The logo for Victory Giant Technology is seen at the Hong Kong Exchanges and Clearing Limited (HKEX) In Hong Kong on April 21, 2026.
Peter Parks | Afp | Getty Images
Shares in Victory Giant Technology surged as much as 60% on Tuesday, after the Chinese company’s blockbuster initial public offering — the biggest in Hong Kong this year.
The Chinese company, which supplies printed circuit boards to Nvidia, priced its shares at 209.88 Hong Kong dollars in the IPO. Shares were last trading 46% higher at HK$306.8.
Victory Giant had raised about HK$20.1 billion ($2.57 billion) in the city’s biggest listing in about seven months. This makes Victory Giant Hong Kong’s biggest IPO since Zijin Gold International‘s $3.2 billion IPO in September.
Investor interest in large listings in Hong Kong has been growing, especially in tech-related sectors, which have remained resilient despite market volatility tied to the current Middle East conflict.
In the first quarter of 2026, Hong Kong’s IPO market raised HK$109.9 billion across 40 new listings, according to a KPMG report. That was nearly six times the amount raised and three times the number of new listings in the same period last year, KPMG said.
“Nearly 80% of funds raised came from A+H and specialist technology listings; both segments are expected to continue supporting strong IPO performance this year,” it added, referring to companies listed in both mainland China and Hong Kong.
Other major IPOs on the Hong Kong Stock Exchange so far this year include Chinese chip designer Montage Technology, whose shares surged more than 60% on its trading debut in February.
Shares of China-based AI startup MiniMax Group also doubled on its first day of trading in Hong Kong, becoming the second major Chinese developer of large language models to go public.
On Thursday, shares of Hangzhou-based developer Manycore Tech, the first of Hangzhou’s “six little dragons,” tripled in its Hong Kong debut.
