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

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Pre-IPO Victory Giant Technology (A/H Listing) - The Business and the Outlook

Equity Capital Markets

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2.</li>
<li>AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028.</li>
<li>An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety.</li>
</ul>


Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2.
AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028.
An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety.


Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention