New stock news | Victory Giant Technology (300476.SZ) intends to list in Hong Kong. The China Securities Regulatory Commission requires additional information on the scope of operations, etc.

On October 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Record (October 12, 2025 - October 17, 2025)", and the CSRC International Department requested supplementary materials from 10 companies. In the announcement, the CSRC requested Victory Giant Technology (300476.SZ) to provide further explanations on its business scope and stock pledge situation. According to the disclosure from the Hong Kong Stock Exchange on August 20, Victory Giant Technology (Huizhou) Co., Ltd. (referred to as Victory Giant Technology) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Morgan Stanley, China Securities Co., Ltd. International, and GF SEC (Hong Kong) as the joint sponsors. The CSRC requested Victory Giant Technology to provide clarification on the following matters and requested legal counsel to verify and provide clear legal opinions: 1. Please clarify whether the business scope of the company and its subsidiaries involves areas covered by the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)." 2. Please provide information on whether the pledge of shares held by controlling shareholders or actual controllers before and after this issuance may lead to significant ownership disputes or changes in control of the issuer. According to the prospectus, Victory Giant Technology is a leading global supplier of artificial intelligence and high-performance computing PCBs, focusing on the research, development, production, and sales of high-end HDI and high-layer PCBs. With leading technology, high-quality products, and strong production capacity, the company has become an important partner for many top global technology companies. According to data from Frost & Sullivan, based on the revenue scale of artificial intelligence and high-performance computing PCBs in the first quarter of 2025, the company holds the top market share globally, with core applications covering AI computing cards, servers, AI servers, data center switches, and general substrates, among other key equipment. Financially, in the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2024 and 2025, Victory Giant Technology's revenues were approximately RMB 7.885 billion, RMB 7.931 billion, RMB 10.731 billion, RMB 2.392 billion, and RMB 4.312 billion respectively. During the same period, the company's net profits attributable to shareholders were RMB 0.791 billion, RMB 0.671 billion, RMB 1.154 billion, RMB 0.21 billion, and RMB 0.921 billion respectively.