Chinese giant Victory chases more than $2bn in Hong Kong bid
The company, already listed in Shenzhen, intends to tap into the Hong Kong market to obtain new funds to expand production in China and increase its presence there.
Victory Giant Technology, a manufacturer of high-precision printed circuit boards used by the likes of Nvidia, is looking to raise more than $2 billion in a bid in Hong Kong. The company, already listed in Shenzhen, intends to tap into the Hong Kong market to obtain new funds to expand production in China and increase its presence there.
Victory is bidding 83,348,000 shares for up to HK$209.88 each, a price that would get it HK$17.49 billion, or about $2.23 billion. The company has secured key investment deals worth about 996.75 million dollars, it said in a note on Monday. Morgan Stanley & Co. International and China CITIC Bank subsidiary CNCB Investment are among those investors.
First exchanges on 21 April
Victory's shares are expected to start trading in Hong Kong on 21 April and markets will be watching to see if it can replicate the momentum it had in Shenzhen. Last year, the company's stock in Shenzhen soared over 580% and posted strong earnings and revenue growth on the back of robust demand for artificial intelligence-related applications.
Victory's products are widely used in the computer, aerospace, automotive and consumer electronics sectors. JP Morgan and China Securities International are among the advisors working on the Hong Kong offering.
