High-end printed circuit board (PCB) supplier Victory Giant Technology, a core provider of computing power boards to Nvidia, debuted today on the main board of the HKEX, raising HKD20.12 billion (USD2.6 billion) and becoming the largest Hong Kong IPO in 2026 to date.
JunHe, Cleary Gottlieb, Malaysia’s Robin Lynn & Lee, Singapore’s CHP Law, Southeast Asian firm DFDL, Freshfields and Jingtian & Gongcheng advised parties involved in the transaction.
The cornerstone investor line-up featured CPE Rosewood, Janchor Fund, YF Capital, Hillhouse Capital, Deliante and Sunshine Life Insurance, among others. On its first day of trading, Victory Giant’s shares rose 60.19%, with its market capitalisation once exceeding HKD305 billion.
On the issuer side, JunHe acted as Hong Kong and PRC counsel and advised on PRC data privacy and cybersecurity matters. Cleary Gottlieb served as US counsel. Robin Lynn & Lee and CHP Law provided Malaysian and Singaporean legal advice, respectively, while DFDL advised on Thai and Vietnamese law. Partner Lee Bin Hau led the Robin Lynn & Lee team. DFDL’s Thailand team included partner Kraisorn Rueangkul, while partner Phonganh Hoang was part of the firm’s Vietnam team.
JPMorgan, CCB International and GF Securities acted as joint sponsors. Freshfields advised the underwriters on Hong Kong and US law, with partners Howie Farn, David Yi and Arun Balasubramanian leading the team. Jingtian & Gongcheng served as PRC counsel to the underwriters, led by partner Zhu Wangying, with partner He Pengcheng among the team members.
Headquartered in Huizhou, Guangdong province, Victory Giant Technology was listed on the ChiNext board of the SZSE in June 2015. The Hong Kong offering completes its dual-listing structure in both A-share and H-share markets.
The company prospectus states that 74% of the proceeds from the Hong Kong listing will be used to expand production capacity in the Chinese mainland, with the remainder allocated to the purchase of manufacturing equipment, research and development, working capital and general corporate purposes.
