Chinese circuit-board supplier Victory Giant jumps 57% in Hong Kong share debut

Victory Giant, a Chinese manufacturer of printed circuit boards (PCBs) for artificial intelligence and high-performance computing, rose by 57.23 per cent in its trading debut in Hong Kong on Tuesday, as investors rushed to tap into surging global demand for the hardware powering the AI infrastructure boom.Shares in the Guangdong-based company, a supplier to US chip leader Nvidia, opened at HK$330, versus the offer price of HK$209.88 – the maximum offer price. The firm raised HK$20 billion (US$2.6 billion) in its initial public offering (IPO), the largest in the city so far this year.On the grey market on Monday, the shares surged between 58.7 per cent and 60.2 per cent on major brokerage platforms in the city, after the retail tranche was oversubscribed 431.15 times during the share sale period.Victory Giant led PCB makers worldwide in revenue in the field of AI and high-performance computing in the first half of 2025, with 13.8 per cent of the market, up from seventh place and 1.7 per cent in 2024, the company said in its prospectus, citing Frost & Sullivan data.In 2019, Victory Giant established a high-density interconnect division to focus on the high-end boards needed for the graphics processing units used in AI applications. This allowed the company to enter Nvidia’s H-series AI accelerator supply chain in 2023, according to a report by National Business Daily. It was promoted to a tier-one supplier in 2024.Factory of Nvidia supplier Victory Giant Technology. Photo: HandoutVictory Giant’s listing comes as training and deployment of AI models and AI agents is expected to drive the need for more computing power this year, triggering explosive demand for high-end PCBs.