Victory Giant Technology Huizhou Co., a Chinese supplier of Nvidia Corp., surged 50% in its Hong Kong trading debut after raising $2.6 billion, marking the city’s largest listing in seven months. The shares closed at HK$315.00, up from a listing price of HK$209.88. The listing attracted thirty-seven cornerstone investors, who purchased about $997 million worth of stock.
Victory Giant, which produces printed circuit boards essential for AI servers, joins a wave of Chinese listings in the artificial intelligence sector. The company plans to use roughly three quarters of the funds raised to expand capacity in China and the remainder for Southeast Asian expansions.
Founded in 2006, Victory Giant reported revenue of 19.3 billion yuan ($2.8 billion) last year, with analysts forecasting a 70% revenue increase in 2026. The company aims to add $30 billion in capacity over the next three years, including $10 billion in Thailand, Vietnam, and Malaysia.
Citigroup analysts maintain a buy recommendation for Victory Giant, valuing the Shenzhen-listed shares at 20 times 2027 earnings, with a price target of 415 yuan.
