Nvidia supplier Victory Giant unveils plans for Hong Kong share offering
Underwriters would be granted the option to issue additional shares in Hong Kong by exercising an overallotment option. The company will allocate a portion of the offering to local retail investors, while the remainder will be available to an international cohort.
Victory Giant was listed on the GEM board in Shenzhen in 2015, with 862.7 million shares traded on the onshore market, according to data compiled by Bloomberg. Its shares have surged more than threefold so far this year to 191.2 yuan, giving it a market capitalisation of 162.77 billion yuan (US$22.7 billion).
On July 21, the company said it would use the listing's proceeds to expand overseas and 'broaden its financing channels'. It said it would select an appropriate time to complete its listing plan.
The company has not disclosed the size or timing of its share sale, but Bloomberg reported earlier this month that its listing could raise about US$1 billion. The company hired Hong Kong-based BDO as its auditor.
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