NextFin News - Victory Giant Technology Huizhou Co. surged 60% in its Hong Kong trading debut on Tuesday, a powerful validation for the city’s largest initial public offering in seven months that drew backing from a rare coalition of global sovereign wealth and private capital. The printed circuit board (PCB) manufacturer, already a heavyweight on the Shenzhen exchange, raised HK$20.1 billion ($2.6 billion) after pricing its shares at the top of the marketed range, signaling that appetite for the hardware backbone of artificial intelligence remains insulated from broader geopolitical volatility.
The listing’s success was anchored by a high-profile roster of cornerstone investors including the China Investment Corp. (CIC), Norway’s Norges Bank Investment Management (NBIM), and BlackRock Inc., according to people familiar with the matter. These institutions, alongside Jack Ma-backed Yunfeng Capital and Hillhouse Investment, helped the company lock in nearly $1 billion in commitments before the first trade. The presence of NBIM and BlackRock is particularly telling, suggesting that for critical components in the AI supply chain, global asset managers are willing to navigate the complexities of cross-border listings despite the ongoing regional tensions in the Middle East.
Winston Ma, executive director of the Global Public Investment Funds Forum and a former managing director at CIC, noted that the deal’s pricing at the top end—HK$209.88 per share—despite market turbulence points to deep demand for advanced Chinese manufacturing. Ma, who has long tracked the intersection of sovereign wealth and tech policy, observed that the Hong Kong market has successfully hosted a series of AI-linked listings in 2026 that have enjoyed strong post-IPO performance. However, he cautioned that this trend remains sensitive to the depth of the current Iran-Israel conflict, which has periodically rattled global equity sentiment.
Victory Giant’s core business—producing the intricate electronic backbones for AI servers—has made it a primary beneficiary of the global computing boom. The company’s Shenzhen-listed shares had already quadrupled over the past year, valuing the firm at approximately $37 billion prior to the Hong Kong debut. By offering the H-shares at a roughly 37% discount to its Shenzhen closing price, the company created a compelling entry point for international funds that are often restricted from or wary of the mainland’s A-share market dynamics.
While the debut was undeniably strong, the concentration of demand in a single sub-sector raises questions about the breadth of the Hong Kong recovery. The IPO market remains bifurcated; while AI and "hard tech" firms like Victory Giant find easy passage, companies in more traditional consumer or real estate sectors continue to face skepticism. Furthermore, the heavy reliance on cornerstone investors—who are locked into their positions for at least six months—means the true test of market liquidity will not arrive until later this year when these institutional tranches become tradable.
The successful float provides a much-needed win for the Hong Kong Stock Exchange, which has struggled to regain its status as a global IPO hub. With Victory Giant now trading at a significant premium to its offer price, the pipeline for other mainland tech giants looking for "dual-primary" or secondary listings is expected to accelerate. The deal proves that for the right asset, the bridge between Chinese industrial capacity and global institutional capital remains open and highly lucrative.
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