Victory Giant Shares Surge in Hong Kong's Largest IPO Debut This Year

By Sherry Qin

Victory Giant Technology's shares surged on their Hong Kong trading debut after the Nvidia supplier raised $2.6 billion in the city's largest listing this year.

The Chinese printed-circuit board maker's shares surged 53% to HK$317.00 in early Tuesday trading from their listing price of HK$209.88. Victory Giant raised 20.12 billion Hong Kong dollars, or US$2.57 billion, by issuing 95.85 million shares. The listing marks the largest in Hong Kong since Zijin Gold International's HK$25 billion IPO last September.

Victory Giant, which was already listed in Shenzhen, specializes in designing and manufacturing high-end PCBs for artificial intelligence, servers and automotive electronics. The company plans to use the majority of its proceeds to expand production in mainland China.

Last year, the company's Shenzhen-listed shares surged more than 580% and it reported strong growth in profit and revenue, driven by robust demand from AI computing-related applications.

Victory Giant's products are widely used in computers, aerospace, automotive electronics and consumer electronics.

The company joins a wave of AI suppliers tapping the Hong Kong market for fresh funds in recent months, including large language model developers MiniMax and Zhipu AI, as well as chip makers Montage Technology and Shanghai Biren Technology.

Victory Giant's cornerstone investors include Morgan Stanley & Co. International, China CITIC Bank subsidiary CNCB Investment and Jack Ma-backed Yunfeng Capital.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

April 20, 2026 22:33 ET (02:33 GMT)