Gate News message, April 29 — Chinese printed circuit board supplier Victory Giant Technology reported a 40% year-on-year increase in net income to 1.3 billion yuan (US$190 million) in the first quarter, driven by surging demand for AI server components. Quarterly revenue rose 28% to 5.5 billion yuan (US$805 million). The results marked the company’s first earnings report since its Hong Kong listing on April 21, which saw strong retail investor demand with the IPO oversubscribed approximately 431 times.
Victory Giant’s market position has expanded significantly following its elevation to Nvidia’s tier-one supplier status in 2024. The company’s global market share in AI and high-performance computing printed circuit boards (PCBs) reached 13.8% in the first half of 2025, up sharply from 1.7% in full-year 2024. High Density Interconnect (HDI) product revenue surged 388.2% year-on-year in 2025, while gross margin improved to 35.2% from 22.7% in 2024.
The stock has gained 43% since its debut as Chinese AI-related listings attract sustained investor interest. The company plans to deploy 74% of IPO proceeds toward expanding AI-related circuit board production capacity in mainland China, aligning with Beijing’s efforts to strengthen domestic technology manufacturing amid international trade restrictions.
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