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.
Victory 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.
PCBs are the foundational boards that mount and connect chips and other components in electronic systems.
Global PCB sales were expected to grow to US$93.7 billion in 2029 from US$77.8 billion in 2025, according to a report from Frost & Sullivan this month.
AI and high-performance computing would be the main driver of the growth, rising almost 15 per cent annually to US$15 billion in 2029, from an estimated US$8.6 billion in 2025, the report said.
Mainland China now accounted for more than half of the world’s PCB production, according to data from consulting firm Prismark.
Victory Giant said it would use most of the IPO proceeds to expand production and invest in research and development.
Jiangxi Redboard Technology, another domestic PCB supplier, raised 1.8 billion yuan (US$264 million) for capacity expansion in its Shanghai listing earlier this month.
Fuelled by strong demand, Victory Giant saw its net profit soar 273.5 per cent to 4.3 billion yuan in 2025 from a year earlier, while revenue climbed 79.8 per cent to 19.3 billion yuan, according to its prospectus.
A total of 37 cornerstone investors, including CPE Rosewood, Janchor Fund, and Jack Ma-backed Yunfeng Capital, were expected to buy around US$997 million worth of Victory Giant shares, according to its prospectus. Ma is the founder of Alibaba Group Holding, which owns the South China Morning Post.