Lead

Shares of Victory Giant Technology, a Chinese manufacturer of printed circuit boards (PCBs) for artificial intelligence and high-performance computing, surged 57.23% in their Hong Kong trading debut on Tuesday. The stock opened at HK$330, well above the offer price of HK$209.88, according to the South China Morning Post. The company, based in Guangdong, raised HK$20 billion (US$2.6 billion) in its initial public offering, making it the largest listing in Hong Kong so far this year, the newspaper reported.

The strong debut reflects a rush among investors to tap into surging global demand for the hardware powering AI infrastructure, a theme that has also propelled other Chinese PCB suppliers into the equity markets.

Coverage Comparison

Both reports from the South China Morning Post focused on the same underlying story but with different angles. One article detailed the completion of Victory Giant's IPO and its first-day trading performance, while the other, published earlier, previewed the company's bookbuilding and placed it in the context of a broader "gold rush" in China's chip supply chain.

Both pieces emphasized the role of AI infrastructure in driving demand for high-end PCBs, describing the sector's momentum as "blistering" and "explosive." The coverage was uniformly positive in tone, highlighting record fundraising and market growth.

Key Claims

  • Victory Giant's stock rose 57.23% in its debut, opening at HK$330 versus the offer price of HK$209.88, the maximum offer price, according to the South China Morning Post. The company's shares had already surged between 58.7% and 60.2% in grey-market trading on Monday, after the retail tranche was oversubscribed 431 times.
  • The company raised HK$20 billion (US$2.6 billion) in its IPO. An earlier report from the same outlet indicated the offering aimed to raise up to HK$17.49 billion (US$2.2 billion); the final amount exceeded the target.
  • Victory Giant led PCB makers worldwide in revenue in the AI and high-performance computing segment in the first half of 2025, with a 13.8% market share, up from seventh place and 1.7% in 2024, the company said in its prospectus, citing Frost & Sullivan data.
  • The company established a high-density interconnect division in 2019 to focus on boards needed for graphics processing units used in AI applications, allowing it to enter Nvidia's H-series AI accelerator supply chain in 2023. It was promoted to a tier-one supplier in 2024, according to a report by National Business Daily cited by the South China Morning Post.
  • Other Chinese PCB suppliers are also capitalizing on the trend. Jiangxi Redboard Technology listed in Shanghai last week, raising 1.8 billion yuan (US$263.4 million) for capacity expansion. Zhongji Innolight, another Nvidia supplier, was reported to have submitted a confidential application to list in Hong Kong, aiming to raise at least US$3 billion.

Perspectives

Analysts see sustained momentum in the PCB sector. "PCBs are currently all the rage across the world due to the rapid expansion of AI data centres," Kenny Ng Lai-yin, a strategist at Everbright Securities International, told the South China Morning Post. "Given the shortage of supply, the momentum of the sector is expected to maintain for one to two years."

The company's own statements, as reported, attribute its growth to the explosive demand for high-end PCBs driven by AI model training and deployment. Industry data cited in the prospectus underscores the rapid shift in market leadership, with Victory Giant overtaking established players in the AI segment.

Some market observers might question the sustainability of such valuations, but the reports did not include any skeptical or bearish commentary. The coverage was based on company announcements, analyst quotes, and data from Frost & Sullivan, with no indication of conflicting views among the sources.