Recently, Victory Giant Technology(Huizhou) Co.,Ltd. (hereinafter referred to as "Victory Giant Technology") submitted its prospectus to the Hong Kong Stock Exchange, seeking to list on the Hong Kong Main Board. JPMorgan, CITIC Securities International, and GF Securities (Hong Kong) serve as joint sponsors.

It is worth noting that Victory Giant Technology (300476.SZ) was listed on the A-share market on June 11, 2015. As of September 5, 2025, its market capitalization reached approximately 255.1 billion yuan!

According to data, Victory Giant Technology ranks first globally in market share for artificial intelligence and high-performance computing PCB revenue in the first quarter of 2025.

**The Key Contributor Behind NVIDIA**

Founded in 2003, Victory Giant Technology is a global leading supplier of artificial intelligence and high-performance computing PCBs, specializing in the research, development, production, and sales of high-end HDI and high multilayer PCBs. With advanced technology, high-quality products, and strong production capabilities, it has become an important partner for many of the world's top technology companies.

In 2019, when the industry was still deeply mired in traditional PCB red ocean competition, Victory Giant Technology's founder, Chen Tao, decisively established the HDI business division, focusing on high-end HDI technology development. This forward-looking decision achieved a breakthrough in 2024: the company successfully entered NVIDIA's H-series AI accelerator card supply system and obtained GPU200 product certification the following year, becoming a Tier 1 supplier for NVIDIA.

Its core technological advantages are reflected in the ultimate control of high-end HDI processes - mass production of 24-layer 6-order HDI and 32-layer multilayer boards, laser drilling precision reaching 0.076 millimeters, with yield rates maintained above 85%, far exceeding the industry average of 50%-60%. This technological barrier enables it to meet the stringent PCB requirements of NVIDIA's top-tier GPUs such as Blackwell and H100, achieving high-density signal transmission and heat dissipation balance in AI servers.

NVIDIA CEO Jensen Huang called Victory Giant Technology his "Chinese partner" at supply chain meetings. On May 18 this year, Huang held a collective dinner with suppliers in Taiwan, with more than 30 suppliers attending the banquet. The vast majority were local Taiwanese manufacturers, but Chen Tao from Victory Giant Technology was invited as the only mainland Chinese supplier to participate.

In the wave of the artificial intelligence computing revolution, Victory Giant Technology has transformed from an obscure circuit board manufacturer in Huizhou into a core supplier in the global AI industry chain through forward-looking deployment of high-end PCB technology and deep integration with NVIDIA, earning the title of "A-share contributor behind NVIDIA." The key to this transformation lies in Victory Giant Technology's precise grasp of the explosive demand for high-end HDI (high-density interconnect boards) and high multilayer PCBs in AI servers, becoming NVIDIA's core partner with nearly 50% global share in data center PCBs through technological breakthroughs and capacity expansion.

**Market Value Soars 10-Fold**

In 2025, riding the AI tailwind, Victory Giant Technology's stock price soared all the way, with year-to-date gains exceeding 350%, leaping to become a new "10-bagger stock." Its client roster is equally impressive: 60% of revenue comes from overseas, with partners including Tesla, AMD, Intel, Microsoft, Google, Amazon, Bosch, Aptiv, and other giants.

Victory Giant Technology's market capitalization achieved nearly 10-fold growth in just over a year, soaring from less than 20 billion yuan at the beginning of 2024 to nearly 200 billion yuan in August 2025. This growth is not accidental but the inevitable result of the company's technological breakthroughs, market positioning, and industry dividend resonance.

According to the prospectus, in 2024, Victory Giant Technology achieved operating revenue of 10.731 billion yuan, a year-on-year increase of 35.31%; net profit of 1.154 billion yuan, a substantial year-on-year increase of 71.96%.

In the first quarter of 2025, NVIDIA-related orders accounted for more than 70% of Victory Giant Technology's business volume, with deliveries exceeding 2 billion yuan, directly driving Victory Giant Technology's quarterly net profit to surge to 921 million yuan, a year-on-year increase of 339%, equivalent to 80% of the full-year profit in 2024. It is expected that for the full year 2025, NVIDIA GB200/GB300 related products will bring Victory Giant Technology more than 10 billion yuan in revenue, accounting for more than 60% of its total revenue.

**Global Footprint of PCB Empire**

As a technology leader in the PCB industry, Victory Giant Technology has the capability to produce high multilayer PCBs with more than 100 layers. It is among the first globally to achieve large-scale production of 6-order 24-layer HDI products, as well as 8-order 28-layer HDI and 16-layer any-layer HDI technology capabilities. Its products are widely used in high-growth areas such as artificial intelligence, new energy vehicles, and high-speed network communications, promoting the development of China's high-end PCB industry.

Victory Giant Technology produces PCB products at production centers in Huizhou, Guangdong Province, China; Changsha, Hunan Province, China; Yiyang, Hunan Province, China; Ayutthaya, Thailand; and Malacca, Malaysia. The company has integrated intelligent manufacturing into all aspects of production, significantly improving production efficiency and product yield.

In 2015, the company began establishing a factory in Huizhou, which was among the first intelligent factories in China's PCB industry. This factory features automated manufacturing, automated logistics, digital management, and intelligent decision-making. These capabilities enable the company to achieve industry-leading yield rates, complete customer orders on time, and reduce production costs.

In 2023, Victory Giant Technology acquired PSL, which owns MFSS, a globally renowned FPC manufacturer, expanding the company's product layout to form a comprehensive product portfolio of "rigid boards (MLPCB and HDI) + flexible circuit boards (FPC)," further expanding global leading customer resources in automotive electronics, industrial control, and high-end medical equipment fields. MFSS is headquartered in Singapore and has mature production lines and stable supply chain resources in Malaysia and Changsha and Yiyang in Hunan Province, China. The synergistic effects significantly enhanced the company's delivery capability for high-end FPC products to global customers.

In 2024, Victory Giant Technology acquired APCB in Thailand, further expanding PCB capacity in Southeast Asia through its existing production lines, business, and experienced team. Additionally, HDI production capabilities were introduced to its production centers, better meeting the needs of overseas customers and strengthening the global delivery network.

According to the company's strategy, the funds raised from Victory Giant Technology's Hong Kong IPO will be used as follows: expand the company's production in mainland China, including purchasing intelligent manufacturing equipment and further automating manufacturing processes to further improve production efficiency and expand the company's market share; expand the company's global manufacturing capabilities, including establishing new HDI and MLPCB production facilities in Thailand and Vietnam and further automating production processes to further strengthen the company's global delivery capabilities, enhance supply chain resilience, improve service response, and better support global customers.