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Victory Giant Technology Huizhou Co. climbed 50% in its Hong Kong trading debut on Tuesday after completing the city’s biggest listing this year. The Chinese printed circuit board maker raised about HK$20.1 billion, or $2.6 billion, in an offering that drew strong demand from retail and institutional investors.
The stock closed at HK$315, up from its listing price of HK$209.88. It opened at HK$330 and at one point rose to HK$336.20 before easing.
Trading turnover reached about HK$10.8 billion, making it the most active stock on the Hong Kong exchange by value during the session.
The listing priced at the top of the marketed range and included 37 cornerstone investors. Those investors committed about $997 million and agreed to hold their shares for at least six months. The retail tranche was 431.15 times subscribed, while the international portion was 18.5 times covered, according to a filing.
Victory Giant makes printed circuit boards used in artificial intelligence servers and other electronics. The company has positioned itself as a major supplier in the AI hardware chain as demand rises for faster computing infrastructure and advanced semiconductor systems.
Its prospectus said the company ranked first globally by sales revenue in the PCB market for AI and high-performance computing in the first half of 2025, with a 13.8% market share. The company, founded in 2006 in Huizhou, focuses on high-density interconnect and multi-layer PCBs, which support complex AI workloads.
The company’s financial growth has also supported investor interest. Victory Giant reported 2025 revenue of 19.3 billion yuan, up 80% from a year earlier. Net profit rose to 4.3 billion yuan from 1.2 billion yuan. Bloomberg-reported analyst forecasts also point to continued expansion, with expectations for another strong revenue increase in 2026.
Kenny Ng, a strategist at China Everbright Securities International, said capital continues to favor this segment because related companies are still in a phase of rapid earnings growth. He added that the AI hardware theme continues to attract attention in both mainland China and Hong Kong markets.
Victory Giant said it will use nearly three-quarters of the IPO proceeds to expand production capacity in China. The rest will support its Southeast Asia push as customers seek more diversified manufacturing locations.
Chairman Chen Tao said orders remain very strong. He also said the company plans to add 30 billion yuan in capacity over the next three years, including around 10 billion yuan of output in Thailand, Vietnam, and Malaysia. Chen added that North American customers account for about 70% of company revenue.
The Hong Kong deal also narrowed the pricing gap between Victory Giant’s offshore and onshore shares. Before the debut, the IPO price stood at a discount of about 47% to the Shenzhen closing price. After Tuesday’s rally, that gap tightened sharply. The Shenzhen-listed stock ended the day 3.5% lower at 330.9 yuan.
Victory Giant’s debut extends a run of strong first-day performances by Chinese technology listings in Hong Kong. Recent AI-related and advanced manufacturing offerings have also posted sharp gains, reflecting a steady appetite for growth stories linked to data centers, chips, and industrial technology.
Bankers and investors now view the offering as another sign that large Hong Kong listings can still attract deep demand despite geopolitical pressure and broader market volatility.
Winston Ma, executive director of the Global Public Investment Funds Forum, said the top-end pricing and full exercise of the upsize option showed strong confidence in advanced Chinese manufacturing.
