Victory Giant proposes up to US$800 million more for its Thai PCB plant

Key points

• On 29 October 2026 the board of Victory Giant Technology (Huizhou) approved additional investment of up to US$800 million in its Thai subsidiary in Bang Pa-In, Ayutthaya, and up to US$700 million in its Vietnamese subsidiary, both through its Singapore subsidiary and mainly for factory buildings and equipment.^[1][2]
• The two amounts are upper limits for capital increases. Both still require approval at a shareholders' meeting and the filings or approvals of the relevant authorities, and the filings of 30 October give no date for the meeting.^[1][2]
• The company links the money to a faster capacity ramp-up in Thailand and Vietnam, to high-end lines for AI computing hardware, and to the overseas local delivery its core international customers require. It describes the increase as a staged input to its overseas capacity.^[1]
• This is the third capital step for the Thai plant since the group agreed to buy it in August 2024, after a planned injection of RMB 500 million on completion and a US$250 million increase approved by shareholders in July 2025. The subsidiary's registered capital rose from THB 5,725.15 million in the July 2025 filing to THB 10,452.60 million in the October 2026 filing.^[6][4][5][1]
• In the first nine months of 2026 the Thai subsidiary's unaudited revenue was RMB 439.15 million, 94% of its audited revenue for the whole of 2025.^[1]
• Building A2 on the site was topped out in the second quarter of 2026. The company lists the stages a new building passes through before volume output: fit-out, equipment installation and commissioning, customer audits, sample tests, orders and rising volume.^[8]

Context

Victory Giant Technology (Huizhou) Co., Ltd. (胜宏科技) is a Chinese maker of printed circuit boards.^[1] It is listed on the ChiNext board of the Shenzhen Stock Exchange under the code 300476 and, since 21 April 2026, on the Main Board of the Hong Kong Stock Exchange under the code 2476.^[9] Its consolidated revenue for the first nine months of 2026 was RMB 18,460.53 million, 30.77% higher than a year earlier.^[3] Outside China it has a subsidiary in the VSIP Bac Ninh II industrial park in Vietnam and a Malaysian company bought in February 2026.^[1][9]

The Thai plant is the former APCB Electronics (Thailand) Co., Ltd., founded on 25 July 1990. Victory Giant's board approved buying all of it on 9 August 2024, and the purchase closed on 30 September 2024.^[6][7] The Thai company is now named Victory Giant Technology (Thailand) Co., Ltd. and is registered at No. 139/2, Moo 2, Bang Pa-In District, Phra Nakhon Si Ayutthaya, under the same registration number, 0135533000771, as in the 2024 acquisition filing.^[1][6]

The plant's entry in the MPBxChange plant register carries its ownership and sources. Who owns Thailand's PCB plants places it among the other foreign-owned plants, and the article on the wave of new plants covers the wider build-out. Each dated step is logged in the Thailand PCB tracker.

The proposal of 29 October 2026

The nineteenth meeting of the fifth board, held on 29 October 2026, approved two resolutions, one for the Thai subsidiary and one for the Vietnamese subsidiary, each by nine votes to none, after review by the board's strategy and investment committee.^[2] Under them the group's Singapore subsidiary, Victory Giant Technology (Singapore) Pte. Ltd., would make new investments of up to US$800 million in Victory Giant Technology (Thailand) and up to US$700 million in Victory Giant Technology (Vietnam). The money is mainly for factory buildings, equipment and other day-to-day operations, and is to come from the company's own or self-raised funds. The filing states that the increase is neither a related-party transaction nor a major asset restructuring.^[1]

The amounts are upper limits. The filing sets no schedule for paying them in and gives no capacity figure for either plant.^[1]

The Thai subsidiary's total assets grew by 22.0% in the nine months to 30 September 2026, and its revenue for those nine months reached 94% of the full-year 2025 figure. The Vietnamese subsidiary had recorded no revenue in either period; the group's 2026 interim report describes construction of both the Thai and the Vietnamese bases as in progress.^[1][9]

Steps still to come

The board's approval is the first of several steps. The filing names two that must follow: approval at a shareholders' meeting, and the filings or approvals of the relevant authorities. It notes that the approval procedures and the pace of implementation carry some uncertainty, and it does not name the authorities.^[1] The board resolution refers both resolutions to the shareholders' meeting; neither filing of 30 October gives a meeting date.^[2]

The earlier capital steps for the Thai plant show the sequence. The US$250 million increase was approved by the board on 4 July 2025 and by the shareholders on 21 July 2025, with 99.9742% of the voting shares present at the meeting in favour.^[4][5] For the 2024 acquisition, the company named China's outbound investment filing or registration as a step still to be completed.^[6]

Building and equipping follow the money. The company's investor relations record of 6 July 2026, written after a visit by 33 institutional investors to the Thai subsidiary, lists the stages a new building passes through: fit-out, equipment installation and commissioning, customer factory audits, sample tests, orders, and then rising volume. It describes the early running-in of lines and the gradual release of capacity and output as a stage every plant in the industry passes through, and puts construction and equipment installation at about one year for a plant in China and longer for an overseas plant.^[8]

The Thai plant since 2024

On 9 August 2024 Victory Giant's board approved buying all of APCB Electronics (Thailand) for no more than RMB 278.7 million, followed by a capital increase of RMB 500 million after completion, through the Singapore subsidiary and Pole Star Limited, to support production. The Thai company's paid-in capital at that time was THB 3,403.30 million.^[6] The purchase closed on 30 September 2024, with all of the consideration paid.^[7]

The site has two buildings in the company's account. Phase one of the upgrade of building A1 was completed in March 2025, and by July 2026 its utilisation was, in the company's words, at a good level. Phase two of A1, the high-end capacity, had passed factory audits by several customers and was producing verification boards for AI products, with some part numbers having passed product verification. The main structure of building A2 was topped out in the second quarter of 2026.^[8]

On 4 July 2025 the board approved a US$250 million capital increase for buildings, equipment and day-to-day operations, and the shareholders approved it on 21 July.^[4][5] The subsidiary's registered capital was THB 5,725.15 million in the July 2025 filing and THB 10,452.60 million in the October 2026 filing, 82.6% higher.^[4][1]

The group's 2026 interim report also lists a Thailand high-multilayer printed circuit board project with total investment of RMB 1,402.08 million, of which RMB 476.39 million was to come from the proceeds of the 2025 share placement. By 30 June 2026, RMB 416.97 million of those proceeds had been invested, 87.53%, and the project is scheduled to reach its intended usable state on 31 December 2028.^[9]

What the filing says the investment is for

The filing places the increases in the build-out of AI computing infrastructure, under which demand for AI servers and for the high-end HDI and high-layer-count boards used with GPUs is growing fast, and it says orders from the company's core international customers keep rising. The increase is meant to speed up the capacity ramp-up at the Thai and Vietnamese bases, to set up high-end lines suited to AI computing hardware, and to take on incremental orders.^[1]

A second reason lies with the customers. The filing states that the company's core international customers generally pursue supply-chain diversification and have explicit requirements for overseas local delivery. It calls the increase a staged input to the group's overseas capacity and says construction of the overseas bases will continue in step with the business.^[1]

Capacity spending is visible in the group's accounts. Construction in progress rose from RMB 3,609.87 million at the start of 2026 to RMB 6,307.50 million at 30 September 2026, up 74.73%, which the company attributes mainly to higher investment in assets for capacity expansion.^[3] The accounts are consolidated and do not split this by site.

Openings in Thailand's PCB supply chain

The stated uses of the money are factory buildings, equipment and operations at the Bang Pa-In site.^[1] On purchasing, the company says that the key raw materials and equipment for its overseas bases are bought under the headquarters' unified purchasing framework, that key management and core technical posts at the Thai plant are filled by experienced staff sent from Huizhou, and that the Thai base runs the same production management system as headquarters.^[8] The route for a supplier of materials or equipment to the Thai site therefore runs through the group's central purchasing as well as the plant. Materials now made inside Thailand are covered in the article on PCB materials made in Thailand.

Supply from the high-end capacity follows customer audits and verification part number by part number; in July 2026 the company reported audits passed by several customers and some part numbers verified.^[8] The plant's ownership, capital and sources are in its register entry, and other Thai plants can be compared in the supplier directory.

The next dated steps are the notice and vote of the shareholders' meeting, the completion of the authority filings or approvals, and the subsidiary's figures and registered capital in later filings.^[1][2] On the site, the fit-out of building A2, equipment installation and further customer audits are the stages the company itself names.^[8] The Thailand PCB tracker records each step as it is disclosed.

Data and method

This article draws on Victory Giant Technology's filings on CNINFO: the capital-increase announcement, the board resolution and the third-quarter report of 30 October 2026; the interim report of 27 August 2026; the investor relations record of 6 July 2026; the capital-increase announcement of 5 July 2025 and the shareholders' resolution of 21 July 2025; and the acquisition announcements of 9 August and 30 September 2024. Each was read in the original Chinese on 31 October 2026.

Amounts are given as the filings state them. Figures filed in RMB ten-thousands are shown in millions, and no currency conversion is applied. As the filing states, the subsidiaries' 2026 figures are unaudited and their 2025 figures audited. The changes in revenue, total assets and registered capital are MPBxChange arithmetic on the filed figures. The board's amounts are ceilings for capital increases and are reported as plans; they are not counted as capacity or output. No company was contacted. Interpretation is MPBxChange analysis.