Shares of Victory Giant Technology Huizhou had a huge debut in Hong Kong, jumping nearly 60% on their first day of trading.
The company raised about $2.2 billion in the listing, making it the biggest IPO in Hong Kong this year so far. Its stock was priced at HK$209.88 and quickly surged to around HK$335 in early trading.
Victory Giant isn’t a household name, but it plays an important role in the AI supply chain. It produces high-end printed circuit boards (PCBs), which are key components used in AI servers. One of its major customers is Nvidia, a global leader in AI chips.
This strong debut shows growing investor confidence in China’s push to build its own AI and semiconductor ecosystem.
Right now, China is trying to reduce its reliance on US technology, especially after restrictions limited access to advanced chips. That’s why companies connected to AI infrastructure — like PCB makers — are getting a lot of attention and support.
The plan is simple: if China can’t easily import the most advanced chips, it will build more of the supply chain at home.
Victory Giant says it will use most of the money raised to expand production in mainland China, which fits directly into that strategy.
This IPO is also part of a bigger trend.
Hong Kong has seen a wave of listings from AI-related Chinese companies recently, showing strong momentum in the sector. Investors are betting that demand for AI hardware — including servers and data centers — will keep growing fast.
But there’s a catch.
Experts say the current boom is partly driven by tight supply. High-end PCB manufacturing is still limited, which pushes prices up. If production increases quickly, those high margins may not last forever.
In simple terms, this isn’t just one company doing well.
It’s a sign that the AI race between China and the US is spreading beyond chips into the entire supply chain — and investors are paying close attention.
