Nvidia’s printed circuit board vendor Victory Giant plans to raise funds in Hong Kong IPO

Nvidia supplier Victory Giant Technology (Huizhou) released plans for a Hong Kong share offering after regulators eased fundraising rules to support hi-tech companies.

The company, one of mainland China’s largest printed circuit board manufacturers, said it would sell stock in Hong Kong that would represent no more than 10 per cent of its existing share capital, according to a filing with the Shenzhen Stock Exchange on Wednesday.

Underwriters would be granted the option to issue additional shares in Hong Kong by exercising an overallotment option. The company will allocate a portion of the offering to local retail investors, while the remainder will be available to an international cohort.

Victory Giant was listed on the GEM board in Shenzhen in 2015, with 862.7 million shares outstanding on the onshore market, according to data compiled by Bloomberg. Its shares have surged more than threefold so far this year to 191.2 yuan, giving it a market capitalisation of 162.77 billion yuan (US$22.7 billion).

Factory of Nvidia supplier Victory Giant Technology (Huizhou). Photo: handout
Factory of Nvidia supplier Victory Giant Technology (Huizhou). Photo: handout

On July 21, the company said it would use the listing’s proceeds to expand overseas and “broaden its financing channels”. It said it would select an appropriate time to complete its listing plan.

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