Victory Giant Technology secures nearly 1.9 bn yuan in private placement

Victory Giant Technology (Huizhou) Co., Ltd. has successfully concluded its private placement of 7,660,672 shares at 248.02 yuan per share, raising a total of 1,899,999,869.44 yuan. After deducting issuance expenses, the net proceeds amounted to 1,876,386,754.11 yuan. The funds were fully received by September 16, 2025, and verified by Pan-China Certified Public Accountants LLP on September 17, 2025.

To ensure proper management and use of these funds, the company has signed tripartite supervisory agreements for raised funds with several financial institutions, including Agricultural Bank of China Huizhou Huiyang Branch, Bank of China Huizhou Huiyang Branch, Industrial and Commercial Bank of China Huizhou Huiyang Branch, and Ping An Bank Huizhou Huiyang Branch, along with its sponsor institution, Guoxin Securities Co., Ltd. These agreements, signed on September 24, 2025, regulate the deposit and utilization of the raised capital.

As of September 24, 2025, the company has established dedicated accounts for the raised funds. While some accounts currently show a balance of 0.00 yuan, one account with Industrial and Commercial Bank of China Huizhou Huiyang Branch holds 1,887,484,675.51 yuan. These funds are earmarked for projects such as the Vietnam Victory Giant AI HDI project, the Thailand multi-layer printed circuit board project, and to supplement working capital and repay bank loans. The difference between the total net proceeds and the current account balances is attributed to some issuance expenses yet to be paid.