Victory Giant: $2.6 Billion Hong Kong Listing, +60% on Day One

China's Victory Giant Technology jumped 60% on its Hong Kong debut on Tuesday after raising HK$20.1 billion ($2.6 billion), the city's biggest IPO in seven months and the largest of 2026 so far.

Stock closed near HK$330 versus an offer price of HK$209.88. The retail tranche was 431 times oversubscribed.

The Details

Guangdong-based Victory Giant makes high-end printed circuit boards (PCBs) for AI servers and data center hardware. Its biggest customer reference: Nvidia.

Offer price: HK$209.88

Day-one open: HK$330 (+57.2%)

Intraday high: HK$336.20

Issue size: 95.85 million shares (offer-size adjustment fully exercised)

Retail oversubscription: 431.15x

International oversubscription: 18.5x

Cornerstone investors took roughly 40% of the deal at pricing. The book was led by CICC, Goldman Sachs and JPMorgan, and the listing raises Victory Giant's market cap to over HK$280 billion, putting it in the same league as listed PCB rivals like Shennan Circuits and Wus Printed Circuit.

The hook for global money: Victory Giant is one of the few public ways to play the AI server build-out without buying chip companies directly. PCBs sit between the GPU and the rest of the rack. Every AI accelerator that ships needs them, and the boards required for next-gen Blackwell and Vera Rubin systems are denser, multi-layer, more expensive.

Why this listing matters

Hong Kong's IPO market raised HK$140 billion ($17.9 billion) by end of April, more than the entire 2025 total and good for the global top spot. Victory Giant is the marquee deal of that wave. After two years of underweighting, global funds are rebuilding China exposure, and the cleanest entry points are AI-supply-chain names with hard customer references and Hong Kong listings.

The signal for issuers waiting in the queue is straightforward. If a PCB maker can clear $2.6 billion at a 60% pop, the window is open. Lightelligence is reportedly pricing its Hong Kong float at the top of the range this week. Huaqin already raised $581 million on Tuesday at maximum price.

Hong Kong is back as Asia's number-one listing venue, and the AI supply chain is what is bringing the buyers in.

Sources: DealStreet Asia, Bloomberg, Business Times Singapore, CNBC