Shares of Victory Giant Technology, a printed circuit board supplier for NVIDIA, surged sharply on their first trading day following its initial public offering on the Hong Kong Stock Exchange on April 21. The company’s market capitalization jumped by more than 60% at the start of trading. The IPO became the largest listing in Hong Kong in 2026.

IPO pricing and market performance

The company priced its shares at HK$209.88 during the IPO. After trading began, the stock surged 60.2% to HK$336.2. Later, gains moderated to around 49.32%, with shares trading at HK$313.4 as of 10:25 a.m.

Victory Giant raised approximately HK$20.1 billion ($2.57 billion). This marks the largest Hong Kong IPO in the past seven months, since Zijin Gold International’s listing in September 2025.

Investors and deal structure

Key investors included Jack Ma, Yunfeng Capital, Morgan Stanley, Hillhouse Investment, and South Korea’s Mirae Asset Securities.

The offering was priced at the top of the range and attracted 37 cornerstone investors, who agreed to a six-month lock-up period.

Analysts note that the rally is driven not only by interest in Chinese tech stocks but also by strong fundamentals.

The artificial intelligence boom has significantly increased demand for printed circuit boards, directly boosting the company’s valuation.

Hong Kong IPO market expansion

Interest in large listings in Hong Kong continues to grow, particularly in the technology sector, which remains resilient despite volatility linked to geopolitical tensions in the Middle East.

According to KPMG, 40 IPOs were completed in Hong Kong in Q1 2026, raising a total of HK$109.9 billion—nearly six times higher than the same period last year.

Founded in 2006, Victory Giant Technology specializes in the research, development, manufacturing, and sale of high-precision printed circuit boards.

Its products are used across computing, aerospace, automotive, telecommunications, consumer electronics, industrial, and medical industries.

The company reported revenue of 19.3 billion yuan ($2.8 billion) in 2025. Bloomberg analysts forecast revenue growth of around 70% in 2026.