Victory Giant Technology, a major supplier of printed circuit boards for Nvidia, witnessed its shares soar as much as 60% during its first trading session in Hong Kong. The strong debut highlights robust investor enthusiasm for AI hardware amid ongoing market unpredictability.
The Huizhou-based firm’s shares reached session’s high at HK$336.20 in early trading after being set at the top end of the price range at HK$209.88. Victory Giant’s initial public offering raised roughly HK$20.1 billion ($2.6 billion), representing the most significant fundraising on the Hong Kong market this year and the largest listing since September after Zijin Gold International.
Victory Giant, which is already publicly traded in Shenzhen, specializes in producing printed circuit boards critical for AI servers. Demand for these components has risen sharply alongside growth in artificial intelligence infrastructure. According to market strategists, investor confidence stems from the company’s solid financial performance, with last year’s revenues totaling 19.3 billion yuan and forecasts predicting a 70% increase in 2026.
Institutional support was evident, with thirty-seven cornerstone investors participating and securing a combined $997 million in shares. Major backers included Yunfeng Capital, Morgan Stanley, Hillhouse Investment, and Mirae Asset Securities.
According to company founder Chen Tao, around 75% of the fresh capital will be allocated to boost manufacturing capacity in mainland China. The balance is designated for expanding operations in Thailand, Vietnam, and Malaysia, reflecting Victory Giant’s plans to address growing global demand.
Currently, clients in North America generate 70% of the company’s revenue. Although Hong Kong-listed firms often see their shares trading below mainland prices, Victory Giant’s launch significantly narrowed this gap, underscoring investor appetite for companies supporting the AI sector.
