Victory Giant Technology Huizhou Co., a Nvidia supplier, kicked off its Hong Kong debut with a 57% jump, trading at HK$330 versus the HK$209.88 issue price. The IPO hauled in $2.6 billion, the city’s biggest listing in seven months, and attracted 37 cornerstone investors who committed roughly $997 million. The surge followed a 74% gray‑market rally.

Cornerstone backers included Jack Ma‑linked Yunfeng Capital, Morgan Stanley, Hillhouse Investment and South Korea’s Mirae Asset. Analysts cite the AI boom as fueling demand for high‑density, multi‑layer PCBs that power servers and ASICs. Victory Giant posted 19.3 billion yuan in revenue last year and Bloomberg forecasts a 70% earnings lift by 2026, underscoring the sector’s growth.

Citigroup maintains a buy rating, valuing the Shenzhen‑listed shares at 20 times 2027 earnings with a 415‑yuan target, while Reed Capital warns that U.S. export controls could cap upside. Proceeds will fund mainland capacity expansion to challenge Taiwanese and Japanese rivals. Victory Giant’s dual‑listing discount of about 47% to its Shenzhen price reflects strong investor appetite for AI‑related hardware.

Bankers hope the deal will spark a series of heavyweight AI‑related offerings after Zijin Gold’s $3.7 billion float earlier this year. The listing’s success validates Hong Kong’s appeal for mainland tech firms seeking international capital, while reinforcing the supply chain link between Nvidia’s GPUs and Chinese PCB manufacturers.