Victory Giant Technology burst out of the gate in Hong Kong on Tuesday, jumping 60% in its market debut.
The blockbuster debut underlined how investors are still willing to pay up for AI-linked infrastructure names, even with global markets on edge.
The Shenzhen-listed printed circuit board maker raised HK$20.1 billion ($2.6 billion) in the city’s biggest listing in about seven months.
Its shares opened 57.2% above the offer price of HK$209.88 before touching HK$336.2.
The stock later eased but still marked a powerful first-day showing for one of the region’s most closely watched deals.
Not just another hardware play
The appeal of Victory Giant is that it sits inside the AI build-out rather than at the far edge of it.
The company makes advanced printed circuit boards used in artificial intelligence accelerator cards, servers, and data centre switches.
That gives investors exposure to the plumbing behind the AI boom without owning a pure chipmaker.
The company was founded in 2006 in Huizhou, Guangdong province, and its listing is part of a broader wave of Chinese companies tapping Hong Kong’s equity market.
The development comes as capital continues to rotate toward AI-related industries.
The size of the deal also matters as Victory Giant exercised its offer-size adjustment option in full, lifting the number of shares sold to 95.85 million from 83.35 million.
The retail tranche was oversubscribed 431.15 times, and the international portion was covered 18.5 times, a clear sign that demand far exceeded supply.
The strong bookbuilding helped support the top-end pricing and reinforced the view that Hong Kong remains a workable venue for large mainland listings.
Strong numbers helped fuel the first-day pop
The debut was not built on hype alone.
Victory Giant’s 2025 revenue rose 80% from a year earlier to 19.3 billion yuan, while net profit surged to 4.3 billion yuan from 1.2 billion yuan.
Those figures gave the IPO a profitability backdrop that many AI-adjacent listings lack.
The company also said nearly three-quarters of the funds raised would go toward expanding production in China.
The planning suggests that the capital will be used to scale an existing business rather than to chase a speculative new line.
What the debut says about Hong Kong now
The bigger message from Victory Giant’s first day is that appetite for AI infrastructure remains alive, even if the broader market backdrop is uneven.
The strong debut highlights resilient demand for large Hong Kong listings, particularly in AI-linked sectors, despite broader market volatility.
That matters because it suggests investors are still willing to look through geopolitical noise when the earnings growth story is convincing, and the business sits close to a powerful technology trend.