New Stock News | Victory Giant Technology (300476.SZ) through the Hong Kong Stock Exchange hearing, the market share of artificial intelligence and high-performance computing circuit boards is ranked first globally.

According to the disclosure by the Hong Kong Stock Exchange on March 29th, Victory Giant Technology (Huizhou) Co., Ltd. (referred to as Victory Giant Technology, 300476.SZ) conducted a hearing for listing on the main board of the Hong Kong Stock Exchange, with J.P. Morgan, China Securities Co., Ltd. International, and GF SEC as joint sponsors. According to the prospectus, based on the sales revenue for the first half of 2024 and 2025, the company is one of the leading suppliers of advanced artificial intelligence and high-performance computing printed circuit board (PCB) products, focusing on the research, development, production, and sales of high-end high-density interconnect (HDI) and high-layer count printed circuit boards (MLPCB). With leading technology, high-quality products, and strong production capacity, it 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 half of 2025, the company ranks first globally with a market share of 13.8%. In 2024, based on the same indicator, the company ranked seventh globally with a market share of 1.7%. Its core applications include AI computing cards, servers, AI servers, data center switches, and general substrates, among other key equipment. The company has the capability to produce high-layer count PCBs of over 100 layers, being one of the first in the world to achieve large-scale production of 6-tier 24-layer HDI products, as well as possessing the technical ability for 10-tier 30-layer HDI and 16-layer any-layer HDI products. This demonstrates the company's ability to deliver widely used ultra-complex and high-density PCBs for cutting-edge AI and high-performance computing, further solidifying its leading position in the industry. Its products are widely used in high-growth areas such as artificial intelligence, new energy vehicles, high-speed network communication, among others, contributing to the development of China's high-end PCB industry. The company was one of the first in China to build a smart factory, implement green manufacturing, and position itself as a manufacturer in emerging sectors of the PCB industry, enhancing output value, shortening lead times, reducing energy consumption, and saving labor costs, ultimately increasing its competitiveness. As it continues to strengthen its core capabilities, the company seizes opportunities in the development of artificial intelligence and new energy vehicles, establishing a global delivery network to meet the growing demand worldwide, rapidly entering the top tier of global PCB intelligent manufacturing. The company offers a full range of products suitable for various applications. It has expanded its market share in key areas, including artificial intelligence and high-performance computing, smart terminals, automotive electronics, network communication, and medical devices, focusing on supporting technologies for AI computing (such as GPU and CPU). (i) Artificial Intelligence and High-Performance Computing: The company employs low-loss material application and signal integrity optimization technologies to support artificial intelligence and high-performance computing. Its products focus on high-end HDI and high-layer PCBs to support high-frequency and high-speed signal transmission. These products are mainly used in areas such as AI computing cards, servers (including AI servers), data center switches, and high-speed optical modules; (ii) Smart Terminals: The company focuses on meeting the core technological needs of smart terminal devices for high integration, thinness, and high-speed computing power. Its products include HDI and FPC for AI computers, wearable devices, and AR/VR devices; (iii) Automotive Electronics: The company's products aim to meet the high reliability, high temperature resistance, and high signal integrity requirements of automotive-grade electronics. Its products, including HDI, high-layer PCBs, and FPCs, are widely used in new energy vehicle power systems, intelligent driving systems, body control modules, and intelligent cabins; (iv) Network Communication: The company focuses on material applications that support high-frequency and high-speed transmission, as well as technologies that ensure signal integrity. Its products include high-layer PCBs and high-end HDI designs specifically for 5G base stations, optical communication devices, and data center optical modules; and (v) Medical Devices and Other Applications: The company's products, including MLPCB, HDI, and FPC, are mainly used in high-end medical equipment, industrial automation control systems, and core control modules for human-like Siasun Robot & Automation. The company's PCB products for human-like Siasun Robot & Automation have entered the production and sales stage. The company's customer base mainly includes global AI technology solution providers, large cloud service providers, data center equipment OEMs, server brands, leading electric vehicle companies, automotive electronic product suppliers, renowned smart terminal brands, and major medical equipment manufacturers. In the current era of explosive growth in artificial intelligence technology, the iterative development of AI computing power hardware is driving structural growth opportunities in the PCB industry. As a crucial component for core computing, PCBs need to meet stringent requirements such as high-frequency, high-speed, low signal loss, and high heat dissipation capabilities. The value of a single PCB in an AI server is far higher than that in a traditional server. With the continuous expansion of AI applications, the demand for high-performance PCBs is expected to significantly increase. According to data from Frost & Sullivan, the global shipment of AI servers is estimated to be around 2 million units in 2024, and is expected to reach approximately 5.4 million units by 2029, with a compound annual growth rate exceeding 20% and the proportion of AI servers in the total server shipments rising to about 29.0%. Financially, in the years 2023, 2024, and 2025, the company's revenues were approximately RMB 7.931 billion, RMB 10.731 billion, and RMB 19.292 billion respectively. During the same period, the company's net profits attributable to shareholders were approximately RMB 671 million, RMB 1.154 billion, and RMB 4.312 billion respectively.