Victory Giant Technology, a supplier of printed circuit boards to Nvidia, saw its shares soar as much as 60% during its trading debut in Hong Kong, following a highly anticipated initial public offering (IPO) on April 21, 2026 [1]. The company priced its IPO shares at 209.88 Hong Kong dollars, and by the end of the session, shares were trading 46% higher at HK$306.8 [1]. Victory Giant raised approximately HK$20.1 billion ($2.57 billion), marking the largest IPO in Hong Kong in about seven months and the biggest since Zijin Gold International's $3.2 billion listing in September [1].
Investor appetite for large listings in Hong Kong has been robust, particularly in the technology sector, which has demonstrated resilience amid ongoing market volatility linked to the Middle East conflict [1]. According to a KPMG report, the Hong Kong IPO market raised HK$109.9 billion across 40 new listings in the first quarter of 2026, nearly six times the amount raised and three times the number of listings compared to the same period last year [1]. KPMG noted that nearly 80% of funds raised came from A+H and specialist technology listings, and these segments are expected to continue driving strong IPO performance throughout the year [1].
Other notable IPOs in Hong Kong this year include Montage Technology, a Chinese chip designer whose shares surged over 60% on debut in February, and MiniMax Group, an AI startup whose shares doubled on its first trading day [1]. Additionally, Manycore Tech, a Hangzhou-based developer, saw its shares triple in its Hong Kong debut, highlighting the strong momentum for tech-related IPOs in the region [1].
CONCLUSION
Victory Giant's successful IPO and subsequent share surge underscore strong investor demand for technology listings in Hong Kong. The robust performance of recent tech IPOs suggests continued momentum and optimism in the sector, despite broader market volatility.