IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 胜宏科技 |
|---|---|
| Other Market Stock Code | 300476 |
| H-Share Offer Price | HK$ 209.88 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | VGT |
|---|---|
| Stock Code | 02476 |
| Company Full Name | Victory Giant Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | key supplier to a leading AI computing infrastructure company, Customer E |
| Listing Date | 2026-04-21 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal place of Business in Hong Kong 40/F, Dah Sing Financial Centre, Registered under Part 16 of the 248 Queen’s Road East, Companies Ordinance Wanchai, Hong Kong |
| Business Address (Hong Kong) | 40/F, Dah Sing Financial Centre, Registered under Part 16 of the 248 Queen’s Road East, Companies Ordinance Wanchai, Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.shpcb.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 209.88 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 20,988 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-13 to 2026-04-16 |
| Global Offering Shares | 95,850,000 shares |
| HK Public Offer Shares (Initial) | 8,334,800 shares (10.0%) |
| Public Offer Lots (Initial) | 83,348lots (Pool A41,674lots，Pool B41,674lots) |
| International Placing Shares (Initial) | 75,013,200 shares (90.0%) |
| Offer Ratio | ~10.03% |
| Total Shares Post-IPO | 955,905,313 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | J.P. Morgan Securities (Far East) Limited CE AAB026 |
| Cornerstone Share | 38.8% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 20,116,998,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 20,988 |
| 2 lots | 200 | HK$ 41,976 |
| 3 lots | 300 | HK$ 62,964 |
| 4 lots | 400 | HK$ 83,952 |
| 5 lots | 500 | HK$ 104,940 |
| 6 lots | 600 | HK$ 125,928 |
| 7 lots | 700 | HK$ 146,916 |
| 8 lots | 800 | HK$ 167,904 |
| 9 lots | 900 | HK$ 188,892 |
| 10 lots | 1,000 | HK$ 209,880 |
| 15 lots | 1,500 | HK$ 314,820 |
| 20 lots | 2,000 | HK$ 419,760 |
| 25 lots | 2,500 | HK$ 524,700 |
| 30 lots | 3,000 | HK$ 629,640 |
| 35 lots | 3,500 | HK$ 734,580 |
| 40 lots | 4,000 | HK$ 839,520 |
| 45 lots | 4,500 | HK$ 944,460 |
| 50 lots | 5,000 | HK$ 1,049,400 |
| 60 lots | 6,000 | HK$ 1,259,280 |
| 70 lots | 7,000 | HK$ 1,469,160 |
| 80 lots | 8,000 | HK$ 1,679,040 |
| 90 lots | 9,000 | HK$ 1,888,920 |
| 100 lots | 10,000 | HK$ 2,098,800 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 300 lots | 30,000 | HK$ 6,296,400 |
| 400 lots | 40,000 | HK$ 8,395,200 |
| 500 lots | 50,000 | HK$ 10,494,000 |
| 600 lots | 60,000 | HK$ 12,592,800 |
| 700 lots | 70,000 | HK$ 14,691,600 |
| 800 lots | 80,000 | HK$ 16,790,400 |
| 900 lots | 90,000 | HK$ 18,889,200 |
| 1,000 lots | 100,000 | HK$ 20,988,000 |
| 2,000 lots | 200,000 | HK$ 41,976,000 |
| 3,000 lots | 300,000 | HK$ 62,964,000 |
| 4,000 lots | 400,000 | HK$ 83,952,000 |
| 5,000 lots | 500,000 | HK$ 104,940,000 |
| 10,000 lots | 1,000,000 | HK$ 209,880,000 |
| 15,000 lots | 1,500,000 | HK$ 314,820,000 |
| 20,000 lots | 2,000,000 | HK$ 419,760,000 |
| 37,507 lots | 3,750,700 | HK$ 787,196,916 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 20.91B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 200,625,407,092 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 20,116,998,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 4,312 million |
| Period-End Cash Balance | RMB 3,206.57 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~1.2% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 315.0 |
|---|---|
| First Day Open | HK$ 330.0 |
| First Day Change | 50.09% |
| First Day Volume | 33822400.0 |
| First Day Turnover | 10784200000.0 |
| Use of Proceeds | 1、約74.0%或約12,792.1百萬港元，預期將用于擴展在中國內地的生產；
2、約7.0%或約1,210.1百萬港元，預期將用于購買mSAP制造設備及其他機器的智能制造設備，以進一步多樣化產品組合，保持在先進PCB技術領域的競爭優勢；
3、約9.0%或約1,555.8百萬港元，預期將于五年期間用于研發活動；
4、約10.0%或約1,728.7百萬港元，預期將用作營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (7)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
中信建投（国际）融资有限公司 CE BAU112
GF Securities (Hong Kong) Brokerage Limited CE AOB364
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
China International Capital Corporation Hong Kong Securities Limited CE AEN894
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Stabilizing Manager (1)
J.P. Morgan Securities (Far East) Limited CE AAB026
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
君合律师事务所 君合律师事务所 Cleary Gottlieb Steen & Hamilton (Hong Kong) Robin Lynn & Lee（与DFDL合作） CHP LAW LLC DFDL (Thailand) Limited |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 北京市竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国农业银行股份有限公司香港分行 中国银行（香港）有限公司 中信银行（国际）有限公司 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Black Dragon AP SPV1 | 78,369,192 HKD | — | 0.39% | — | 6 months | 2026-10-21 |
| 2 | Cloudview Capital Limited | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 3 | CPE Rosewood Investment Limited | 587,810,916 HKD | — | 2.92% | — | 6 months | 2026-10-21 |
| 4 | Deliante Holdings Co., Ltd. | 415,394,496 HKD | — | 2.06% | — | 6 months | 2026-10-21 |
| 5 | Foresight Global Superior Choice SPC | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 6 | Golden K2 Falcon | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 7 | Greenwoods Asset Management Hong Kong Limited | 195,922,980 HKD | — | 0.97% | — | 6 months | 2026-10-21 |
| 8 | HHLR Advisors, Ltd. | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 9 | HQ TELECOM SINGAPORE PTE. LTD. | 78,369,192 HKD | — | 0.39% | — | 6 months | 2026-10-21 |
| 10 | Janchor Partners Pan-Asian Master Fund | 587,810,916 HKD | — | 2.92% | — | 6 months | 2026-10-21 |
| 11 | Jump Trading Pacific Pte. Ltd. | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 12 | Mega Prime Development Limited | 97,950,996 HKD | — | 0.49% | — | 6 months | 2026-10-21 |
| 13 | Metazone Link (HK) Limited | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 14 | Mirae Asset Securities Co., Ltd. | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 15 | Morgan Stanley & Co. International plc | 274,313,160 HKD | — | 1.36% | — | 6 months | 2026-10-21 |
| 16 | MY Asian Opportunities Master Fund, L.P. | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 17 | New Alternative Limited | 313,497,756 HKD | — | 1.56% | — | 6 months | 2026-10-21 |
| 18 | New Golden Future Limited | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 19 | Pinpoint Asset Management Limited | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 20 | Poly Platinum Enterprises Limited | 58,766,400 HKD | — | 0.29% | — | 6 months | 2026-10-21 |
| 21 | RUIHUA (INTERNATIONAL) INVESTMENT LIMITED | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 22 | SR Wealth Securities Limited | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 23 | Tanwan Inc. | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 24 | Tropical Terrain Limited | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 25 | Wind Sabre Fund SPC | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 26 | 博时基金(国际)有限公司 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 27 | 光大理财有限责任公司 | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 28 | 惠州市惠联投资合伙企业(有限合伙) | 225,306,180 HKD | — | 1.12% | — | 6 months | 2026-10-21 |
| 29 | 鲁花道生(北京)企业管理发展有限公司 | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 30 | 欧万达基金管理有限公司 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 31 | 盘京港景投资基金 | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 32 | 奇点资产管理有限公司 | 117,553,788 HKD | — | 0.58% | — | 6 months | 2026-10-21 |
| 33 | 天弘基金管理有限公司 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 34 | 香港麦逊电子有限公司 | 391,866,948 HKD | — | 1.95% | — | 6 months | 2026-10-21 |
| 35 | 信银(香港)投资有限公司 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 36 | 阳光人寿保险股份有限公司 | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
| 37 | 叶国富 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 38 | 盈峰资本管理(香港)有限公司 | 156,738,384 HKD | — | 0.78% | — | 6 months | 2026-10-21 |
| 39 | 涌容(香港)资产管理有限公司 | 235,128,564 HKD | — | 1.17% | — | 6 months | 2026-10-21 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Chen Tao | Mr. Chen Tao |
| Company Secretary | Ms. Zhu Xiyao | Ms. Zhu Xiyao |
| Executive Director | 陈涛 | Chen Tao |
| Non-Executive Director | 刘春兰 | Liu Chunlan |
| Independent Non-Executive Director | 谢兰军 | Xie Lanjun |
| Executive Director | 赵启祥 | Zhao Qixiang |
| Independent Non-Executive Director | 谢玲敏 | Xie Lingmin |
| Executive Director | 陈勇 | Chen Yong |
| Independent Non-Executive Director | 张继海 | Zhang Jihai |
| Executive Director | 王海燕 | Wang Haiyan |
| Independent Non-Executive Director | 王庭聪 | Wong Ting Chung |
Major Shareholders
| Major Shareholders & Holdings | Mr. 陳濤, Ms. 劉春蘭, 勝華欣業, 宏大投資 and 香港勝宏, in aggregate, have the right to exercise approximately 30.94% of the voting rights of the total number of issued shares of the Company. Upon completion of the Global Offering (assuming that the size adjustment option and the over-allotment option are not exercised), they will in aggregate exercise approximately 28.25% of the voting rights. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw an extraordinary oversubscription ratio of 431.15x, reflecting intense retail enthusiasm for this industrial manufacturing stock. With a hit rate of 0.0%, virtually all applicants were shut out, highlighting severe scarcity and probable pricing at the top of the range. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A-tier tail (甲尾) applicants at 20,000 lots and B-tier head (乙头) at 30,000 lots both expected only 1 lot, rendering the additional investment in A-tail completely inefficient. This anomaly means that margin financing costs for 20,000 lots yield no allocation advantage over the B-head tier, though actual broker fee structures vary and may further distort net returns. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is missing from the source, with total holders, mainland China participation, and Hong Kong percentage all listed as zero. Without this information, no conclusions can be drawn about applicant origins or distribution patterns. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
