Shares of Victory Giant Technology, a Chinese maker of printed circuit boards used in artificial intelligence servers, jumped more than 50% on their Hong Kong Stock Exchange debut on Tuesday, closing at HK$315 against an offer price of HK$209.88. The listing — Hong Kong's largest in roughly seven months — raised HK$20.1 billion (about US$2.6 billion) and was the most actively traded stock on the exchange by turnover on the day, surpassing even Tencent and Alibaba. The strong performance underscores sustained investor appetite for AI supply-chain plays in Hong Kong, with the retail portion of the offer subscribed 431 times over; the Guangdong-based company, which held the top global market share in AI and high-performance computing circuit boards in the first half of 2025, said it will use nearly three-quarters of the proceeds to expand production capacity in China.