Victory Giant Technology, a supplier to Nvidia, kicked off bookbuilding in Hong Kong on Monday for an initial public offering aiming to raise up to HK$17.49 billion (US$2.2 billion). The move highlights surging demand for printed circuit boards fueled by AI data centres. Analysts forecast sector growth to persist for one to two years.
Victory Giant Technology, a printed circuit board (PCB) supplier to US chipmaker Nvidia, began bookbuilding in Hong Kong on Monday, April 13, 2026, for an IPO targeting up to HK$17.49 billion (US$2.2 billion), according to the South China Morning Post.
PCBs, core components in electronic devices, have gained prominence for their role in complex interconnects essential to advanced AI servers and data centre switches. Previously overlooked as basic parts, they are now in high demand amid AI infrastructure expansion. "PCBs are currently all the rage across the world due to the rapid expansion of AI data centres," said Kenny Ng Lai-yin, a strategist at Everbright Securities International. "Given the shortage of supply, the momentum of the sector is expected to maintain for one to two years."
Other Chinese PCB makers are pursuing listings. Jiangxi Redboard Technology listed in Shanghai last week, raising 1.8 billion yuan (US$263.4 million) for capacity expansion. Zhongji Innolight, another Nvidia supplier, reportedly filed a confidential application for a Hong Kong listing in early April, aiming to raise at least US$3 billion.
The IPO push underscores how Chinese firms in the chip supply chain are capitalising on global AI demand, with analysts projecting PCB growth beyond 2026.
