Company Overview - Victory Giant Technology (HuiZhou) Co., Ltd. is primarily engaged in the research, design, production, and sales of printed circuit boards (PCBs) [11] - The company specializes in high-precision PCBs, including rigid circuit boards (high-end multilayer boards and HDI boards) and flexible circuit boards [11] - The main products are widely used in artificial intelligence, automotive electronics (new energy), next-generation communication technology, big data centers, industrial interconnectivity, medical instruments, computers, and aerospace [11] Financial Information - The company plans to raise a total of 190 million yuan through a specific issuance of A-shares, which is a reduction from the original target of 198 million yuan [8] - The net proceeds from the fundraising will be allocated to various projects, with a total investment amount of 376.76 million yuan [8] Shareholding Structure - As of March 31, 2025, the major shareholders include the controlling shareholder, Shenzhen Shenghua Xinye Investment Co., Ltd., holding 15.63% of shares, and Hong Kong Shenghong holding 15.24% [12] - The actual controller, Chen Tao, holds 90% of Shenghua Xinye and indirectly controls 30.87% of the voting rights in the company [12] Investment Projects - The company plans to invest in projects such as the AI HDI project in Vietnam and the high-layer PCB project in Thailand, with expected annual revenues of 1.95 billion yuan and 1.65 billion yuan respectively after reaching production capacity [2][3] - The new capacity from these projects is projected to account for 16.13% and 17.34% of the company's total HDI and multilayer board capacity in 2024 [2] Market Risks - The company faces risks related to fluctuations in overseas sales revenue, which amounted to approximately 4.91 billion yuan and 4.88 billion yuan in the reporting period [2] - The PCB industry is characterized by intense competition, with a trend towards consolidation and larger enterprises dominating the market [4] Regulatory Environment - The company operates under the supervision of the Ministry of Industry and Information Technology of the People's Republic of China, which is responsible for formulating and implementing industry policies and standards [12]