🧠 Food for thought

Implications, context, and why it matters.

AI hardware drove the company’s fast growth

• Victory Giant’s global market share in printed circuit boards (PCBs) for AI and high-performance computing (HPC), which refers to powerful systems for complex data processing, rose from 1.7% in 2024 to 13.8% in the first half of 2025 and put the company at No. 1 worldwide 1.
• Demand for high-build-up high-density interconnect (HDI) boards, densely packed circuit boards for AI servers, surged. Victory Giant’s HDI revenue climbed 388.2% year over year in 2025 1.
• A bigger mix of higher-value products lifted Victory Giant’s net profit 273.5% to 4.3 billion yuan (US$632 million) in 2025. The company’s Shenzhen-listed shares gained more than 580% that year 12.

The IPO puts focus on high-end parts in China’s AI supply chain

• The Hong Kong listing comes as U.S. export controls on advanced AI chips put Nvidia’s China business under scrutiny and keep attention on the AI hardware supply chain 3.
• Those curbs sped up China’s drive for a more self-reliant tech ecosystem, which has led to more spending on domestic alternatives and local supply chains 4.
• By adding production capacity in mainland China, Victory Giant can provide high-end PCBs for AI servers and other advanced computing gear as demand grows with wider AI infrastructure buildouts 1.