Shares of Chinese circuit board maker Victory Giant Technology surged 50.1 per cent in their Hong Kong debut Tuesday, following a US$2.6 billion offering.
The company, based in Guangdong province, makes printed circuit boards for artificial intelligence servers and other electronics.
Victory Giant's offering is the largest new listing globally since January and Hong Kong's biggest IPO in seven months. Investor appetite for AI-linked sectors remains resilient, despite broader market volatility. The company raised HK$20.1 billion (US$2.6 billion) by increasing the number of shares sold to 95.85 million. The retail offering was over 431 times subscribed, and the international offering was 18.5 times covered.
Victory Giant Technology, founded in 2006, ranked first globally in the printed circuit board market for AI and high-performance computing in the first half of 2025, with a 13.8 per cent market share. In 2025, revenue rose 80 per cent to 19.3 billion Chinese yuan, with net profit surging to 4.3 billion yuan. Nearly three-quarters of the funds raised will expand production in China. Cornerstone investors committed nearly US$997 million.