Victory Giant's Q3 print lands nine days after 307 million shares unlock, and the stock hits a 52-week low
The Q3 numbers landed nine days after 307.3 million shares came off lock-up, and the Shenzhen line closed at CNY 160.38, down 11.05%, its weakest quote in a year. Revenue grew 30.77% while adjusted profit grew 13.74%: an investor must decide whether this stock is priced by earnings or by float.
Vincent Jiang · 2 min read
Victory Giant Technology−11.05% — Victory Giant Technology, down 11.05 percent today, the Huizhou maker of high-density printed circuit boards that sit inside Nvidia's−0.85% — Nvidia, down 0.85 percent today AI accelerator cards, published its third-quarter report on October 29, 2026 1. By the Shenzhen close its A-share, the mainland-listed line trading as 300476, sat at CNY 160.38, down 11.05%, at the bottom of a 52-week range that runs from 160.30 to 402.60, and 52.69% below a year earlier 2.
The print landed nine days after a 187-day lock-up, the period after a listing during which designated shares cannot be sold, expired on 307,280,933 shares, 270,060,833 A-shares and 37,220,100 H-shares, the Hong Kong-listed line 3.
The orders are fine; the register is not
The filing says the business works: year-to-date revenue grew 30.77% and adjusted net income 13.74%, though reported third-quarter earnings fell on heavy non-recurring losses, and H-share proceeds, the Hong Kong listing's cash, funded a sharp rise in money on hand and long-term assets 1.
The share register tells the other story. Those freed shares are the cornerstone blocks, investors who took guaranteed allocation at the April listing in exchange for the six-month lock 6; this coverage's October 14 piece counted nearly US$800 million of them nearing that date, and the Hong Kong fund Janchor buying the other side at an implied HK$194 6. Among the almost 40 cornerstones that took the listing: Morgan Stanley+1.00% — Morgan Stanley, up 1.00 percent today, Hillhouse Capital and Yunfeng Capital 6.
The debut pop round-tripped below the issue price in six months
Data
| H-share price | |
|---|---|
| 21 Apr, issue | HK$209.88 |
| May 29, peak | HK$475 |
| 6 Aug, close | HK$231 |
| 13 Oct, low | HK$164.4 |
| 14 Oct, quote | HK$172 |
The chairman's answer sold 4% the next day
On October 18, two days before the unlock, founder Chen Tao proposed a buyback of up to RMB 300 million of A-shares 4. The stock fell 4% on the news 4. Eight analysts still rate it Buy, average target CNY 386.87, 141% above the close 2.
The market is repricing the whole trade
Bloomberg counts Victory Giant and optical maker Zhongji Innolight both down more than 50% from record highs before Thursday's prints, with the Star 50 index's price-to-earnings ratio halved in months 7. On October 28 rival printed-circuit-board maker Dongshan Precision slumped in its Hong Kong debut after pricing at HK$86.80, a 35% discount to the previous close of its Shenzhen-listed stock, on a HK$9.9 billion (US$1.3 billion) raise 5.
What decides the next leg
Whether earnings or float is doing the pricing shows up in two places: the HKEx disclosure filings showing which cornerstone holders, Morgan Stanley, Hillhouse and Yunfeng among them, actually sell from the unlocked block 63, and whether the next print's non-recurring losses repeat 1.
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