By Fabiana Negrin Ochoa
Victory Giant Technology, a producer of high-precision printed circuit boards used by the likes of Nvidia, is seeking to raise over US$2 billion in a Hong Kong offering.
The company, which is already listed in Shenzhen, is planning to tap the Hong Kong market for fresh funds to expand production in China and grow its presence there.
Victory is offering 83,348,000 shares for up to 209.88 Hong Kong dollar each--a price that would net it HK$17.49 billion, or about US$2.23 billion.
It has secured cornerstone investment agreements for approximately US$996.75 million of shares, it said in a filing on Monday. Morgan Stanley & Co. International and China CITIC Bank subsidiary CNCB Investment are among these investors.
Victory's shares are expected to start trading on Hong Kong on April 21, and markets will be watching to see if it can replicate the momentum it has had in Shenzhen.
Last year, the company's Shenzhen stock surged more than 580% and it reported strong growth in profit and revenue on robust demand from AI computing-related applications.
Victory's products are widely used in the fields of computers, aerospace, automotive electronics and consumer electronics.
JP Morgan and China Securities International are among the advisors working on the Hong Kong offering.
Write to Fabiana Negrin Ochoa at fabiana.negringochoa@wsj.com
(END) Dow Jones Newswires
04-12-26 2103ET
