Victory Giant Technology is preparing a Hong Kong IPO that could raise more than $2 billion, according to Bloomberg sources. The Shenzhen-listed printed circuit board maker, which reported $1.9 billion in revenue last year from AI server components, already trades in mainland China. The company's board approved the listing back in July, and China's securities regulator gave final approval last week.

While deliberations continue, the potential April launch would mark the company's second listing within China's borders. Victory Giant's Shenzhen shares have quadrupled over the past year, reflecting investor enthusiasm for its role in powering AI infrastructure. This move comes as Hong Kong's IPO market shows strength this year, though global concerns like the Middle East conflict have dampened broader market sentiment. The listing would significantly increase the company's global visibility and capital access, potentially enabling further expansion in the high-growth AI electronics sector.