Shares of Victory Giant Technology, a company specializing in printed circuit boards, experienced a remarkable increase of 50.1% on their first trading day in Hong Kong, closing at 315 Hong Kong dollars after opening with a rise of 57.2% at 330 Hong Kong dollars.
The company, headquartered in Guangdong province, successfully raised 20.1 billion Hong Kong dollars (approximately 2.6 billion US dollars) through this offering, which is the largest in the city in the past seven months. The stock saw significant fluctuations throughout the day, reaching a peak of 336.2 Hong Kong dollars before settling at 315 Hong Kong dollars.
Details of the Event
This move signifies a continued appetite among investors for initial public offerings in Hong Kong, particularly in sectors related to artificial intelligence. Data showed that the share offering was oversubscribed by 431.15 times by individual investors, while the international offering was subscribed 18.5 times.
Meanwhile, Winston Ma, CEO of the Global Public Investment Funds Forum, noted that pricing the offering at the upper limit and utilizing the option to increase the offering size despite market volatility reflects strong demand in Hong Kong's IPO market.
Background & Context
Founded in 2006 in Huizhou, Victory Giant ranked first globally in sales revenue in the AI and high-performance computing printed circuit board market in the first half of 2025, capturing a market share of 13.8%.
In 2025, the company reported an 80% increase in revenue compared to the previous year, reaching 19.3 billion Chinese yuan (approximately 2.8 billion US dollars), while its net profit rose to 4.3 billion yuan from 1.2 billion yuan.
Impact & Consequences
This IPO is a positive signal for the ongoing momentum in Hong Kong's IPO market, with analysts expecting technology and artificial intelligence sectors to remain in the spotlight in the near future. However, there are concerns that some Chinese companies may face increased scrutiny when seeking to list in Hong Kong, which could impact market momentum.
Kenny Ng, a securities strategist at China Everbright Securities International, pointed out that companies in these industries are experiencing a phase of rapid profit growth, making them attractive to investors.
Regional Significance
These developments in Hong Kong's IPO market are significant for the Arab region, as they may reflect investment trends in modern technology and artificial intelligence. The success of Chinese companies in attracting investments could encourage Arab firms to explore new markets and expand their operations.
In conclusion, the public offering of Victory Giant represents an important step in bolstering confidence in Hong Kong's IPO market and reflects global investors' interest in advanced technological sectors.