AI SUPPLY CHAIN BET
The printed circuit board maker’s Hong Kong listing is the latest in a wave of Chinese companies that have tapped into the city’s equity market over the past year.
“At present, both mainland China stocks and Hong Kong stocks in this category continue to receive significant attention from capital, largely because the companies in these related industries are in a phase of rapid earnings growth,” said Kenny Ng, a securities strategist at China Everbright Securities International.
“I expect the popularity of these sectors to remain strong going forward,” he added.
Founded in 2006 in Huizhou, Guangdong province, the company ranked first globally in terms of sales revenue in the printed circuit board market for AI and high-performance computing in the first half of 2025 with a 13.8 per cent market share, according to its prospectus, citing consulting firm Frost & Sullivan.
In 2025, Victory Giant said its revenue rose 80 per cent from a year earlier to 19.3 billion Chinese yuan, while net profit surged to 4.3 billion yuan from 1.2 billion yuan.
Nearly three-quarters of the funds raised would be used to expand production in China, its prospectus said.
Cornerstone investors led by CPE Rosewood, Janchor Fund and Jack Ma-backed Yunfeng Capital agreed to buy nearly US$997 million worth of Victory Giant shares.
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