NextFin News - Victory Giant Technology, a critical link in Nvidia’s global artificial intelligence supply chain, is preparing a Hong Kong initial public offering that could value the company at approximately $2 billion, according to people familiar with the matter. The listing is set to draw high-profile backing from Jack Ma’s Yunfeng Capital and Hillhouse Investment, signaling a renewed appetite among China’s elite private equity firms for hardware-centric "hard tech" plays that bridge the gap between Chinese manufacturing and global AI demand.
The Huizhou-based printed circuit board (PCB) manufacturer has seen its profile rise sharply following a strategic pivot in 2019 toward high-density interconnect (HDI) boards. This technical shift allowed Victory Giant to secure a position as a Tier 1 supplier for Nvidia’s H-series AI accelerator cards and, more recently, obtain certification for the GB200 Blackwell architecture. The company’s financial performance has mirrored the AI boom; net profit attributable to shareholders surged 339% year-on-year in the first quarter of 2025, fueled by reports that Nvidia-linked orders now account for over 70% of its business volume.
Yunfeng Capital, co-founded by Jack Ma and David Yu, has historically focused on "Five-New" sectors—New Retail, New Finance, New Manufacturing, New Technology, and New Energy. Its interest in Victory Giant represents a calculated move into the foundational hardware layer of the AI era. While Yunfeng has a track record of backing winners like CATL and Xiaomi, its participation in this $2 billion listing is viewed by some analysts as a strategic alignment with U.S. President Trump’s broader industrial focus on high-end manufacturing, even as trade tensions persist. Hillhouse, led by Zhang Lei, brings a similar long-term institutional perspective, having pivoted its portfolio toward deep-tech and industrial upgrades over the last three years.
The involvement of these marquee investors is not yet a market-wide consensus on the IPO’s ultimate success. According to one senior analyst at a Hong Kong-based brokerage, who has maintained a cautious stance on Chinese tech listings, the valuation depends heavily on the "Nvidia premium." The analyst noted that while Victory Giant’s relationship with Nvidia CEO Jensen Huang is notably close—founder Chen Tao was reportedly the only mainland Chinese supplier invited to a private dinner with Huang in Taiwan—this concentration of revenue creates a significant dependency risk. Any shift in Nvidia’s sourcing strategy or further U.S. export restrictions on high-end PCB components could rapidly erode the company’s margins.
Beyond the geopolitical risks, the listing serves as a litmus test for the Hong Kong IPO market, which has struggled to regain its 2021 momentum. A $2 billion valuation would make Victory Giant one of the largest technology debuts in the city this year. The company’s ability to attract both Ma’s private equity vehicle and Hillhouse suggests that for firms with clear "AI-adjacent" utility, the capital taps are beginning to reopen. However, the sustainability of this valuation will likely be tested by the volatility of the global semiconductor cycle and the evolving regulatory landscape governing cross-border tech supply chains.
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