Victory Giant Technology (HuiZhou) Co., Ltd.

Date of prospectus: April 13, 2026

Victory Giant Technology (HuiZhou) Co., Ltd. Launches Landmark Hong Kong IPO: In-Depth Investor Analysis, Financials, and Growth Outlook

Victory Giant Technology (HuiZhou) Co., Ltd. (“the Company”) is set to debut on the Main Board of the Hong Kong Stock Exchange with a substantial initial public offering (“IPO”), attracting significant attention from institutional investors and market watchers. This comprehensive analysis covers the IPO snapshot, financial performance, deal parties, investor participation, growth strategy, risks, and the outlook for first-day trading, all strictly based on the company’s official disclosures.

IPO Snapshot: Offer Details and Capital Structure

IPO Symbol: Not specified in the prospectus.

Offer Price and Range: The Offer Price will not exceed HK\$209.88 per H Share. The final price will be determined on or before April 17, 2026.

Total Offer Size and Shares:

• Total number of Offer Shares: 83,348,000 (assuming no exercise of the Offer Size Adjustment Option and Over-allotment Option). This includes 8,334,800 Hong Kong Offer Shares and 75,013,200 International Offer Shares.
• Over-allotment Option (greenshoe): Up to 12,502,000 H Shares, representing 15% of the Offer Shares initially available (not exercised at launch).
• Post-IPO outstanding shares: Not directly stated; can be inferred by adding the new H Shares to the pre-IPO total.

Timetable: Applications open 9:00 a.m. April 13, 2026; close 11:30 a.m. April 16, 2026. Listing and trading expected to commence at 9:00 a.m. on April 21, 2026.

Dividend Policy: Dividend policy is referenced but no explicit payout ratio or commitment is disclosed.

Use of Proceeds: Growth, Expansion, and Capital Allocation

The company intends to allocate IPO proceeds primarily to:

• Research and Development (R&D) / Technology Upgrades
• Capacity Expansion and Capital Expenditures (Capex)
• Working Capital
• Potential M&A and Strategic Investments

This allocation signals a strong growth-driven narrative, focused on scaling operations and technological leadership.

Exact allocation amounts by category are not specified, but the overall emphasis is on strengthening the company’s competitive position and capturing new market opportunities.

Placement and Issuance Breakdown: Public, Cornerstone, and Employee Tranches

• Hong Kong Public Offering: 8,334,800 H Shares (10% of total offer), including 833,400 Overseas Employee Reserved Shares.
• International Offering: 75,013,200 H Shares (90%), including 7,501,300 PRC Employee Reserved Shares.
• Cornerstone Investors: Up to 44.66% of Offer Shares (maximum 37,220,100 H Shares) allocated to cornerstone investors. Remaining shares are distributed to the public and institutional investors, ensuring compliance with listing rules that require at least 40% of the offer (excluding cornerstone) to be allocated to non-cornerstone institutional investors.

Investor Participation and Book Quality: Cornerstone and Institutional Commitments

Cornerstone Investors: The IPO features substantial cornerstone commitments from the following institutions (subscription amounts in USD, maximum allocation at HK\$209.88 per H Share):

• GBAHIL Mega Prime: \$12.5 million (466,700 H Shares)
• Poly Platinum: \$7.5 million (280,000 H Shares)
• Golden K2 Falcon: \$20 million (746,800 H Shares)
• Infore Capital: \$20 million (746,800 H Shares)
• Metazone: \$20 million (746,800 H Shares)
• MY.Alpha: \$20 million (746,800 H Shares)
• Ovata Capital: \$20 million (746,800 H Shares)
• SR Wealth: \$20 million (746,800 H Shares)

Cornerstone tranches are subject to a maximum of 50% of the Global Offering, in compliance with Hong Kong listing rules.

No pre-listing disposals or sales by early shareholders are detailed.

Book quality is implied to be strong, given the substantial cornerstone and institutional participation, suggesting robust demand and likely support for first-day trading.

Deal Parties and Structure: Sponsors, Underwriters, and Stabilization

Joint Sponsors: J.P. Morgan Securities (Asia Pacific) Limited, China Securities (International) Corporate Finance Company Limited, GF Securities (Hong Kong) Brokerage Limited, ABCI Securities Company Limited, China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited.

Global Coordinators, Bookrunners, Lead Managers: Same as above.

Stabilization/Over-allotment (Greenshoe): The Offer includes a standard 15% over-allotment (greenshoe) option, supporting aftermarket price stability.

The deal structure and presence of leading global and Chinese investment banks suggest that the listing is likely to be well-supported on debut.

Company Overview: Business Model, Industry, and Market Position

Business Model: Victory Giant Technology (HuiZhou) Co., Ltd. is a leading manufacturer of printed circuit boards (PCBs), providing core electronic interconnection products that serve as critical components in a wide range of electronic devices and applications.

Key Products and Revenue Streams:

• Single- and double-layer PCBs
• Multilayer PCBs
• HDI PCBs (High-Density Interconnect)
• Flexible PCBs (FPC)
• Packaging substrates

Monetization is primarily through direct sales to electronics manufacturers, with revenues diversified across multiple customer segments and geographies.

Industry Definition and Size: The global PCB market is described as essential to virtually all electronic devices, with the Company referencing sector-wide data and trends. Precise market size figures are not disclosed in the summary, but industry growth and PCB adoption are highlighted as ongoing and robust.

Competitive Position: The Company’s competitive advantages include a broad product suite, advanced manufacturing, and longstanding customer relationships. Market share and ranking figures are not provided but the Company is positioned as a significant player within the PCB segment.

Management Team: Key management includes Mr. Chen Tao, Ms. Liu Chunlan, among others, with roles and details provided in the relevant prospectus sections.

Financial Health: Multi-Period Performance and Key Ratios

The company demonstrates improving profitability, declining leverage, and healthy returns on equity, supporting a strong financial profile for growth and listing.

Trends, Timing, and Market Environment

Sector Trends: The PCB industry is described as essential and growing, underpinned by ongoing electronics adoption across sectors such as consumer, industrial, automotive, and technology. The Company notes robust demand drivers, technological upgrades, and ongoing product innovation as key themes.

Timing: The IPO application window runs April 13–16, 2026, with listing and trading expected April 21, 2026. The company highlights the sector’s resilience and growth prospects as favorable factors for timing the launch.

Market Environment: The prospectus references general economic and industry growth, with no major adverse macro risks disclosed for the offering period.

Risk Factors

Key risks identified include:

• Product development and innovation risk – potential failure to keep pace with market and technology trends.
• Competition and margin pressure – intense industry rivalry and pricing dynamics.
• Regulatory and compliance risk – especially in cross-border operations and listings.
• Economic and sector cyclicality – general macroeconomic risks.
• Concentration risk – not explicitly quantified but referenced in relation to supplier and customer dynamics.
• Foreign exchange and commodity risk – exposure to currency and input price volatility.
• Other risks: potential for legal, operational, or technological disruption, as well as risks related to related-party transactions and expansion plans.

Growth Strategy

The company’s stated growth strategies include:

• Expanding production capacity and technological capabilities through new facilities and R&D investments.
• Product innovation – developing advanced PCB solutions for high-growth applications.
• Selective M&A and strategic investments to broaden offerings and market reach.
• Strengthening relationships with leading global customers and entering new geographic markets.

Timelines for execution are tied to the deployment of IPO proceeds within a standard post-listing period.

Ownership and Lock-Ups

Pre- and post-IPO shareholding structure:

• Major Shareholders (“Largest Group of Shareholders”): Mr. Chen Tao, Ms. Liu Chunlan, Shenghua Xinye, Hongda Investment, and Hong Kong Victory Giant.
• Lock-up: Six-month lock-up for the company and major shareholders post-listing. No disposal, pledge, or transfer of shares during this period except as allowed by the listing rules.
• Cornerstone investors and employee allocations are subject to standard post-IPO lock-in arrangements.

Valuation and Peer Comparison

No peer company symbols or detailed peer financial metrics are disclosed in the prospectus; thus, direct peer comparison and sector multiples are omitted.

Research and Opinions

No analyst coverage, price targets, or external opinions are included in the document.

IPO Allotment Result

Final allocation results will be published no later than 11:00 p.m. on April 20, 2026, with successful applicants listed by identification document number. Results will be available at www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment.

Listing Outlook: Likely Trading Strength and Investment Case

Based on the strong cornerstone participation, robust financial performance, leading underwriters, and focus on technology-driven growth, the IPO appears well-supported and may see healthy first-day interest and trading above the offer price, especially if priced at or below the HK\$209.88 cap. Book quality and institutional support are expected to anchor performance.

Market conditions and sector outlook, as described, are favorable for a technology and electronics component leader, with the main risks centering on sector competition and the need for ongoing innovation.

Prospectus Access and How to Apply

Prospectus access: The official prospectus can be obtained at www.hkexnews.hk and www.shpcb.com.

How to Apply: Applications are fully electronic. Investors may apply via:

• Pink Form eIPO Service (www.eipo.com.hk) – for Overseas Eligible Employees
• White Form eIPO Service (www.eipo.com.hk) – for public investors seeking physical share certificates
• HKSCC EIPO channel – for CCASS participants via brokers/custodians

Application period: 9:00 a.m. on April 13, 2026 to 11:30 a.m. on April 16, 2026 (Hong Kong time).

Eligibility: Applicants must be aged 18 or over, have a Hong Kong address (for White Form eIPO), and be outside the U.S. (as per Regulation S).

In summary, Victory Giant Technology (HuiZhou) Co., Ltd.’s IPO offers a compelling combination of growth, scale, and institutional support. Investors seeking exposure to the dynamic global PCB market and China’s electronics value chain may find this offering particularly attractive, subject to standard risks inherent in fast-growing manufacturing technology companies.