🧠 Food for thought

Implications, context, and why it matters.

Recent growth ties closely to Nvidia

• The company builds boards for AI servers, and much of its recent momentum tracks demand from Nvidia, the US chip designer whose processors power many AI servers 1.
• In the first quarter of 2025, Nvidia-related orders made up more than 70% of Victory Giant Technology’s business volume. Quarterly net profit rose 339% year on year in the same period 1.
• Victory Giant Technology’s Shenzhen-listed shares climbed sharply. Year-to-date gains in 2025 topped 350% 1.
• Nvidia chief executive Jensen Huang called Victory Giant Technology his “Chinese partner.” Founder Chen Tao attended an Nvidia supplier dinner in Taiwan as the only mainland Chinese supplier 1.

The Hong Kong listing also supports a wider manufacturing footprint

• The Hong Kong listing supports manufacturing growth beyond mainland China while also backing expansion plans 1.
• Listing documents allocate most proceeds to production expansion in mainland China. They also set aside some funds for new facilities, which fits plans to add capacity in Southeast Asia, including Thailand and Vietnam 1.
• Overseas customers contribute a large share of sales, with about 60% of revenue coming from outside China 1.