New stock news | Victory Giant Technology (300476.SZ) has submitted a secondary application to the Hong Kong Stock Exchange, focusing on the research and development, production, and sales of high-end HDI and high-layer PCBs.

According to the disclosure on the Hong Kong Stock Exchange on February 24th, Victory Giant Technology (Huizhou) Co., Ltd. (referred to as Victory Giant Technology (300476.SZ)) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley, China Securities Co., Ltd. International, and GF SEC as joint sponsors. The company had previously submitted a listing application on August 20, 2025. According to the prospectus, based on sales revenue for the first half of 2024 and 2025, Victory Giant Technology is a global leading supplier of artificial intelligence and high-performance computing printed circuit boards (PCBs), focusing on the research, production, and sales of high-end high-density interconnect (HDI) and high-layer PCBs. Company Profile The prospectus indicates that based on data from Frost & Sullivan, Victory Giant Technology has the largest market share in the world for artificial intelligence and high-performance computing PCB revenue in the first half of 2025. In 2024, using the same indicator, Victory Giant Technology ranked seventh globally with a market share of 1.7%. The company's core applications include AI computing cards, servers, AI servers, data center switches, and general substrates. As a leading technology innovator in the PCB industry, Victory Giant Technology has the capability to produce PCBs with over 100 layers and was among the first globally to achieve large-scale production of 6-level 24-layer HDI products, as well as the capacity for 8-level 28-layer HDI and 16-layer Any-layer HDI technology. Its products are widely used in artificial intelligence, new energy vehicles, high-speed network communication, and other high-growth areas. Victory Giant Technology offers a full range of products suitable for various applications. The company has expanded its market share in key areas, including artificial intelligence and high-performance computing, smart terminals, automotive electronics, network communication, and medical equipment, focusing on supporting AI computing (such as GPU and CPU) technologies. Financial Information Revenue For the nine months ending September 30 in 2022, 2023, 2024, and 2025, the company's revenue was approximately RMB 7.885 billion, RMB 7.931 billion, RMB 10.731 billion, and RMB 14.117 billion respectively. Net Profit attributable to owners of the company For the nine months ending September 30 in 2022, 2023, 2024, and 2025, the net profit attributable to the owners of the company was RMB 791 million, RMB 671 million, RMB 1.154 billion, and RMB 3.245 billion respectively. Gross Profit Margin For the nine months ending September 30 in 2022, 2023, 2024, and 2025, the company's gross profit margin was 18.1%, 20.7%, 22.7%, and 35.9% respectively. Industry Overview In terms of revenue, the global PCB market size increased from $620 billion in 2020 to $750 billion in 2024, with a compound annual growth rate of 4.9% from 2020 to 2024. It is expected that by 2029, the global PCB market's sales revenue will reach $937 billion, with a compound annual growth rate of 4.8% from 2025 to 2029. By different product categories, in 2024, the global market sizes for single and double-layer PCBs, multi-layer PCBs, HDI PCBs, FPCs, and packaging substrates were $7.9 billion, $28.6 billion, $12.8 billion, $12.8 billion, and $12.9 billion respectively. In the future, with the rapid development and wide application of emerging technologies such as AI, 5G communication, and the Internet of Things, the global PCB market is expected to continue to expand. It is projected that by 2029, the sales revenue for single and double-layer PCBs, multi-layer PCBs, HDI PCBs, FPCs, and packaging substrates will reach $9 billion, $34.5 billion, $16.9 billion, $15.5 billion, and $17.8 billion respectively. In terms of HDI PCBs, the global market size increased from $9.4 billion in 2020 to $12.8 billion in 2024, with a compound annual growth rate of 8.0% from 2020 to 2024. It is projected that by 2029, the global HDI PCB market size will reach $16.9 billion, with a compound annual growth rate of 5.4% from 2025 to 2029. By different product layers, in 2024, the global market size for low-level HDI PCBs was $6.8 billion, and the global market size for high-level HDI PCBs was $6.0 billion, with compound annual growth rates of 6.9% and 9.3% respectively from 2020 to 2024. In terms of different application areas, in 2024, the global market size for high-level HDI PCBs in the areas of artificial intelligence and high-performance computing, network communication, smart terminals, and automotive electronics reached $1.3 billion, $700 million, $2.9 billion, and $600 million respectively. The field of artificial intelligence and high-performance computing showed a high growth rate, with a compound annual growth rate of 39.8% from 2020 to 2024. In the future, it is estimated that by 2029, the global market size for high-level HDI PCBs in the field of artificial intelligence and high-performance computing will reach $3.2 billion, with a compound annual growth rate of 13.7% from 2025 to 2029. Board of Directors Information Victory Giant Technology's board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors. According to the company's articles of association, the directors are elected by the shareholders for a term of three years, and may be re-appointed if eligible after the term expires. Ownership Structure As of the most recent practicable date, the largest shareholder group of Victory Giant Technology includes Mr. Chen Tao, Ms. Liu Chunlan, Sheng Huaxinye, Hongda Investment, and Hong Kong Shenghong, collectively holding approximately 30.94% of the total voting rights of the company's issued shares. The company's subsidiaries include (a) Shenzhen Shenghong Electronics Co., Ltd.; (b) Huizhou Victory Giant Technology Research Institute Co., Ltd.; (c) VGTPCB Inc.; (d) Hongxing International Co., Ltd.; (e) Huizhou Shenghong Precision Technology Co., Ltd.; (f) SunPower Malaysia Manufacturing Sdn. Bhd., all of which are wholly-owned subsidiaries of Victory Giant Technology; and (g) Ningbo Kefa Fuding Venture Investment Partnership (Limited Partnership) ("Ningbo Kefa"), in which Victory Giant Technology holds 98.97% of the shares as a limited partner, while Zhejiang Kefa Capital Management Co., Ltd. holds 1.03% as a general partner, and Zhejiang Kefa Capital Management Co., Ltd. is ultimately owned by four independent third parties. Intermediary Team Joint Sponsors: J.P. Morgan Securities (Far East) Limited, China Securities Co., Ltd. (International) Finance Co., Ltd., and GF Financing (Hong Kong) Limited Company Legal Advisors: JunHe LLP, Gall (Hong Kong) LLP, Robin Lynn & Lee (in cooperation with DFDL), CHP LAW LLC, DFDL (Thailand) Limited Legal Advisors to the Joint Sponsors: Fieldfisher LLP, Beijing Jingtian & Gongcheng Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Limited Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisors: China Securities Co., Ltd. (International) Finance Co., Ltd.