Nvidia PCB Supplier Victory Giant Surges 60% on Hong Kong IPO Debut, Raises $332M

Gate News message, April 21 — Victory Giant Technology Huizhou, a Chinese printed circuit board supplier to Nvidia, surged up to 60% on its Hong Kong trading debut following a HK$2.6 billion (US$332 million) IPO. The deal marks Hong Kong’s largest IPO in seven months.

The company priced the offering at HK$209.88 (US$27) per share, at the top of the range. A total of 37 cornerstone investors, including Yunfeng Capital, Morgan Stanley, Hillhouse, and Mirae Asset, committed to purchasing approximately HK$997 million (US$127 million) of stock with a six-month lock-up period.

Victory Giant reported 2025 revenue of 19.3 billion yuan (US$2.83 billion) and net profit of 4.3 billion yuan (US$632 million), representing a 273.5% year-over-year increase. The company plans to deploy IPO proceeds to expand production capacity in mainland China. Its Hong Kong offer was priced at approximately a 47% discount to its Shenzhen close, after shares rose more than fourfold over the past year.

The company holds the leading global market share in printed circuit boards for AI and high-performance computing systems, with its share climbing from 1.7% in 2024 to 13.8% in the first half of 2025. Revenue from high-density interconnect boards for AI servers surged 388.2% year over year in 2025.