Nvidia-linked circuit board maker becomes latest mainland tech firm to seek dual listing in Hong Kong
Victory Giant Accelerates Hong Kong Listing Plans After Regulatory Approval
Victory Giant Technology, a Chinese maker of printed circuit boards that already trades on the Shenzhen Stock Exchange, is preparing for a Hong Kong listing that could raise more than $2 billion as soon as April, according to people familiar with the matter who asked not to be identified because the information is not yet public. China’s securities regulator gave approval for the offering last week, following a decision by the company’s board to pursue the Hong Kong listing back in July. The move would make Victory Giant one of the largest mainland Chinese companies to seek a dual listing in Hong Kong in recent months, and would add significant capital-raising momentum to a market that has already been reinvigorated by a record-breaking IPO year in 2025. The deal details, including the final size and timing, may still change, and Victory Giant’s representatives declined to comment on the reports.
A Company at the Heart of the AI Hardware Boom
Victory Giant is not simply a circuit board company. It is a supplier to some of the most strategically significant technology supply chains in the world. In the first nine months of last year, the company generated approximately 13.4 billion yuan, equivalent to roughly $1.9 billion, in revenue from printed circuit board products. Its boards are used in AI servers, high-performance computing equipment, smart devices including AI-powered personal computers and wearable devices, automotive electronics for electric vehicles, telecommunications infrastructure including 5G base stations, and medical devices. The company is understood to count Nvidia among its customers, making it a direct beneficiary of the extraordinary global demand for AI hardware that has driven semiconductor and related supply chain valuations to historic highs over the past two years.
From Shenzhen to Hong Kong: The Dual-Listing Wave
Victory Giant’s decision to pursue a Hong Kong listing reflects a broader trend of mainland Chinese companies seeking to access international capital markets by listing in Hong Kong alongside their existing onshore presence. Companies listed on mainland exchanges have been flocking to Hong Kong in increasing numbers, attracted by the city’s ability to offer access to global institutional investors who cannot easily invest in mainland-listed Chinese shares. HKEX topped the global IPO rankings in 2025 with 119 new listings raising $36.7 billion, a 226 percent increase year-on-year, and its exchange operator reported record profits for the second consecutive year. The pipeline for 2026 appears strong. Alongside Victory Giant, Bloomberg has reported separately that China’s biggest eye hospital chain, Aier Eye Hospital, is also planning a Hong Kong listing, reflecting the breadth of sectors being drawn to the city’s capital markets even as the geopolitical environment grows more complex.
Geopolitical Backdrop and Market Volatility
The timing of Victory Giant’s listing plans, if confirmed for April, would place the IPO in the middle of one of the most turbulent periods for global markets since the COVID-19 pandemic. The US-Israeli war on Iran has sent oil prices surging past $100 per barrel, triggered sharp selloffs across Asian equity markets, and created significant uncertainty about the near-term trajectory of global growth. The Hang Seng Index fell 1.35 percent on Monday, though mainland investors set a record by buying HK$37.2 billion worth of Hong Kong stocks on the same day, suggesting that dip-buyers remain active and that confidence in the medium-term outlook has not completely evaporated.
Why Hong Kong Remains the Venue of Choice
For mainland Chinese technology companies, Hong Kong offers a combination of features that no other market can match. It provides access to international institutional investors who are excluded from directly investing in mainland-listed shares. It allows capital to be raised in Hong Kong dollars, which are pegged to the US dollar, providing currency stability. It offers a legal and regulatory framework that international investors recognise and trust, at least in the commercial domain. And it provides a platform for global brand-building that a Shenzhen listing alone cannot offer. The US Securities and Exchange Commission has in recent years imposed additional disclosure requirements on Chinese companies listed on American exchanges, leading many to view Hong Kong as a safer and more accessible alternative to New York for international fundraising. For Victory Giant, a company whose products sit at the intersection of AI, 5G, and electric vehicles, three of the defining technology themes of the 2020s, a Hong Kong listing would be a significant step in its ambition to be recognised as a global rather than merely a domestic player.
Sze Wing Lee
Digital Media & Technology Journalist, Apple Daily UK
Contact: szewing.lee@appledaily.uk
Sze Wing Lee is a digital media and technology journalist specializing in online platforms, information integrity, and digital culture. Educated at a top-tier Chinese journalism school, she trained in digital reporting tools, verification techniques, and media ethics.
Her work with Apple Daily and other liberal Chinese publications includes reporting on social media ecosystems, online censorship, cybersecurity awareness, and digital activism. Sze Wing’s reporting combines technical literacy with careful sourcing and contextual explanation.
She has newsroom experience covering rapidly evolving digital issues, where speed must be balanced with accuracy. Editors value her disciplined fact-checking and clarity in explaining complex technologies.
At Apple Daily UK, Sze Wing Lee provides trustworthy digital journalism grounded in professional experience, technical competence, and responsible reporting standards.
