Victory Giant, an Nvidia circuit-board supplier, is 18% below its IPO price as $800 million of shares unlock
Hong Kong's biggest listing of the year raised US$2.6 billion for the Nvidia circuit-board maker in April. Six months on, the stock trades below its HK$209.88 issue price, nearly US$800 million of cornerstone shares are near the end of their lockup, and one named fund is buying the other side.
Vincent Jiang · 3 min read
A lockup ends at a 52-week low
Two disclosures landed on one stock on October 13. A Smartkarma research note counted nearly US$800 million of Victory Giant Technology (2476 HK) cornerstone shares+1.18% — Victory Giant Technology (2476 HK) cornerstone shares, up 1.18 percent today, stock allocated at the listing to funds bound by a lockup, with that lockup set to expire soon 1. The same day, the Hong Kong fund Janchor Partners disclosed adding 194,600 H-shares, the Hong Kong-listed line, for about HK$37.7 million 2. The Huizhou printed-circuit-board maker set a 52-week low of HK$164.40 in that session 3.
From the year's biggest listing to below the issue price
The sale launched on April 13 seeking US$2.24 billion and priced at the top of its range, HK$209.88 4. Upsized to HK$20.1 billion (US$2.6 billion), it became Hong Kong's biggest listing of the year 45.
Almost 40 cornerstones came in, among them Morgan Stanley−3.42% — Morgan Stanley, down 3.42 percent today, Hillhouse Capital and Yunfeng Capital, the private equity firm cofounded by Jack Ma 6. The debut jumped as much as 60% intraday 5 and closed 50.1% higher 4, and founder Chen Tao's fortune rose almost tenfold to US$11.5 billion 6. The peak arrived on May 29 at HK$475 3; on October 14 the shares trade at HK$172, about 18% below the issue price 3.
The debut pop round-tripped to below the HK$209.88 issue price
Data
| 2476 HK share price | |
|---|---|
| 21 Apr, issue | HK$209.88 |
| May 29, peak | HK$475 |
| 6 Aug, close | HK$231 |
| 14 Oct, quote | HK$172 |
The orders keep coming
This is not a broken business. Revenue rose 80% in 2025 to CNY19.3 billion and net profit nearly quadrupled to CNY4.3 billion 6; trailing revenue has since reached CNY21.89 billion, up 29.5% year on year, on a 22.96% profit margin 7. A tier-one supplier to Nvidia−2.75% — Nvidia, down 2.75 percent today since 2024, tier one meaning it sells to the chipmaker directly, Victory Giant is spending at least US$444 million on a new Huizhou plant 8. Six months of orders that strong did not hold the April price.
The cornerstone unlock is about a third the size of the IPO that created it
- Estimate
Data
| Value | |
|---|---|
| Sought at launch, 13 Apr | $2.24B |
| Raised after upsize | $2.6B |
| Cornerstone unlock, due soon (estimate) | $0.8B |
The unlock is dated, and demand shows up one disclosure at a time
The unlock is roughly a third the size of the IPO that created it, and unlike demand it carries a date 14. Janchor's purchase implies an average near HK$194 a share, between the HK$209.88 issue price and the current quote 2. One report of a US$2.6 billion September block sale naming J.P. Morgan Securities could not be verified: no filing or major outlet carries it, and the figure matches April's raise exactly 104. The note's public summary gives no exact expiry date, saying only that it comes soon; the offering documents remain the primary record of what unlocks, and when 1.
What the next filings will show
Two readings decide the next leg: whether HK$164.40 survives the first days in which cornerstones can sell, and which funds file as buyers 3. Janchor has shown its hand near HK$194 2; the cornerstones, Morgan Stanley and Hillhouse among them, have not shown theirs 6.
More about NVIDIA
NVDA · Fiscal Q2 2027Revenue rose 106% to $96.2B, 92.5% of it from Data Center, “driven by the ramp of our Blackwell Ultra infrastructure”. Gains on equity stakes of $7.8B lifted net income to $59.7B.
Show as a table
| Line | Value |
|---|---|
| Revenue | $96.2B |
| Gross margin | 75.0% |
| Operating margin | 66.2% |
| Net income | $59.7B |
| Hyperscale | $48.7B |
| AI clouds & enterprise | $40.3B |
| Data Center | $89.0B |
| Edge Computing | $7.2B |
| Gross profit | $72.1B |
| Cost of revenue | $24.1B |
| Other income | $7.8B |
| Operating income | $63.7B |
| Operating expenses | $8.4B |
| Tax | $11.8B |
| R&D | $7.1B |
| SG&A | $1.4B |
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
