Server PCB maker Victory Giant targets $2.2B in Hong Kong IPO

Victory Giant Technology, a Shenzhen-listed manufacturer of printed circuit boards for servers and data center equipment, has filed for a Hong Kong Stock Exchange listing scheduled for April 21, targeting proceeds of up to $2.2 billion according to Bloomberg. The company, valued at approximately $37 billion based on its April 10 closing price on the Shenzhen Stock Exchange, produces high-density interconnect PCBs used in AI servers and enterprise computing hardware. Victory Giant's Shenzhen-listed shares have gained more than 200 percent over the past year as demand for AI infrastructure components surged. The Hong Kong listing would mark one of the largest technology IPOs in the region this year and signals continued investor appetite for semiconductor supply chain companies despite broader market volatility. The company plans to use proceeds to expand manufacturing capacity for advanced PCBs required Victory Giant competes with Taiwanese and Japanese PCB manufacturers in the high-end server market. Its customers include major cloud providers and server original design manufacturers based in Asia. The offering is being managed