Nvidia supplier Victory Giant surges 57% in Hong Kong trading debut

Chinese circuit-board manufacturer Victory Giant Technology Huizhou surged 57.23% in its Hong Kong trading debut after raising $2.6 billion in the city's largest listing this year. The company, a supplier to Nvidia, saw strong investor demand for its initial public offering as markets rush to capitalize on the AI infrastructure boom. Victory Giant's retail tranche was oversubscribed 431.15 times during the share sale period. According to company data, Victory Giant led printed circuit board makers worldwide in revenue for AI and high-performance computing applications during the first half of 2025, capturing 13.8% of the market. This represents a significant increase from its seventh-place position with 1.7% market share in 2024. The company established a high-density interconnect division in 2019 to focus on the advanced boards needed for graphics processing units used in AI applications. This strategic move allowed Victory Giant to enter Nvidia's H-series AI accelerator supply chain in 2023, and it was promoted to a tier-one supplier in 2024.