HONG KONG, Apr 13, 2026 - (ACN Newswire) - On April 13, Victory Giant Technology launched its Hong Kong IPO, with joint sponsors including JPMorgan Chase, CITIC Securities International, and GF Securities. As a leading supplier of advanced printed circuit boards (PCBs) products for AI and high-performance computing (HPC), the company ranked No.1 globally in the AI/HPC PCB market in 1H25, surpassing several international peers. We believe the IPO could provide incremental funding to support capacity expansion and reinforce its technology leadership, amid accelerating investments in AI infrastructure.

Rising to the Top in Half a Year: A Precisely Timed Market Breakthrough

According to Frost & Sullivan, Victory Giant Technology’s global market share in AI and HPC PCBs reached 13.8% in the first half of 2025, ranking first, compared with only 1.7% (seventh place) for the full year of 2024. This rapid rise within just half a year was not coincidental, but rather the result of accurately capturing the surge in demand for high-build-up HDI boards used in AI servers. Supporting data shows that in 2025, Victory Giant’s HDI revenue reached RMB7.42 billion, representing a year-on-year increase of 388.2%, while its share of total revenue rose from 14.2% in 2024 to 38.5%.

The Company also delivered impressive financial performance. In 2025, total revenue reached RMB19.3 billion, up 79.8% year-on-year, while net profit climbed to RMB4.31 billion, marking a sharp increase of 273.5%. Gross margin improved significantly from 22.7% in 2024 to 35.2%, mainly driven by high-margin, high-build-up HDI products. During the same period, net cash generated from operating activities amounted to RMB4.62 billion, demonstrating a solid cash flow foundation for its earnings growth. For the 2024 financial year，the company also declared dividends of RMB260 million, returning value to shareholders through its stable cash generation.

Victory Giant Technology is able to manufacture high-layer-count MLPCBs with more than 100 layers. We are also one of the first companies globally to achieve mass production of 24-layer HDIs with a 6+12+6 build-up, as well as the technical capabilities for 30-layer HDIs with a 10+10+10 build-up, and 16-layer any-layer interconnect HDIs. Its core products include multi-layer PCBs (MLPCB) and high-build-up high-density interconnects (HDI) boards, which supporting the evolving needs of fast-growing industries such as AI, EV and high-speed telecommunications equipment. As demand for AI computing shifts from concept to large-scale deployment, Victory Giant Technology has already established its technological roadmap in advance.

Diversified Barriers and Global Layout Forge a Competitive Moat

AI computing PCBs are far more demanding than traditional PCBs in terms of material performance, processing precision and interlayer alignment, making traditional equipment inadequate for such applications. To address this, Victory Giant Technology has equipped its production lines with a full suite of advanced manufacturing systems tailored for AI computing, and established long-term partnerships with leading global equipment suppliers, maintaining a strong lead in smart manufacturing and large-scale production. Compared with traditional production facilities, its smart factories have shortened lead times by 3-5 days, reduced manpower needs by approximately 50%, and increased production capacity by approximately 40%. Such manufacturing efficiency constitutes dual advantages in cost and delivery in the capital-intensive industry.

These advantages are further amplified by deep customer engagement. Victory Giant Technology typically participates in joint development at the outset of the end-product lifecycle. This strategy of early involvement and full-process tracking has significantly strengthened customer stickiness. In 2025, the top five customers collectively contributed 51% of total revenue, representing a substantial increase from 25.1% in 2024. Notably, sales from the single largest customer reached RMB5.74 billion, accounting for 29.7% of total revenue. The rapid rise in customer concentration, on the one hand, corroborates the explosive growth in orders for AI computing, and on the other hand, puts the Company’s capabilities in capacity expansion and supply chain risk management to the test.

In terms of its global layout, Victory Giant Technology operates five major production centers centered around its Huizhou headquarters. Concurrently, it is establishing new production facilities for HDIs and MLPCBs in Thailand and Vietnam and further automating its production processes in Melaka, Malaysia. Of greater strategic significance are two key acquisitions: the acquisition of PSL in 2023 (which owns MFSS, a globally recognized FPC manufacturer), establishing a comprehensive “RPCB + FPC” product matrix. This move has further broaden its customer base to companies in sectors such as automotive electronics (including automotive sensors and display modules), industrial control and high-end medical devices. In 2024, the Company acquired APCB Electronics (Thailand) Co., Ltd., upgraded and renovated its production lines, and introduced high-end manufacturing capacity, thereby strengthening its global delivery network serving overseas customers.

Looking ahead, the rapid development of artificial intelligence, 5G communications and the Internet of Things is driving structural growth in the global PCB market. According to public data, the global market sizes of multilayer PCBs, HDI PCBs (High Density Interconnect PCBs), FPCs (Flexible Printed Circuits) and package substrates are projected to reach US$34.5 billion, US$16.9 billion, US$15.5 billion and US$17.8 billion respectively by 2029. Victory Giant Technology (HuiZhou) Co., Ltd. has conducted 2–3 years of advanced technological R&D reserves focused on core AI computing fields such as GPU (Graphics Processing Unit) and CPU (Central Processing Unit). The Company has prioritized breakthroughs in cutting-edge markets including AI computing power, AI servers, intelligent driving systems and humanoid robots, and will continue to maintain its leading technological edge.

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