🧠 Food for thought

Implications, context, and why it matters.

How a 2019 pivot helped Victory Giant deepen ties with Nvidia

• Reports tied the jump in Victory Giant’s valuation to a 2019 shift toward high-end High-Density Interconnect (HDI) circuit boards, a type of printed circuit board with denser wiring that can support more complex electronics 1.
• According to one report, the move brought Victory Giant into Nvidia’s H-series AI accelerator card supply chain. It later received GB200 product certification, with the same account calling it a Tier 1 supplier for Nvidia 1.
• A report described the relationship as unusually close, saying founder Chen Tao was the only mainland Chinese supplier invited to a dinner with Nvidia CEO Jensen Huang in Taiwan 1.
• One report put Nvidia-linked orders at over 70% of business volume in the first quarter of 2025. It also said Q1 2025 net profit attributable to shareholders rose 339% year-on-year 1.

Beyond China, the Hong Kong listing would support a broader manufacturing footprint

• In a separate report, Victory Giant outlined a “China + N” global layout. It listed overseas tech companies as customers, including Nvidia, Tesla, AMD and Google 2.
• The company grew overseas capacity through acquisitions in Thailand. It also expanded via the MFS group, which the report said has operations in Malaysia 2.
• Part of the IPO (initial public offering) proceeds was described as funding new production facilities in Thailand and Vietnam 1.
• People familiar with the matter said Victory Giant is preparing a second listing in Hong Kong that could raise more than US$2 billion as soon as April, after China’s securities regulator approved the offering last week.