Shares of Victory Giant Technology, a key supplier of printed circuit boards to semiconductor giant Nvidia, experienced a significant surge, climbing as much as 60% on Tuesday. This remarkable performance follows the company’s blockbuster initial public offering (IPO) in Hong Kong, marking the largest such offering in the city this year.
Victory Giant Technology priced its shares at HK$209.88 in its IPO, ultimately seeing its stock trade 46% higher at HK$306.8. The company successfully raised approximately HK$20.1 billion (US$2.57 billion) through this listing, making it the most substantial IPO in Hong Kong in roughly seven months. This achievement positions Victory Giant Technology’s IPO as the largest in the Special Administrative Region since Zijin Gold International’s US$3.2 billion offering in September.
The robust investor appetite for large-scale listings in Hong Kong, particularly within technology-centric sectors, has been a prominent theme. These segments have demonstrated notable resilience, even amidst prevailing market volatility amplified by ongoing geopolitical tensions in the Middle East.
Data from a recent KPMG report indicates a strong rebound in Hong Kong’s IPO market during the first quarter of 2026. The market saw HK$109.9 billion raised across 40 new listings, a significant increase compared to the same period last year, which recorded nearly six times less in capital raised and a third of the number of new listings. KPMG’s analysis highlights that approximately 80% of the funds raised were attributed to dual-listed A+H companies and specialist technology firms, segments that are expected to continue bolstering IPO performance throughout the year.
This trend of strong IPO debuts is not isolated. Earlier this year, Chinese chip designer Montage Technology saw its shares surge over 60% on its trading debut in February. Similarly, shares of MiniMax Group, a China-based AI startup and a developer of large language models, doubled on its first day of trading in Hong Kong. More recently, Manycore Tech, a Hangzhou-based developer, tripled its value on its Hong Kong debut.
Victory Giant Technology’s success underscores the strategic importance of its role in the semiconductor supply chain. As demand for advanced computing power, particularly for artificial intelligence applications, continues to escalate, the demand for high-quality printed circuit boards is expected to remain strong. Nvidia, a leader in AI chips, relies on a robust ecosystem of suppliers like Victory Giant Technology to meet its production targets. The company’s IPO success can be viewed not only as a testament to its own performance but also as an indicator of investor confidence in the broader semiconductor manufacturing landscape, especially for companies that are integral to the production of cutting-edge technologies. The successful listing provides Victory Giant Technology with substantial capital to potentially invest in expanding its manufacturing capabilities, research and development, and to further strengthen its competitive position in a rapidly evolving market.
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