China AI Circuit Board Firm Raises $2bn in Year’s Top HK Listing

Key Takeaways

• Victory Giant raised HK$17.3 bn ($2.2 bn) in Hong Kong IPO
• Shares surged 59.6% to HK$335 ($43) on debut
• Company makes high‑end PCBs for Nvidia’s AI servers
• Proceeds earmarked for expanding mainland China production capacity
• IPO underscores Beijing’s push for domestic AI hardware supply

Pulse Analysis

The surge in artificial‑intelligence workloads has turned printed circuit boards (PCBs) into a bottleneck for server manufacturers. High‑frequency, multilayer PCBs are essential for packing more compute power into AI accelerators, and suppliers that can meet stringent performance specs are in short supply. Victory Giant Technology Huizhou has carved out a niche by delivering premium PCBs to Nvidia, the world’s leading AI‑chip vendor, positioning the firm at the heart of the global AI supply chain.

Victory Giant’s Hong Kong debut raised HK$17.3 billion ($2.2 bn), the biggest listing in the city this year and the largest since Zijin Gold’s $3.7 bn IPO. The offering priced at HK$209.88 per share, yet opened at HK$335, a 60% premium that underscores market confidence in Chinese AI‑related infrastructure plays. The IPO follows a string of high‑profile Chinese AI listings, including Zhipu AI and MiniMax, reflecting Hong Kong’s resurgence as a financing hub for firms benefiting from Beijing’s policy incentives and the global AI boom.

For investors, the deal signals a rare convergence of strong demand, limited supply, and state support. The proceeds will fund new fab lines and capacity upgrades in Guangdong, helping the firm meet the tight supply of high‑end PCBs as AI data‑center construction accelerates worldwide. While pricing power may soften if domestic competitors scale up, Victory Giant’s close ties to Nvidia and its strategic alignment with China’s semiconductor self‑reliance agenda give it a defensible market position. The listing thus offers exposure to the broader narrative of China’s quest to reduce foreign technology dependence while capitalising on the AI explosion.