Victory Giant Sold $2.6 Billion of Stock Six Days Before Another 10 Percent Drop
The AI printed circuit board maker raised $2.6 billion in Hong Kong six days before the stock fell another 10 percent. The buildout continues; the bid has changed.
Vincent Jiang · 3 min read
Victory Giant Technology, China's AI printed circuit board maker, sold roughly $2.6 billion of Hong Kong stock in a placement reported 22 September 2026, with J.P. Morgan Securities listed among the participating banks 2. On 28 September the stock closed at HKD 194.10, down 10.14 percent on the day 1. The sale priced into a market already abandoning the range: the stock peaked at HKD 475.00 on 29 May 2026, hit a 52-week low of HKD 165.60 on 30 July, and Monday's close left it 59 percent below the May peak and just 17.21 percent above that July floor, on a market cap of HKD 261.00 billion 1.
That timing is the story. JPMorgan's own shares fell about 3.8 percent to $338.65 on the day the sale was reported, extending a pullback, with its allocation and fees undisclosed 2. The issuer got its war chest. The institutions that took the allocation got an entry at a price the market has since rejected twice. Whether the mainland margin bid is additive this week, or a source of the next leg down, is not yet known.
Down 59% from the May peak, and the $2.6bn sale priced into the slide
Data
| 2476.HK price (HKD) | |
|---|---|
| 29 May 2026 high | 475 |
| 30 Jul 2026 low | 165.6 |
| 28 Sep 2026 close | 194.1 |
The raise funds a buildout already under supervision
The company has been monetising its order book on two markets at once. On the A-share side it signed a four-party supervision agreement governing its fundraising proceeds, the mechanism that locks raised funds into accounts and uses regulators can audit 3. On the Hong Kong side, the new placement feeds a stated buildout: capacity targets of RMB 56.4 billion by end-2026 and RMB 83 billion by end-2027, a $260 million Vietnam factory, and a Thailand expansion buying 100 new machines 4.
Triple-digit growth, and the stock still falls
The fundamentals are not in question. The first three quarters of 2025 delivered revenue of RMB 14.117 billion, up 83.40 percent year on year, and net profit of RMB 3.245 billion, up 324.38 percent; Q3 alone brought RMB 5.086 billion of revenue and RMB 1.102 billion of net profit 4. Citi reportedly raised its 2026 AI-PCB demand estimate to RMB 72 billion, a 35 percent increase, and set a target price of RMB 447 4. This is not a company failing. It is a company selling into a market that has stopped paying for the multiple.
Two camps, one price
The issuer and the underwriters are monetising the buildout at the exact moment the market reprices it: the four-party supervision agreement 3 secures the A-share portion of the war chest, the Hong Kong placement 2 the Wall Street fee pool. The market is pricing something else. After a 59 percent fall from May, HKD 194.10 sits only 17.21 percent above the July low 1, which reads as a thin bid rather than a bottom.
The company bets on demand, the market on the multiple
The company is betting AI-server PCB demand, RMB 72 billion in 2026 on Citi's revision 4, keeps filling the new capacity. The market is betting the buildout is priced in already. The filings and institutional coverage 34 support the growth; the price action 1 says the growth is no longer worth the multiple it traded at in May. The repricing, not the business, is the story.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
