NextFin News - Victory Giant Technology, a critical link in Nvidia’s global supply chain, is set to make its trading debut on the Hong Kong Stock Exchange tomorrow following a HK$17.5 billion ($2.2 billion) initial public offering. The listing, priced at the top end of its indicative range at HK$209.88 per share, marks the largest equity debut in the city so far in 2026. The Huizhou-based manufacturer of high-end printed circuit boards (PCBs) secured heavy backing from cornerstone investors, including Jack Ma’s Yunfeng Capital and Singapore-based Hillhouse Investment, signaling a concentrated bet on the infrastructure underpinning the artificial intelligence boom.
The deal’s success provides a much-needed liquidity injection for the Hong Kong market, which has struggled to regain its status as a global IPO hub. Victory Giant’s offering is the city’s most significant listing since Zijin Gold’s $3.5 billion transaction in September 2025. According to data from Dealogic, the transaction reflects a growing appetite for "AI-pure" hardware plays, as investors look beyond chipmakers to the specialized component manufacturers that enable high-performance computing. Victory Giant’s 2025 financial results underscore this momentum, with net profit surging 273.5% year-on-year on the back of a 79.8% increase in revenue, driven almost entirely by demand for AI-grade PCBs.
Linus Yip, chief strategist at First Shanghai Securities, noted that while the top-of-the-range pricing suggests robust institutional demand, the stock’s performance will remain tethered to the capital expenditure cycles of U.S. hyperscalers. Yip, who has maintained a cautious but constructive stance on the hardware sector, argues that the current valuation reflects an "AI premium" that may face pressure if the broader tech sector experiences a valuation reset. His view is not yet the consensus among sell-side analysts, many of whom remain focused on the immediate supply constraints in the PCB market that favor established players like Victory Giant.
The company’s reliance on the U.S. market presents a complex risk profile. As a primary supplier to Nvidia, Victory Giant is deeply integrated into the production of H100 and Blackwell-series GPUs. However, this proximity to U.S. technology giants makes the firm vulnerable to shifting trade policies. While the company has expanded its manufacturing footprint to mitigate these risks, any tightening of export controls on high-end computing components could disrupt its primary revenue stream. This geopolitical friction remains the most significant variable for investors who are otherwise bullish on the company’s technical leadership in multi-layer PCB fabrication.
Market participants are also closely watching the secondary listing’s impact on Victory Giant’s original Shenzhen-listed shares. The company, which went public in Shenzhen in 2015, has seen its market capitalization swell to approximately $39 billion. The Hong Kong listing is intended to fund further capacity expansion and research into next-generation substrates required for 6G and advanced automotive electronics. Whether the stock can maintain its momentum post-debut will depend on its ability to diversify its client base beyond a handful of dominant AI chip designers, a challenge that remains the central focus of its long-term strategy.
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