Victory Giant Technology launches Hong Kong IPO amid AI-driven PCB demand surge

On Monday, Victory Giant Technology, a supplier of printed circuit boards to Nvidia, initiated bookbuilding in Hong Kong for an initial public offering aimed at raising up to HK$17.49 billion (US$2.2 billion). This initiative is part of a wider trend among Chinese PCB manufacturers leveraging the surge in artificial intelligence infrastructure. Recently, Jiangxi Redboard Technology secured 1.8 billion yuan (US$263.4 million) through a Shanghai listing to expand its capacity. Additionally, Zhongji Innolight, another Nvidia supplier, reportedly filed a confidential application in early April for a Hong Kong listing with a goal of raising at least US$3 billion. Analysts anticipate ongoing growth in the sector beyond 2026 due to supply shortages, with Kenny Ng Lai-yin from Everbright Securities International highlighting the rising global demand for PCBs amid rapid AI data center expansion.