Shares of the company, based in Guangdong, opened 57.2 percent higher at HK$330 versus an offer price of HK$209.88 each. The firm makes printed circuit boards for artificial intelligence servers and other electronics.
It climbed up to HK$336.20 before trading at around HK$305, with Victory Giant exercising its offer size adjustment option in full to increase the number of shares sold to 95.85 million from 83.35 million.
The retail offering was 431.15 times subscribed, while the international offering was 18.5 times covered, according to a filing on Tuesday.
The strong debut adds to signs that investor appetite for large Hong Kong listings, particularly in AI-linked sectors, has remained resilient despite broader market volatility in the wake of the US-Israeli attacks on Iran.
Winston Ma, executive director of the Global Public Investment Funds Forum and a former managing director at the China Investment Corporation, said pricing the deal at the top end and exercising the upsize option despite market volatility pointed to deep demand in Hong Kong’s IPO market for advanced Chinese manufacturing firms.
Meanwhile, dealmakers have flagged closer scrutiny of some mainland companies seeking Hong Kong listings, raising concerns that momentum in the city’s IPO pipeline could slow in the near term even as larger deals continue to come to market.
“In 2026, the Hong Kong market has successfully hosted a series of sizable China AI-linked listings that enjoyed strong post-IPO trading and the trend shows no sign of slowing down unless the US-Iran war uncertainty deepens,” Ma said.
Victory Giant’s offering is the largest new listing globally since Czechoslovak Group’s Amsterdam debut in January after a 3.8 billion euro IPO. It was also Hong Kong’s biggest IPO since Zijin Gold International’s US$3.2 billion deal in September, according to Dealogic.
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 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.”
Founded in 2006 in Huizhou, Guangdong, the company ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in the first half of 2025 with a 13.8 percent market share, according to its prospectus, citing consulting firm Frost & Sullivan.
In 2025, Victory Giant said its revenue rose 80 percent to 19.3 billion 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. (Reuters)
