A printed circuit board.
Angel Garcia/Bloomberg
Victory Giant Technology, a Chinese maker of AI-related components headed by billionaire Chen Tao, rallied as much as 60% in its Hong Kong market debut on Tuesday amid strong demand for its printed circuit boards.
Shares later pared some of the gains to end more than 50% higher. The company, which is already listed in Shenzhen, raised HK$20.1 billion ($2.6 billion) this week by selling 95.9 million shares at HK$210 apiece in Hong Kong. It plans to use most of the proceeds to purchase new equipment and expand production at its factories across China, according to its prospectus. The Hong Kong share sale attracted almost 40 cornerstone investors that include Morgan Stanley, Hillhouse Capital and Yunfeng Capital, the private equity firm cofounded by Chinese billionaire Jack Ma.
The keen interest in its Hong Kong listing was expected due to the company’s leadership position in the market for printed circuit boards, Osbert Tang, a Shanghai-based analyst who publishes via the Smartkarma research platform, wrote in an April note published before the share sale. Such hardware is used to hold chips and other components together, enabling faster transfer of signals.
Victory Giant supplies to sectors including AI, computing and smart wearable devices, according to its website. The company ranked No.1 in terms of sales of PCBs used for AI and high-performance computing in the first six months of 2025, according to Frost & Sullivan data cited in its prospectus. Its clients are widely reported to include Nvidia and Tesla.
“The proliferation of AI is driving advancements in AI-related hardware, creating structural growth opportunities for the PCB industry,” Victory Giant wrote in its prospectus.
Such growth opportunities have already created vast riches for chairman Chen. Amid a blistering rally of the company’s Shenzhen-listed shares, the 54-year-old has seen his fortune jump almost tenfold to $11.5 billion this year, according to Forbes’s World’s Real-Time Billionaires ranking. The tycoon founded Victory Giant in 2006 after serving in the Chinese military.
Nowadays the company also has production bases in countries including Malaysia, Thailand and Vietnam. Aside from the U.S., it sells to customers in Japan and Europe as well. In 2025, revenues jumped 80% year-on-year to 19.3 billion yuan ($2.8 billion). Net profit almost quadrupled to 4.3 billion yuan from a year ago.