--- title: "Victory Giant's Q3 print lands nine days after 307 million shares unlock, and the stock hits a 52-week low" description: "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." publisher: "The Inference" section: "Chips" published: 2026-10-29T15:15:22.991Z modified: 2026-10-29T15:15:22.991Z canonical: https://theinference.org/article/victory-giant-s-q3-print-lands-nine-days-after-307-million-shares-unlock-and-the-stock-hits-a-52-week-low language: en keywords: "Earnings, Nvidia, Lock Up Expiration, China Stocks, Printed Circuit Boards, Victory Giant Technology" --- # 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. [Victory Giant Technology](https://theinference.org/markets/companies/victory-giant-technology), the Huizhou maker of high-density printed circuit boards that sit inside [Nvidia](https://theinference.org/markets/companies/nvidia)'s AI accelerator cards, [published its third-quarter report](https://www.tradingview.com/news/urn:summary_document_report:quartr.com:4093761:0-victory-giant-technology-huizhou-revenue-and-adjusted-earnings-grew-while-h-share-proceeds-supported-a-major-asset-expansion/) 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](https://www.marketscreener.com/news/37-220-100-h-shares-of-victory-giant-technology-co-ltd-are-subject-to-a-lock-up-agreement-ending-on-ce785cdbde88fe25), 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](https://theinference.org/article/victory-giant-an-nvidia-circuit-board-supplier-is-18-below-its-ipo-price-as-800-million-of-shares-unlock) 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](https://theinference.org/markets/companies/morgan-stanley), Hillhouse Capital and Yunfeng Capital [6]. *Chart: **The debut pop round-tripped below the issue price in six months** Line chart of Victory Giant's Hong Kong-listed H-share price from the April issue price through the May peak, the August close, the October 13 low and the October 14 quote.* *H-share prices in HKD as reported by each source: the HK$209.88 issue price, the HK$475 peak of May 29, the HK$231 close of August 6, the HK$164.40 low of October 13 and the HK$172 quote of October 14; no point is derived. Source: The Inference, October 14, 2026. [6]* ## 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](https://it.marketscreener.com/notizie/il-presidente-di-victory-giant-technology-propone-un-riacquisto-di-azioni-fino-a-300-mio-cny-il-tit-ce785cdad180ff27) [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](https://www.bloomberg.com/news/articles/2026-10-27/china-ai-hardware-firms-face-earnings-test-after-stock-selloff) counts Victory Giant and optical maker [Zhongji Innolight](https://theinference.org/article/zhongji-innolight-reports-thursday-down-50-with-full-2027-orders-and-a-reported-us-import-ban) 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](https://sg.finance.yahoo.com/news/dongshan-precision-slips-debut-us-185740372.html), 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 [6][3], and whether the next print's non-recurring losses repeat [1]. ## Takeaway Victory Giant's business grew 30.77% but its stock closed at a 52-week low nine days after 307.3 million shares came off lock-up; the next leg turns on whether the freed cornerstones sell and whether non-recurring losses repeat. ## Sources 1. [TradingView (Quartr), Victory Giant Technology (HuiZhou) interim report summary, 29 October 2026](https://www.tradingview.com/news/urn:summary_document_report:quartr.com:4093761:0-victory-giant-technology-huizhou-revenue-and-adjusted-earnings-grew-while-h-share-proceeds-supported-a-major-asset-expansion/) 2. [Investing.com, Victory Giant Technology (300476) quote page, 29 October 2026](https://tr.investing.com/equities/victory-giant-technology-huizhou-co) 3. [MarketScreener, 37,220,100 H shares subject to lock-up ending 20 Oct 2026, 19 October 2026](https://www.marketscreener.com/news/37-220-100-h-shares-of-victory-giant-technology-co-ltd-are-subject-to-a-lock-up-agreement-ending-on-ce785cdbde88fe25) 4. [MarketScreener (MT Newswires), chairman proposes buyback of up to CNY 300 million; stock down 4%, 19 October 2026](https://it.marketscreener.com/notizie/il-presidente-di-victory-giant-technology-propone-un-riacquisto-di-azioni-fino-a-300-mio-cny-il-tit-ce785cdad180ff27) 5. [Bloomberg via Yahoo Finance, Dongshan Precision slips in debut after US$1.3 billion HK listing, 27 October 2026](https://sg.finance.yahoo.com/news/dongshan-precision-slips-debut-us-185740372.html) 6. [The Inference, Victory Giant is 18% below its IPO price as $800 million of shares unlock, 14 October 2026](https://theinference.org/article/victory-giant-an-nvidia-circuit-board-supplier-is-18-below-its-ipo-price-as-800-million-of-shares-unlock) 7. [Bloomberg, China AI hardware firms face earnings test after stock selloff, 27 October 2026](https://www.bloomberg.com/news/articles/2026-10-27/china-ai-hardware-firms-face-earnings-test-after-stock-selloff) --- Victory Giant's Q3 print lands nine days after 307 million shares unlock, and the stock hits a 52-week low — The Inference. Canonical: https://theinference.org/article/victory-giant-s-q3-print-lands-nine-days-after-307-million-shares-unlock-and-the-stock-hits-a-52-week-low