VGT soared on its first day of trading on the Hong Kong Stock Exchange, becoming one of the most watched IPOs in Hong Kong's capital market recently. As a global leader in AI computing printed circuit boards (PCBs), this company announced its strong entry into the international capital market with an IPO that attracted top-tier institutional investors worldwide to compete for participation.
On April 21, VGT officially listed on the Main Board of the Hong Kong Stock Exchange, opening at HK$330, a significant jump of 57.23% from the issue price of HK$209.88. Intraday highs reached a surge of 60.19%. By the close of trading, the share price stood at HK$315, up 50.09%, with a market capitalization of HK$305.05 billion. This IPO raised net proceeds of approximately HK$19.89 billion, making it the largest Hong Kong IPO of the year so far and the largest new stock listing in Hong Kong in nearly seven months.
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Bloomberg, citing knowledgeable sources, reported that the China Investment Corporation (CIC), Norway's Government Pension Fund Global (NBIM), BlackRock, and Fidelity Investments all participated in the primary order book subscription for this offering.
<h2>Top Global Institutions Compete to Enter</h2>
Reports state that CIC, NBIM, BlackRock, and Fidelity Investments participated as ordinary order book buyers, not as cornerstone investors. Cornerstone investors typically enjoy guaranteed allocations but must commit to holding shares for at least six months.
A total of 38 cornerstone investors were introduced in this IPO, including CPE Rosewood, Janchor Fund, Yunfeng Capital, and Deliante, collectively subscribing to approximately US$997 million (about HK$7.812 billion). The issuance was jointly sponsored by JPMorgan, CSC International, and GF Securities. A global offering of 83.348 million H-shares was conducted, with public offers in Hong Kong and international offerings accounting for 10% and 90% respectively.
Bloomberg noted that this listing occurred amidst heightened market volatility against the backdrop of the Iran war, yet VGT successfully completed a large-scale issuance, providing a reference model for advancing major stock offerings in highly uncertain environments.
<h2>Leader in AI Computing PCBs with Rapid Performance Growth</h2>
VGT is a PCB supplier for NVIDIA, holding a 13.8% market share to rank first globally in the AI and high-performance computing PCB market, while also securing a spot among the top six PCB suppliers worldwide.
Latest financial data shows that in 2025, the company's revenue reached RMB 19.292 billion, a year-on-year increase of 79.77%; net profit attributable to shareholders was RMB 4.312 billion, a dramatic year-on-year surge of 273.52%. In the A-share market, the company's stock price accumulated a total gain of 586.02% throughout 2025, with intraday highs reaching 724.4%, ranking fifth among all A-share companies.
Chen Tao, Chairman of VGT, stated at the Hong Kong Stock Exchange listing ceremony that this Hong Kong listing marks a new starting point for creating value with global partners. Moving forward, the company will adhere to technology leadership and speed-based competitiveness, focusing on technical iteration and capacity layout for high-end PCB products to deliver better performance for investors.
<h2>Proceeds Primarily for Capacity Expansion</h2>
VGT indicated that the net proceeds from this Hong Kong listing will be primarily used for capacity expansion, upgrades to intelligent manufacturing equipment, and development of high-end products. Specifically, approximately 74% of the funds will be used to expand production capacity in mainland China, about 7% for purchasing intelligent manufacturing equipment to optimize product portfolios, and the remainder for research and development, working capital, and general corporate purposes.
Regarding capacity layout, Phase IV of the company's Huizhou facility in China has been put into production in stages, while Phases X and XI are progressing according to plan. Overseas, the second phase of high-end capacity at Building A1 of the Thailand factory has commenced production validation board deliveries, and construction of Building A2 in Thailand and the Vietnam factory is also proceeding smoothly.
In terms of capital expenditure, the company plans to cap total fixed asset investments at no more than RMB 18 billion in 2026, covering areas such as new factory construction, equipment procurement, and automation production line upgrades, to support its goal of achieving a trillion-yuan output value by 2030.
Of particular note, on the same day as the surging Hong Kong debut, VGT's A-shares closed at RMB 329, down 4.08%, showing a clear divergence between the Hong Kong and A-share trends. This Hong Kong listing marks VGT's second IPO in the capital market since its A-share listing in 2015, and the total fundraising amount exceeded the HK$12.099 billion raised by Muyuan Shares' H-shares, making it the largest new stock issuance in Hong Kong this year.
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The IPO raised net proceeds of approximately HK$19.89 billion, making it the largest Hong Kong IPO of the year so far and the largest new stock listing in Hong Kong in nearly seven months. Reports indicate that CIC, NBIM, BlackRock, and Fidelity Investments participated as ordinary order book buyers rather than cornerstone investors

- Shenghong Technology made a strong debut on the Hong Kong Stock Exchange, with shares rising 50.09% by closing, achieving a market capitalization of HKD 305.05 billion.  
- The IPO raised approximately HKD 19.89 billion, marking it the largest Hong Kong IPO of 2026 so far, attracting significant interest from major investors including China Investment Corporation and BlackRock.  
- The funds raised will primarily be used for capacity expansion and upgrading smart manufacturing equipment, supporting the company's goal of reaching a revenue target of HKD 100 billion by 2030.

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Backed by NVIDIA, VGT's Hong Kong Debut Surges 50% as Sovereign Wealth Funds and Global Giants Lead the Way