Victory Giant Technology (HuiZhou) Co., Ltd. Announces Detailed Global Offering Results and Shareholder Information

Key Highlights from the Announcement

• Final Offer Price: HK\$209.88 per H Share.
• Total Shares Offered: 95,850,000 H Shares following the full exercise of the Offer Size Adjustment Option.
• Hong Kong Public Offer: 8,334,800 H Shares (including 482,000 Overseas Employee Reserved Shares).
• International Offer: 87,515,200 H Shares (including 7,501,300 PRC Employee Reserved Shares).
• Gross Proceeds: HK\$20,117 million; Net Proceeds: HK\$19,889.4 million after estimated listing expenses.
• Listing Date: April 21, 2026.
• Stock Code: 2476.
• Subscription Level: Hong Kong Public Offering was oversubscribed by 431.15 times.

Investor and Shareholder-Focused Details

1. Offer Structure and Demand

The IPO saw overwhelming demand, particularly in the Hong Kong Public Offering, which was oversubscribed 431.15 times. The International Offering (excluding PRC Employee Preferential Offering) was also heavily subscribed at 18.5 times. This strong demand signals robust market interest and may support short-term price momentum post-listing.

2. Cornerstone Investors and Major Allocations

Several well-known institutional investors and funds have subscribed as cornerstone investors, each subject to a six-month lock-up period until October 20, 2026. Notable names include:

• CPE Rosewood Investment Limited (2,800,700 H Shares, 2.92% of H Shares offered)
• Janchor Partners Pan-Asian Master Fund (2,800,700 H Shares, 2.92%)
• Yunfeng Capital New Alternative Limited (1,493,700 H Shares, 1.56%)
• Multiple other funds and asset managers, each holding between 0.12% and 1.17% of H Shares offered.

The presence of these cornerstone investors is a positive signal, reflecting institutional confidence in Victory Giant Technology’s growth prospects. However, the lock-up expiry in October 2026 could be a future event to monitor for potential share supply in the market.

3. Employee and Preferential Offerings

PRC Employee Preferential Offering: 7,501,300 H Shares were allocated to 145 PRC eligible employees, aligning incentives between management/staff and shareholders.

Overseas Employee Preferential Offering: 482,000 shares were allocated, with the under-subscribed portion (351,400 shares) reallocated to the Hong Kong Public Offering.

4. Allotment and Subscription Results

• A total of 250,606 valid applications were received for the Hong Kong Public Offering, with 57,137 successful applicants.
• The final allocation to retail investors remained at 8.19% of the Global Offering after full exercise of upsize options.
• Over-allocation of 14,377,500 shares may be covered by the Over-allotment Option or market purchases.

5. Shareholder Concentration and Public Float

• The top 1, 5, 10, and 25 placees in the International Offering hold 0.58%, 2.13%, 3.22%, and 5.55% of the total share capital, respectively.
• Post-listing, at least 300 shareholders will hold the shares, complying with public float requirements. The total market value of H Shares in public hands will exceed HK\$20 billion, well above the minimum threshold required by the Hong Kong Stock Exchange.
• No single placee will hold more than 10% of the enlarged share capital, and no new substantial shareholder will emerge post-listing.

6. Lock-up Undertakings

Largest Group of Shareholders: Major pre-IPO shareholders, including Shenghua Xinye (13.92%) and Hong Kong Victory Giant (13.57%), are subject to a six-month lock-up period ending October 20, 2026. This reduces immediate pressure from large block sales but investors should monitor the expiry date for potential overhang.

Cornerstone Investors: All are locked up for six months post-listing, ensuring price stability in the initial trading period.

7. Waivers and Regulatory Compliance

The company has received waivers and consents from the Stock Exchange for allocations to existing minority shareholders, cornerstone investors, connected clients, and employee participants. All conditions outlined by the Exchange have been met, and the Directors confirm full compliance with all applicable Listing Rules (apart from those waived).

8. Potential Price-Sensitive Events

• High Subscription and Large Cornerstone Demand: The heavy oversubscription and the presence of institutional cornerstone investors may support initial trading strength, but investors should be alert to the lock-up expiry in October 2026.
• Over-allotment Option: With over-allocated shares totaling 14,377,500, any exercise of the Over-allotment Option could influence near-term supply dynamics.
• Employee Alignment: Large allocations to both PRC and overseas employees may align management interests with investors, potentially supporting long-term value.

Conclusion

Victory Giant Technology’s Hong Kong IPO has garnered significant interest from both retail and institutional investors, reflected in strong oversubscription rates and the participation of a broad group of cornerstone investors. The robust demand, sizeable public float, and regulatory compliance position the company well for its market debut. However, investors should be mindful of upcoming lock-up expiries and potential future supply from major pre-IPO shareholders and cornerstone investors.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should refer to the official prospectus and consult their financial advisers before making any investment decisions. The information herein is based on publicly available documents and may be subject to change or clarification by the company or regulators.

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