PCB maker surges on Hong Kong debut

Victory Giant Technology jumped about 60% in its Hong Kong trading debut on April 21, extending investor demand for companies tied to artificial-intelligence hardware. (digitimes.com) The Guangdong-based company makes printed circuit boards, the layered boards that connect chips, memory and power parts inside servers and other electronics. Victory Giant sold H shares in Hong Kong under stock code 2476 after setting a maximum offer price of HK$209.88 a share in its prospectus. (hkexnews.hk) Reuters reported that the deal raised about HK$20.1 billion, or roughly $2.6 billion, making it one of Hong Kong’s biggest listings in recent months. Forbes reported that the shares later finished the session more than 50% above the offer price after rising as much as 60% intraday. (msn.com) (forbes.com) The company sits in a part of the AI supply chain that gets less attention than chip designers like Nvidia but is still essential to building servers. China Daily described printed circuit boards as the “electronic backbone” of artificial-intelligence servers, and Victory Giant told investors it ranked first globally by AI and high-performance-computing PCB sales in the first half of 2025, citing Frost & Sullivan. (chinadailyhk.com) (thestandard.com.hk) Victory Giant’s own investor materials show how sharply that business has grown. Quartr’s summary of the company’s March 13, 2026 annual report said 2025 revenue rose 79.77% to 19.29 billion yuan and net profit rose 273.52% to 4.31 billion yuan, driven by demand for AI and higher-end boards. (quartr.com) (en.shpcb.com) That growth has come as Washington tightened export controls on advanced AI chips sold into China. DigiTimes said company executives still described order momentum as strong and said Hong Kong listing proceeds would support expansion aimed at AI applications. (digitimes.com) The deal also arrives during a tentative reopening in Hong Kong equity issuance after a slow stretch for new listings. Bloomberg said Victory Giant’s offering was the city’s largest in seven months, giving investors a big test of appetite for mainland hardware names tied to the AI build-out. (bloomberg.com) Victory Giant was already listed in Shenzhen before selling shares in Hong Kong, giving it a second public market and a larger offshore fund-raising base. Its Hong Kong prospectus said the global offering initially covered 83.35 million H shares, with room for an over-allotment option. (hkexnews.hk) The first-day surge does not settle the harder question facing Chinese AI hardware groups: whether demand for boards, servers and networking gear can keep outrunning export controls and cyclical swings in electronics spending. For now, investors paid up for a company selling the wiring underneath the AI boom. (digitimes.com)