China's Victory Giant jumps 60 percent in Hong Kong debut after $20 billion offering

Shares of Chinese circuit board maker Victory Giant Technology (2476) jumped 60 percent in their Hong Kong debut on Tuesday, after raising HK$20.1 billion in a share sale in the city's biggest listing in about seven months.

Shares of the company, based in China's southern Guangdong province, opened 57.2 percent higher at HK$330 versus an offer price of HK$209.88 each. The firm makes printed circuit boards for artificial intelligence servers and other electronics.

It climbed as high as HK$336.2 before trading at around HK$310. The benchmark Hang Seng Index was up 0.1 percent.

Victory Giant exercised its offer size adjustment option in full, increasing the number of shares sold to 95.85 million from 83.35 million.

The retail offering was 431.15 times subscribed, while the international offering was 18.5 times covered, according to a filing on Tuesday.

The strong debut adds to signs that investor appetite for large Hong Kong listings, particularly in AI-linked sectors, has remained resilient despite broader market volatility in the wake of the US-Israeli war on Iran.

Winston Ma, executive director of the Global Public Investment Funds Forum and a former managing director at the China Investment Corporation, said pricing the deal at the top end and exercising the upsize option despite market volatility pointed to deep demand in Hong Kong's 2026 IPO market for quality Chinese advanced manufacturing firms.

Meanwhile, dealmakers have flagged closer scrutiny of some mainland Chinese companies seeking Hong Kong listings, raising concerns that momentum in the city's IPO pipeline could slow in the near term even as larger deals continue to come to market.

"In 2026, the Hong Kong market has successfully hosted a series of sizable China AI-linked listings that enjoyed strong post-IPO trading and the trend shows no sign of slowing down unless the US-Iran war uncertainty deepens," Ma said.

"Victory Giant, as the largest Hong Kong IPO of the past seven months, will be the market's most visible test of that resilience in the weeks ahead."

Victory Giant's offering is the largest new listing globally since Czechoslovak Group's CSG.AS Amsterdam debut in January after a 3.8 billion euro (US$4.48 billion) IPO. It was also Hong Kong's biggest IPO since Zijin Gold International's (2259) US$3.2 billion deal in September, according to Dealogic.

Reuters