Victory Giant joins IPO push by China’s circuit-board makers amid AI frenzy

IPO push

Victory Giant Technology (Chinese name not disclosed in filings) kicked off bookbuilding in Hong Kong on Monday for an offering that aims to raise up to HK$17.49 billion (US$2.2 billion). The PCB maker — a supplier to US chip champion Nvidia — would deliver the largest listing in the city so far this year if the deal completes, testing investor appetite as conflicts in the Middle East simmer and mainland and Hong Kong regulators step up scrutiny of new listings.

Why PCBs matter now

Printed circuit boards (PCBs) are humble components, but they are central to the interconnect complexity inside advanced AI servers and data‑centre switches. Who knew circuit boards would become a hot asset class? Rapid build‑out of AI infrastructure has pushed demand for high‑end PCBs, tightening supplies and lifting valuations across the sector. “PCBs are currently all the rage across the world due to the rapid expansion of AI data centres,” said Kenny Ng Lai‑yin, strategist at Everbright Securities International, who expects momentum to hold for one to two years.

A wave of listings — and the risks

The IPO follows a wave of capital markets activity from domestic PCB makers: Jiangxi Redboard Technology raised 1.8 billion yuan (US$263.4 million) in Shanghai last week to expand capacity. It has been reported that another Nvidia supplier, Zhongji Innolight, submitted a confidential filing in Hong Kong aiming to raise at least US$3 billion. Analysts project growth in PCB demand beyond 2026, but investors must weigh supply‑chain bottlenecks and geopolitics — from export controls to heightened regulatory oversight — that could reshape who benefits from China’s AI hardware boom.