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(Bloomberg) — Victory Giant Technology Huizhou Co., a Chinese supplier of Nvidia Corp., surged 50% in its Hong Kong trading debut after raising $2.6 billion in the city’s largest listing in seven months.

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The shares rose to close at HK$315.00 on Tuesday, compared with a listing price of HK$209.88 each. The listing priced at the maximum and attracted thirty-seven cornerstone investors — which get guaranteed allocation in exchange for holding the shares for at least six months — buying about $997 million worth of stock. The stock jumped 74% in gray-market trading before the debut. 

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The share sale, Hong Kong’s biggest since Zijin Gold International Co.’s $3.7 billion offering in September, has kicked off what bankers in the city hope to become a procession of heavyweight deals. Victory Giant joins a wave of Chinese listings in the artificial intelligence space, a popular trade again against the backdrop of volatile Middle East situation. The company makes printed circuit boards, which form the intricate electronic backbone of AI servers.

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“It’s not just about investors buying into China’s hard tech, it all comes down to fundamentals,” said Kenny Ng, a strategist at China Everbright Securities International Co. “Thanks to the AI boom, demand and growth for PCBs are incredibly strong right now, which directly boosts the valuation. Ultimately, it’s the huge upside of the AI hardware sector that’s really driving the price.”

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Cornerstone investors included Chinese billionaire Jack Ma-backed Yunfeng Capital, Morgan Stanley & Co. International Plc, and asset managers Hillhouse Investment and South Korea’s Mirae Asset Securities Co.

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The listing also attracted Chinese and global investors including China Investment Corp. and Norges Bank Investment Management, the world’s largest sovereign fund, as well as BlackRock Inc. and Fidelity Investments, people familiar with the matter have said. 

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Founded in 2006 by Chen Tao, the Huizhou-based company is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips. The company posted revenue of 19.3 billion yuan ($2.8 billion) last year, with analysts polled by Bloomberg forecasting a 70% jump in 2026.

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Robust orders

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Victory Giant joined a growing list of top AI suppliers that expressed confidence in continued AI demand. Last week, Taiwan Semiconductor Manufacturing Co. and equipment supplier ASML Holding NV both raised their 2026 sales outlook due to red-hot demand for AI chips.

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“Orders are coming in extremely robust,” Chen said in an interview.

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Roughly three quarters of the funds raised from the Hong Kong listing will be used to expand capacity in China, while the rest to be spend in Southeast Asian expansions to meet clients’ request, Chen said in a Bloomberg TV interview.

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Victory Giant plans to add $30 billion in capacity over the next three years, including an additional $10 billion worth of products to be manufactured in Thailand, Vietnam and Malaysia, Chen said. North American customers account for 70% of Victory Giant’s revenue, he said.