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Nvidia supplier Victory Giant Technology, based in Huizhou, Guangdong, China, released plans at the end of July for a Hong Kong share offering. The move came after regulators eased fundraising rules to support high-tech companies, the South China Morning Post reported.
Victory Giant plans to sell shares in Hong Kong, according to a Shenzhen Stock Exchange filing on July 30. The offering represents up to 10% of the company’s shares, with underwriters potentially issuing more through an over-allotment option.
The company will allocate a portion of the offering to local retail investors, while the rest will be available to an international cohort.
Founded in 2006, Victory Giant manufactures and sells multilayer printed circuit boards. Its clients include Nvidia, Intel, Tesla, Microsoft, Bosch, and Delta Electronics.
According to Bloomberg’s compiled data, Victory Giant was listed on the GEM board in Shenzhen in 2015, with 862.7 million shares outstanding on the onshore market. Its shares have surged more than threefold so far this year.
The company announced on July 21 that it would use the listing funds to grow internationally, broaden its financial options, and choose the optimal time for its listing. It has not yet disclosed the size or timing of its share sale, but Bloomberg reported earlier in July that its listing could raise about $1 billion.
“The company is currently in discussions with relevant intermediaries regarding its proposed H-share issuance and listing,” Victory Giant Technology said in a filing to the Shenzhen stock exchange following a Bloomberg News report. The company stated that specifics are not yet set.
Bloomberg also noted that Victory Giant’s shares are up 270% this year, giving the company a market capitalization of about 134 billion yuan ($19 billion). The company’s first-quarter net income surged 339% from a year earlier to 921 million yuan, boosted by the artificial intelligence boom.
