---
title: "Victory Giant, an Nvidia circuit-board supplier, is 18% below its IPO price as $800 million of shares unlock"
description: "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."
publisher: "The Inference"
section: "Money"
published: 2026-10-14T15:15:13.572Z
modified: 2026-10-14T15:15:13.572Z
canonical: https://theinference.org/article/victory-giant-an-nvidia-circuit-board-supplier-is-18-below-its-ipo-price-as-800-million-of-shares-unlock
language: en
keywords: "Hong Kong, IPO, Semiconductors, Nvidia, Markets"
---

# 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.

## 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](https://www.smartkarma.com/insights/aequitas-victory-giant-ipo-lockup-nearly-us-800m-cornerstone-release) of [Victory Giant Technology (2476 HK) cornerstone shares](https://theinference.org/markets/companies/victory-giant-technology), 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](https://news.futunn.com/en/post/1000978306/victory-giant-technology-02476-hk-saw-its-h-share-holdings), 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](https://www.reuters.com/company/victory-giant-technology-huizhou-co-ltd/) [4]. [Upsized to HK$20.1 billion (US$2.6 billion), it became Hong Kong's biggest listing of the year](https://www.cnbc.com/2026/04/21/nvidia-supplier-victory-giant-sees-shares-soar-60percent-in-hong-kong-debut.html) [4][5].

Almost 40 cornerstones came in, among them [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley), 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](https://www.forbes.com/sites/ywang/2026/04/21/chinese-printed-circuit-board-maker-victory-giant-surges-in-hong-kong-debut-amid-ai-boom/) [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].

*Chart: **The debut pop round-tripped to below the HK$209.88 issue price** Line chart of Victory Giant's H-share price from its April 2026 issue price of HK$209.88 to a HK$475 peak on May 29, a HK$231 close on August 6 and HK$172 on October 14, below the issue price.*

*Marker prices in HKD: the issue price, the May 29 peak, the August 6 close and the October 14 quote, each as reported by its source; no point is derived. [4][3][8]*

## 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](https://theinference.org/markets/companies/nvidia) 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](https://www.msn.com/en-xl/news/other/unrelenting-ai-demand-spawns-new-plant-for-chinese-pcb-maker-victory-giant/ar-AA29w06z) [8]. Six months of orders that strong did not hold the April price.

*Chart: **The cornerstone unlock is about a third the size of the IPO that created it** Bar chart comparing the US$2.24 billion Victory Giant sought at launch, the US$2.6 billion upsized raise, and the US$0.8 billion cornerstone unlock marked as an estimate.*

*US dollar amounts. The unlock is a single research count from a paywalled note and is marked as an estimate; the raise figures are multi-outlet reported. [4][5][1]*

## 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 [1][4]. 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](https://www.el-fondo.com/en/news/jpmorgan-drops-38-after-backing-26b-victory-giant-sale): no filing or major outlet carries it, and the figure matches April's raise exactly [10][4]. 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].

## Takeaway

Nearly US$800 million of Victory Giant cornerstone shares unlock at a 52-week low, but the business's orders are intact and Janchor Partners is disclosing buys at about HK$194: whether HK$164.40 holds while cornerstones can sell decides the next leg.

## Sources

1. [Smartkarma, Sumeet Singh: Aequitas, Victory Giant IPO Lockup, Nearly US$800m Cornerstone Release, 13 October 2026](https://www.smartkarma.com/insights/aequitas-victory-giant-ipo-lockup-nearly-us-800m-cornerstone-release)
2. [Futu News, Victory Giant Technology (02476.HK) H-share holdings increased by Janchor Partners, 194,600 shares for about HK$37.697m, 13 October 2026](https://news.futunn.com/en/post/1000978306/victory-giant-technology-02476-hk-saw-its-h-share-holdings)
3. [Financial Times markets data, Victory Giant Technology (HuiZhou) 2476:HKG tearsheet, accessed 14 October 2026](https://markets.ft.com/data/equities/tearsheet/summary?s=2476:HKG.HZ)
4. [Reuters, Victory Giant Technology (HuiZhou) Co Ltd company page and listing coverage, 13 April to 21 April 2026, accessed 14 October 2026](https://www.reuters.com/company/victory-giant-technology-huizhou-co-ltd/)
5. [CNBC, Justina Lee: Nvidia supplier Victory Giant sees shares soar 60% in Hong Kong debut, 21 April 2026](https://www.cnbc.com/2026/04/21/nvidia-supplier-victory-giant-sees-shares-soar-60percent-in-hong-kong-debut.html)
6. [Forbes, Yue Wang: Chinese Printed Circuit Board Maker Victory Giant Surges In Hong Kong Debut Amid AI Boom, 21 April 2026](https://www.forbes.com/sites/ywang/2026/04/21/chinese-printed-circuit-board-maker-victory-giant-surges-in-hong-kong-debut-amid-ai-boom/)
7. [Yahoo Finance Canada, Victory Giant Technology (VGTHY) key statistics, accessed 14 October 2026](https://ca.finance.yahoo.com/quote/VGTHY/key-statistics/)
8. [South China Morning Post via MSN, Ann Cao: Unrelenting AI demand spawns new plant for Chinese PCB maker Victory Giant, 6 August 2026](https://www.msn.com/en-xl/news/other/unrelenting-ai-demand-spawns-new-plant-for-chinese-pcb-maker-victory-giant/ar-AA29w06z)
10. [El Fondo, Federico Rösel: JPMorgan drops 3.8% on $2.6B Victory Giant share sale, 22 September 2026](https://www.el-fondo.com/en/news/jpmorgan-drops-38-after-backing-26b-victory-giant-sale)


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Victory Giant, an Nvidia circuit-board supplier, is 18% below its IPO price as $800 million of shares unlock — The Inference. Canonical: https://theinference.org/article/victory-giant-an-nvidia-circuit-board-supplier-is-18-below-its-ipo-price-as-800-million-of-shares-unlock