Victory Giant is lining up cornerstone investors for a Hong Kong share sale.

Who’s showing interest

Look, the names are hard to miss: Jack Ma’s Yunfeng Capital and Hillhouse Investment are reported to be among potential cornerstone investors in Victory Giant Technology Huizhou’s planned Hong Kong listing, Bloomberg and The Business Times reported.

The deal hasn't closed yet. But people familiar with the talks told Bloomberg that Yunfeng and Hillhouse are expected to take guaranteed allocations if the company moves ahead — the sort of commitments that give an offering momentum before it even starts accepting public orders.

Other institutions bandied about in reports include South Korea’s Mirae Asset Securities and an entity tied to Morgan Stanley. The South China Morning Post and other outlets offered smaller and larger estimates of the deal size, reflecting that deliberations are ongoing and details could shift.

Size, timing and the range of estimates

Reports differ on how much Victory Giant hopes to raise. Bloomberg and The Business Times said the company may seek about US$2 billion in the listing, while the South China Morning Post earlier put a figure closer to US$1 billion. Daily Management Review and other outlets flagged figures above US$2 billion as possibilities.

The final deal size will hinge on how many cornerstone investors commit and on demand from big institutional clients when banks run their investor checks. Victory Giant has been talking to advisers and gauging investor appetite, the reports said, and could start taking orders soon if everything lines up.

The Business Times report said the company might begin taking investor orders as early as April 13. Bloomberg also reported the company is aiming to list later in the month — though both outlets stressed timing could change if market conditions shift or regulators intervene.

What Victory Giant does and why it matters

Victory Giant, founded in 2006, makes printed circuit boards — the thin, layered components that link chips and sensors inside electronic systems. The firm's customers include makers of AI servers, and some reports identified Nvidia as one of its clients.

That customer mix helps explain why the stock has surged. The company’s shares trade on the Shenzhen Stock Exchange, and they’ve climbed sharply: the South China Morning Post said the stock was up about 270% this year, giving Victory Giant a market value around 134 billion yuan (roughly US$19 billion). Bloomberg noted the Shenzhen shares have more than quadrupled over the past year amid a rally in AI-related names.

Revenue is also rising. Bloomberg cited analyst estimates and company filings showing Victory Giant brought in about 19.3 billion yuan in revenue in 2025, and analysts polled by Bloomberg expect revenue to jump roughly 70% this year.

Why cornerstone investors matter

Cornerstone commitments are a common feature of big Hong Kong listings. A cornerstone investor agrees to take a set amount of stock before the public sale and typically accepts a lock-up that prevents quick resale. Cornerstone commitments give the issuer more certainty and allow underwriters to structure the sale around those anchor orders.

When an IPO looks set to be one of the year's biggest, heavyweight cornerstones can calm nervous investors and make it easier to place the shares. And that’s the play here: if Yunfeng Capital and Hillhouse sign on, the offering will carry heavyweight names that can attract more institutional interest.

Still, the Hong Kong listing market hasn’t been without trouble. Regulators have flagged documentation issues and staffing shortfalls at times, and mainland rules have tightened controls on some overseas listings. The Business Times noted that Hong Kong had its best quarter for listings in five years — then cautioned that a few fresh snags had started to slow deal flow.

Bankers, geopolitics and market mood

Investment banks typically structure these lineups carefully: they present potential cornerstone slots to big asset managers, hedge funds and regional banks during a so-called investor roadshow. If enough big players sign up, the deal can proceed at the top end of the marketed range. If not, the issuer may pull back the target or delay.

Market mood and geopolitical events influence timing and pricing, and bankers are watching both closely. Reports flagged several headwinds that could make the timetable: regulatory scrutiny over listing paperwork, Beijing’s recent clampdowns on certain moves by mainland firms seeking Hong Kong listings, and broad market volatility tied to global conflicts such as the war in Iran.

All those headwinds complicate the timetable for a listing. Underwriters will want to be certain they can place the stock without leaving too much unsold paper. That’s partly why banks often seek cornerstone support — it reduces the risk they’ll be left holding unsold shares after the public tranche is allocated.

How investors and markets could react

Should the IPO reach the market at the roughly US$2 billion level Bloomberg and The Business Times flagged, it would likely rank among the largest Hong Kong offerings this year. Investors chasing AI-exposed names have shown appetite for related hardware suppliers, and Victory Giant’s ties to server makers give it a direct line to that theme.

But appetite can cool fast. If the company prices at the top of the range, early aftermarket performance will hinge on whether cornerstones hold and retail investors see room for gains. If institutional and retail demand is weak at pricing, the stock may fall on its first day of trading.

Underwriters will monitor activity in the Shenzhen-listed shares for clues about how mainland holders might act in the Hong Kong float. If mainland holders sell into the Hong Kong float, that could add pressure. Conversely, solid crossover demand from international funds would help support a higher valuation.

What’s next

Victory Giant hasn’t commented publicly about the Hong Kong plans, and Yunfeng Capital, Hillhouse Investment and Morgan Stanley didn’t respond to requests for comment, according to Business Times and Bloomberg articles. A Mirae Asset representative was also not available to comment, Bloomberg said.

Right now, the story is in the markets and in meetings — bankers testing demand, advisers tweaking structure, potential cornerstones weighing lock-up terms. If the company secures anchor investors and finalizes paperwork, the firm could move quickly to set a price range and begin the public offer.

Hang on though — if regulators step in or market volatility spikes, the timetable could slip. For now, the most concrete things on the record are the investor chatter and the firm’s strong Shenzhen performance.

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Victory Giant reported 19.3 billion yuan in revenue in 2025.