Backed by Nvidia, Victory Macro Technology’s Hong Kong IPO soared 50%! China Investment Corporation and the Norwegian Sovereign Fund lead global giants into the game.

Backed by Nvidia, Victory Macro Technology’s Hong Kong IPO soared 50%! China Investment Corporation and the Norwegian Sovereign Fund lead global giants into the game.

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Shenghong Technology surged on its debut at the Hong Kong Stock Exchange, becoming one of the most notable IPOs in Hong Kong's capital market recently. As the global leader in AI computing power printed circuit boards (PCBs), the company made a strong entry into international capital markets with a listing that attracted top global institutional investors.

On April 21, Shenghong Technology officially listed on the main board of the Hong Kong Stock Exchange, opening at HK$330, up 57.23% from its issue price of HK$209.88, with intraday gains reaching as high as 60.19%. By the close, its stock price was HK$315, up 50.09%, with a market value of HK$305.05 billion. This IPO raised a net amount of about HK$19.89 billion, making it the largest Hong Kong IPO so far this year and the biggest new stock listing in Hong Kong in the past seven months.

Bloomberg reported, citing sources, that China Investment Corporation (CIC), the world's largest sovereign fund Norges Bank Investment Management (NBIM), BlackRock, and Fidelity Investments all participated in major order book subscription for the offering.

Top global institutions rush to participate

It is reported that CIC, NBIM, BlackRock, and Fidelity Investments participated as regular order book buyers, rather than cornerstone investors. Cornerstone investors usually enjoy guaranteed allotments but must commit to holding shares for at least six months.

This IPO introduced a total of 38 cornerstone investors, including CPE Rosewood, Janchor Fund, Yunfeng Capital, and Deliante, with a combined subscription of about US$997 million (about HK$7.812 billion). The offering was jointly sponsored by JPMorgan Chase, CITIC Securities International, and GF Securities, with a global offering of 83.348 million H shares, of which Hong Kong public offering and international placement account for 10% and 90% respectively.

Bloomberg pointed out that this listing comes amid increased market volatility as a result of the Iran war, yet Shenghong Technology successfully completed a large-scale offering, providing an example of executing a major share issue in a highly uncertain environment.

Leading AI computing power PCB company, rapid performance growth

Shenghong Technology is a PCB supplier for Nvidia, holding 13.8% of the global AI and high-performance computing PCB market, ranking first, and is among the top six global PCB suppliers.

Latest financial data shows that the company's revenue in 2025 reached RMB 19.292 billion, up 79.77% year-on-year; net profit attributable to shareholders was RMB 4.312 billion, a significant increase of 273.52% year-on-year. In the A-share market, the company's stock price was up by a cumulative 586.02% in 2025, hitting a maximum gain of 724.4%, ranking fifth among all A-share companies.

At the listing ceremony in Hong Kong, Chairman Chen Tao stated that the Hong Kong listing marked a new starting point for creating value with global partners. In the future, the company will adhere to technology leadership and speed, focusing on technical iteration and capacity layout for high-end PCB products, to deliver better performance to investors.

Funds raised mainly for capacity expansion

Shenghong Technology stated that the net proceeds from this Hong Kong IPO will mainly be used for capacity expansion, intelligent manufacturing equipment upgrades, and high-end product R&D. Specifically, about 74% of funds will be used to expand production scale in China, about 7% for purchasing intelligent manufacturing equipment to optimize product mix, and the rest for R&D, working capital, and general corporate use.

Regarding capacity deployment, the fourth phase of the Huizhou plant in China has started production in stages, with the tenth and eleventh phases being implemented as scheduled. Overseas, Thailand Plant A1 Phase II high-end capacity has begun product validation deliveries, and construction of Thailand Plant A2 and Vietnam factory are progressing in an orderly manner.

In terms of capital expenditures, the company plans to invest no more than RMB 18 billion in fixed assets in 2026, covering new plant construction, equipment procurement, and automation production line upgrades, to support its goal of reaching hundred-billion-yuan output value by 2030.

Notably, on the day of its surge debut in Hong Kong, Shenghong Technology's A shares closed at RMB 329, down 4.08%, indicating a distinct divergence between the Hong Kong and A-share performances. This Hong Kong listing marks Shenghong Technology's second IPO in the capital market, following its A-share IPO in 2015, and the funds raised also exceeded Muyuan Food Co's H-share offering of HK$12.099 billion, making it the largest Hong Kong IPO this year.

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