Chinese Printed Circuit Board Maker Victory Giant Surges In Hong Kong Debut Amid AI Boom

Victory Giant Technology, a Chinese artificial intelligence-related parts maker led by billionaire Chen Tao, made its Hong Kong market debut on Tuesday, with shares jumping 60% on strong demand for its printed circuit boards.

The stock then gave back some of its gains, eventually rising by more than 50%. The company, which is listed in Shenzhen, raised HK$20.1 billion ($2.6 billion) this week in Hong Kong by selling 95.9 million shares at HK$210 each. The company plans to use most of the proceeds to purchase new equipment and expand production at its factories across China, according to the prospectus. The Hong Kong stock offering attracted nearly 40 cornerstone investors, including Morgan Stanley, Hillhouse Capital and Yunfeng Fund, a private equity firm co-founded by Chinese billionaire Jack Ma.

Osbert Tang, a Shanghai-based analyst who publishes through the Smartkarma research platform, wrote in a note published ahead of the April stock sale that strong interest in the Hong Kong listing was expected given the company’s leadership in the printed circuit board market. This type of hardware is used to hold chips and other components together, allowing for faster signal transmission.

Victory Giant supplies to industries including artificial intelligence, computing and smart wearable devices, according to its website. The company ranked first in sales of PCBs for artificial intelligence and high-performance computing in the first six months of 2025, according to Frost & Sullivan data cited in the prospectus. Its customers are widely reported to include Nvidia and Tesla.

Victory Giant wrote in its prospectus: “The popularity of artificial intelligence is driving the advancement of artificial intelligence-related hardware and creating structural growth opportunities for the PCB industry.”

Such growth opportunities have created huge wealth for Chairman Chen. The 54-year-old’s wealth has increased nearly tenfold to $11.5 billion this year as the company’s Shenzhen-listed shares surged, according to Forbes’ real-time global billionaire rankings. The tycoon founded Victory Giant in 2006 after serving in the Chinese military.

At present, the company also has production bases in Malaysia, Thailand, Vietnam and other countries. In addition to the United States, it also sells to customers in Japan and Europe. In 2025, revenue will increase 80% year-on-year to 19.3 billion yuan ($2.8 billion). Net profit almost quadrupled from the same period last year to 4.3 billion yuan.