<p>[香港] 胜利巨头科技惠州，一家中国的英伟达供应商，在香港交易首日上涨 57%，筹集了 26 亿美元，成为该市七个月以来最大规模的上市。</p>
<p>在交易开始时，股价上涨至 330 港元，而上市价格为每股 209.88 港元。此次上市定价达到最高，并吸引了 37 位基石投资者，他们在承诺至少持有股票六个月的情况下获得了保证配售，购买了约 9.97 亿美元的股票。该股票在首日之前的灰市交易中上涨了 74%。</p>
<p>此次股票发行是香港自九月份紫金矿业 37 亿美元发行以来最大的一次，标志着银行家们希望在香港开启一系列重量级交易的开始。胜利巨头加入了中国在人工智能领域上市的浪潮，这在动荡的中东局势背景下再次成为热门交易。该公司生产印刷电路板，这些电路板构成了人工智能服务器复杂的电子基础。</p>
<p>“这不仅仅是投资者对中国硬科技的投资，归根结底还是要看基本面，” 中国光大证券国际的策略师 Kenny Ng 表示。“得益于人工智能的繁荣，印刷电路板的需求和增长目前非常强劲，这直接推动了估值。最终，正是人工智能硬件领域的巨大上行空间真正推动了价格。”</p>
<p>基石投资者包括中国亿万富翁马云支持的云锋基金、摩根士丹利国际以及资产管理公司高瓴资本和韩国的未来资产证券。</p>
<p>该公司由陈涛于 2006 年创立，总部位于广州，被视为高密度互连和多层印刷电路板的领导者，这些电路板对人工智能芯片至关重要。该公司去年收入为 193 亿元人民币（36 亿美元），彭博社调查的分析师预测到 2026 年将增长 70%。</p>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>“如果美国方面没有进一步的出口管制，这次 IPO 可能是一个有吸引力的价值增长机会，” Reed Capital Partners 的首席投资官 Gerald Gan 表示。该公司可以利用收益 “在 ASIC 市场上扩大市场份额，尽管它需要与来自台湾和日本的现有供应商竞争。”</p>
<p>另一家中国电路板制造商德尔顿科技广州的股票自一个月前在香港上市以来已上涨 109%。</p>
<p>花旗集团分析师 Karen Huang 领导的团队维持对胜利巨头的买入推荐，认为深圳上市的股票估值为 2027 年收益的 20 倍，目标价为 415 元，理由是受人工智能相关的印刷电路板需求驱动的强劲增长、平均售价的上行空间以及数据中心交换机和 ASICs 的潜在机会。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f99b3c36797ef4fc287ad9ceee0ba135ab2bf6d72fd508fc9376d6212d7c2c4/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f99b3c36797ef4fc287ad9ceee0ba135ab2bf6d72fd508fc9376d6212d7c2c4/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国的 Sigenergy 在香港上市后股价翻倍，融资 44 亿港元</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c418135c46436fcb3306c3222b0a11bcb36296d74df20b488587c267329a1c5/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c418135c46436fcb3306c3222b0a11bcb36296d74df20b488587c267329a1c5/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国胜利巨头在香港上市寻求高达 175 亿港元的融资</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8ffd6faa28d5739603b4830654b43b5bfff637a30a01a2521d6f5533a58432e1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8ffd6faa28d5739603b4830654b43b5bfff637a30a01a2521d6f5533a58432e1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>马云的云锋、高瓴计划投资胜利巨头 20 亿美元的上市：消息来源</h3>
<p>上市价格比胜利巨头在深圳（4 月 20 日）收盘价 343 元折价约 47%。对人工智能的热情使得该股票在过去一年中上涨了四倍以上。双重上市的公司通常在香港的交易价格低于其在岸价格。</p>
<p>胜利巨头表示，计划利用上市收益扩大在大陆的生产能力。摩根大通、中国证券国际和广发证券是此次发行的联合保荐人。彭博社</p>
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胜宏科技

2 倍做多英伟达 ETF - GraniteShares

2 倍做空 NVDA ETF - T-Rex

2 倍做多 NVDA ETF - T-Rex

2 倍做多英伟达 ETF - Direxion

<p>胜利巨人科技（Victory Giant Technology）在香港交易所的首日交易中上涨了 57%，筹集了 26 亿美元，成为七个月以来最大的上市。股票以 330 港元开盘，高于 209.88 港元的发行价。此次 IPO 吸引了 37 位基石投资者，确保了 9.97 亿美元的股票。该公司是人工智能服务器印刷电路板的领导者，计划利用筹集的资金扩大生产能力。分析师维持买入评级，指出受人工智能需求驱动的强劲增长和 ASIC 市场的潜在机会</p>

<p>[HONG KONG] Victory Giant Technology Huizhou, a Chinese supplier of Nvidia, surged 57 per cent in its Hong Kong trading debut after raising US$2.6 billion in the city’s largest listing in seven months.</p>
<div class="lb-trans"><p>[香港] 胜利巨头科技惠州，一家中国的英伟达供应商，在香港交易首日上涨 57%，筹集了 26 亿美元，成为该市七个月以来最大规模的上市。</p>
</div><p>The shares rose to HK$330 at the start of trading, compared with a listing price of HK$209.88 each. The listing priced at the maximum and attracted thirty-seven cornerstone investors, which get guaranteed allocation in exchange for holding the shares for at least six months, buying about US$997 million worth of stock. The stock jumped 74 per cent in grey-market trading before the debut.</p>
<div class="lb-trans"><p>在交易开始时，股价上涨至 330 港元，而上市价格为每股 209.88 港元。此次上市定价达到最高，并吸引了 37 位基石投资者，他们在承诺至少持有股票六个月的情况下获得了保证配售，购买了约 9.97 亿美元的股票。该股票在首日之前的灰市交易中上涨了 74%。</p>
</div><p>The share sale, Hong Kong’s biggest since Zijin Gold International’s US$3.7 billion offering in September, has kicked off what bankers in the city hope to become a procession of heavyweight deals. Victory Giant joins a wave of Chinese listings in the artificial intelligence space, a popular trade again against the backdrop of the volatile Middle East situation. The company makes printed circuit boards, which form the intricate electronic backbone of AI servers.</p>
<div class="lb-trans"><p>此次股票发行是香港自九月份紫金矿业 37 亿美元发行以来最大的一次，标志着银行家们希望在香港开启一系列重量级交易的开始。胜利巨头加入了中国在人工智能领域上市的浪潮，这在动荡的中东局势背景下再次成为热门交易。该公司生产印刷电路板，这些电路板构成了人工智能服务器复杂的电子基础。</p>
</div><p>“It’s not just about investors buying into China’s hard tech, it all comes down to fundamentals,” said Kenny Ng, a strategist at China Everbright Securities International. “Thanks to the AI boom, demand and growth for PCBs are incredibly strong right now, which directly boosts the valuation. Ultimately, it’s the huge upside of the AI hardware sector that’s really driving the price.”</p>
<div class="lb-trans"><p>“这不仅仅是投资者对中国硬科技的投资，归根结底还是要看基本面，” 中国光大证券国际的策略师 Kenny Ng 表示。“得益于人工智能的繁荣，印刷电路板的需求和增长目前非常强劲，这直接推动了估值。最终，正是人工智能硬件领域的巨大上行空间真正推动了价格。”</p>
</div><p>Cornerstone investors included Chinese billionaire Jack Ma-backed Yunfeng Capital, Morgan Stanley International, and asset managers Hillhouse Investment and South Korea’s Mirae Asset Securities.</p>
<div class="lb-trans"><p>基石投资者包括中国亿万富翁马云支持的云锋基金、摩根士丹利国际以及资产管理公司高瓴资本和韩国的未来资产证券。</p>
</div><p>Founded in 2006 by Chen Tao, the Guangzhou-based company is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips. The company posted revenue of 19.3 billion yuan (S$3.6 billion) last year, with analysts polled by Bloomberg forecasting a 70 per cent jump in 2026.</p>
<div class="lb-trans"><p>该公司由陈涛于 2006 年创立，总部位于广州，被视为高密度互连和多层印刷电路板的领导者，这些电路板对人工智能芯片至关重要。该公司去年收入为 193 亿元人民币（36 亿美元），彭博社调查的分析师预测到 2026 年将增长 70%。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>“This IPO could be an attractive value growth opportunity, provided there are no further export controls from the US side,” said Gerald Gan, chief investment officer at Reed Capital Partners. The company can use the proceeds “to grow its market share in the ASICs market, though it needs to compete with existing suppliers from Taiwan and Japan.”</p>
<div class="lb-trans"><p>“如果美国方面没有进一步的出口管制，这次 IPO 可能是一个有吸引力的价值增长机会，” Reed Capital Partners 的首席投资官 Gerald Gan 表示。该公司可以利用收益 “在 ASIC 市场上扩大市场份额，尽管它需要与来自台湾和日本的现有供应商竞争。”</p>
</div><p>The shares of Delton Technology Guangzhou, another Chinese maker of circuit boards, have gained 109 per cent since their Hong Kong debut a month ago.</p>
<div class="lb-trans"><p>另一家中国电路板制造商德尔顿科技广州的股票自一个月前在香港上市以来已上涨 109%。</p>
</div><p>Citigroup analysts led by Karen Huang maintains a buy recommendation for Victory Giant, valuing the Shenzhen-listed shares at 20 times 2027 earnings with a price target of 415 yuan, citing robust growth driven by AI-related PCB demand, upside to average selling prices, and potential opportunities in data centre switches and ASICs.</p>
<div class="lb-trans"><p>花旗集团分析师 Karen Huang 领导的团队维持对胜利巨头的买入推荐，认为深圳上市的股票估值为 2027 年收益的 20 倍，目标价为 415 元，理由是受人工智能相关的印刷电路板需求驱动的强劲增长、平均售价的上行空间以及数据中心交换机和 ASICs 的潜在机会。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f99b3c36797ef4fc287ad9ceee0ba135ab2bf6d72fd508fc9376d6212d7c2c4/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4f99b3c36797ef4fc287ad9ceee0ba135ab2bf6d72fd508fc9376d6212d7c2c4?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s Sigenergy shares more than double in Hong Kong debut after HK$4.4 billion IPO</h3>
<div class="lb-trans"><h3>中国的 Sigenergy 在香港上市后股价翻倍，融资 44 亿港元</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c418135c46436fcb3306c3222b0a11bcb36296d74df20b488587c267329a1c5/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5c418135c46436fcb3306c3222b0a11bcb36296d74df20b488587c267329a1c5?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s Victory Giant seeks up to HK$17.5b in Hong Kong listing</h3>
<div class="lb-trans"><h3>中国胜利巨头在香港上市寻求高达 175 亿港元的融资</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8ffd6faa28d5739603b4830654b43b5bfff637a30a01a2521d6f5533a58432e1/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8ffd6faa28d5739603b4830654b43b5bfff637a30a01a2521d6f5533a58432e1?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Jack Ma’s Yunfeng, Hillhouse plan investing in Victory Giant’s US$2 billion listing: sources</h3>
<div class="lb-trans"><h3>马云的云锋、高瓴计划投资胜利巨头 20 亿美元的上市：消息来源</h3>
</div><p>The listing price represents a discount of about 47 per cent to Victory Giant’s closing price on Monday (Apr 20) in Shenzhen, where they closed at 343 yuan. The fervour for AI has driven the stock up more than fourfold over the past year. Double-listed firms typically trade at a discount in Hong Kong to their onshore prices.</p>
<div class="lb-trans"><p>上市价格比胜利巨头在深圳（4 月 20 日）收盘价 343 元折价约 47%。对人工智能的热情使得该股票在过去一年中上涨了四倍以上。双重上市的公司通常在香港的交易价格低于其在岸价格。</p>
</div><p>Victory Giant said that it plans to use proceeds from the listing to expand production capacity on the mainland. JPMorgan Chase, China Securities International and GF Securities are joint sponsors of the offering. BLOOMBERG</p>
<div class="lb-trans"><p>胜利巨头表示，计划利用上市收益扩大在大陆的生产能力。摩根大通、中国证券国际和广发证券是此次发行的联合保荐人。彭博社</p>
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Victory Giant surges in debut after biggest Hong Kong listing this year

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NVIDIA Corporation

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

CITIGROUP INC 6.250 NON CUM SER II PFD WI

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

胜宏科技在今年香港最大规模上市后首日股价飙升