Victory Giant surges 50-60% in Hong Kong debut after $2.6bn IPO
Nvidia supplier's shares closed at HK$315 versus IPO price of HK$209.88, making it Hong Kong's largest IPO of 2026
Briefing
- •Victory Giant Technology, a Guangdong-based printed circuit board supplier to Nvidia, closed its first trading day in Hong Kong up 50%, reaching HK$315.00 against an IPO price of HK$209.88.
- •The listing raised HK$20 billion (US$2.6 billion), the largest Hong Kong IPO so far this year.
- •Shares rallied as much as 60% intraday before paring gains to close up 50%.
- •The company's Shenzhen-listed shares have risen fourfold over the past year, reflecting sustained investor demand for AI infrastructure components.
- •Victory Giant is chaired by billionaire Chen Tao.
Why it matters
- →Victory Giant's 50% debut pop on a $2.6bn raise confirms that Hong Kong investors are willing to pay a significant premium for direct Nvidia supply chain exposure at a time when AI infrastructure demand is TSMC-confirmed and fabless order visibility is high. This validates the re-rating underway in PCB and substrate names globally, particularly those with concentrated AI customer books. The overhang question is whether the Shenzhen-listed A-share, already up fourfold, now faces arbitrage selling as the H-share discount closes.
- →A $2.6bn deal pricing and clearing cleanly, the largest Hong Kong IPO of the year, resets the risk appetite signal for the Hong Kong primary market. Issuers in the AI hardware supply chain that have been waiting on window risk now have a clear proof of concept. A pipeline acceleration in PCB, substrate, and advanced packaging names seeking Hong Kong listings is the direct consequence, with deal supply risk becoming the next constraint on sector valuations.
Historical Context
- 2020-2021
The wave of Chinese tech secondary listings in Hong Kong following US delistings threats demonstrated that large-cap mainland technology companies could command IPO pops of 20-60% when liquidity conditions aligned with a strong demand narrative, but many of those names gave back gains within 6-12 months as the A-share arbitrage normalized.
- 2023-2024
PCB makers Shennan Circuits and Tripod Technology re-rated sharply as Nvidia's GB100 and successor chip designs required higher layer-count substrates, establishing the direct link between Nvidia supplier status and equity premium that Victory Giant is now monetizing in the public markets.
Connected Events
TSMC Q1 profit surges 58% to record high, beating estimates on AI demand
TSMC's Q1 profit surging 58% to a record on AI demand, with raised full-year guidance, provides the foundational demand confirmation that underpins Victory Giant's valuation. If TSMC's advanced-node order book is durable through H1 2026, PCB suppliers to Nvidia inherit that same demand visibility.
AMD stock hits all-time high in longest winning streak since 2005
AMD's all-time high and its sovereign AI compute partnership with France signal that AI accelerator demand is broadening beyond hyperscalers, expanding the addressable market for Nvidia-adjacent PCB suppliers like Victory Giant beyond a single customer concentration risk.
