<p>[香港] 勝利巨頭科技惠州，一家中國的英偉達供應商，在香港交易首日上漲 57%，籌集了 26 億美元，成為該市七個月以來最大規模的上市。</p>
<p>在交易開始時，股價上漲至 330 港元，而上市價格為每股 209.88 港元。此次上市定價達到最高，並吸引了 37 位基石投資者，他們在承諾至少持有股票六個月的情況下獲得了保證配售，購買了約 9.97 億美元的股票。該股票在首日之前的灰市交易中上漲了 74%。</p>
<p>此次股票發行是香港自九月份紫金礦業 37 億美元發行以來最大的一次，標誌着銀行家們希望在香港開啓一系列重量級交易的開始。勝利巨頭加入了中國在人工智能領域上市的浪潮，這在動盪的中東局勢背景下再次成為熱門交易。該公司生產印刷電路板，這些電路板構成了人工智能服務器複雜的電子基礎。</p>
<p>“這不僅僅是投資者對中國硬科技的投資，歸根結底還是要看基本面，” 中國光大證券國際的策略師 Kenny Ng 表示。“得益於人工智能的繁榮，印刷電路板的需求和增長目前非常強勁，這直接推動了估值。最終，正是人工智能硬件領域的巨大上行空間真正推動了價格。”</p>
<p>基石投資者包括中國億萬富翁馬雲支持的雲鋒基金、摩根士丹利國際以及資產管理公司高瓴資本和韓國的未來資產證券。</p>
<p>該公司由陳濤於 2006 年創立，總部位於廣州，被視為高密度互連和多層印刷電路板的領導者，這些電路板對人工智能芯片至關重要。該公司去年收入為 193 億元人民幣（36 億美元），彭博社調查的分析師預測到 2026 年將增長 70%。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<p>“如果美國方面沒有進一步的出口管制，這次 IPO 可能是一個有吸引力的價值增長機會，” Reed Capital Partners 的首席投資官 Gerald Gan 表示。該公司可以利用收益 “在 ASIC 市場上擴大市場份額，儘管它需要與來自台灣和日本的現有供應商競爭。”</p>
<p>另一家中國電路板製造商德爾頓科技廣州的股票自一個月前在香港上市以來已上漲 109%。</p>
<p>花旗集團分析師 Karen Huang 領導的團隊維持對勝利巨頭的買入推薦，認為深圳上市的股票估值為 2027 年收益的 20 倍，目標價為 415 元，理由是受人工智能相關的印刷電路板需求驅動的強勁增長、平均售價的上行空間以及數據中心交換機和 ASICs 的潛在機會。</p>
<p>另見</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>中國的 Sigenergy 在香港上市後股價翻倍，融資 44 億港元</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>中國勝利巨頭在香港上市尋求高達 175 億港元的融資</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>馬雲的雲鋒、高瓴計劃投資勝利巨頭 20 億美元的上市：消息來源</h3>
<p>上市價格比勝利巨頭在深圳（4 月 20 日）收盤價 343 元折價約 47%。對人工智能的熱情使得該股票在過去一年中上漲了四倍以上。雙重上市的公司通常在香港的交易價格低於其在岸價格。</p>
<p>勝利巨頭表示，計劃利用上市收益擴大在大陸的生產能力。摩根大通、中國證券國際和廣發證券是此次發行的聯合保薦人。彭博社</p>
<p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱。免費。</p>

勝宏科技

2 倍做多英偉達 ETF - GraniteShares

2 倍做空 NVDA ETF - T-Rex

2 倍做多 NVDA ETF - T-Rex

2 倍做多英偉達 ETF - Direxion

<p>勝利巨人科技（Victory Giant Technology）在香港交易所的首日交易中上漲了 57%，籌集了 26 億美元，成為七個月以來最大的上市。股票以 330 港元開盤，高於 209.88 港元的發行價。此次 IPO 吸引了 37 位基石投資者，確保了 9.97 億美元的股票。該公司是人工智能服務器印刷電路板的領導者，計劃利用籌集的資金擴大生產能力。分析師維持買入評級，指出受人工智能需求驅動的強勁增長和 ASIC 市場的潛在機會</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] 勝利巨頭科技惠州，一家中國的英偉達供應商，在香港交易首日上漲 57%，籌集了 26 億美元，成為該市七個月以來最大規模的上市。</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>在交易開始時，股價上漲至 330 港元，而上市價格為每股 209.88 港元。此次上市定價達到最高，並吸引了 37 位基石投資者，他們在承諾至少持有股票六個月的情況下獲得了保證配售，購買了約 9.97 億美元的股票。該股票在首日之前的灰市交易中上漲了 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>此次股票發行是香港自九月份紫金礦業 37 億美元發行以來最大的一次，標誌着銀行家們希望在香港開啓一系列重量級交易的開始。勝利巨頭加入了中國在人工智能領域上市的浪潮，這在動盪的中東局勢背景下再次成為熱門交易。該公司生產印刷電路板，這些電路板構成了人工智能服務器複雜的電子基礎。</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>“這不僅僅是投資者對中國硬科技的投資，歸根結底還是要看基本面，” 中國光大證券國際的策略師 Kenny Ng 表示。“得益於人工智能的繁榮，印刷電路板的需求和增長目前非常強勁，這直接推動了估值。最終，正是人工智能硬件領域的巨大上行空間真正推動了價格。”</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>基石投資者包括中國億萬富翁馬雲支持的雲鋒基金、摩根士丹利國際以及資產管理公司高瓴資本和韓國的未來資產證券。</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>該公司由陳濤於 2006 年創立，總部位於廣州，被視為高密度互連和多層印刷電路板的領導者，這些電路板對人工智能芯片至關重要。該公司去年收入為 193 億元人民幣（36 億美元），彭博社調查的分析師預測到 2026 年將增長 70%。</p>
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<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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</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>“如果美國方面沒有進一步的出口管制，這次 IPO 可能是一個有吸引力的價值增長機會，” Reed Capital Partners 的首席投資官 Gerald Gan 表示。該公司可以利用收益 “在 ASIC 市場上擴大市場份額，儘管它需要與來自台灣和日本的現有供應商競爭。”</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>另一家中國電路板製造商德爾頓科技廣州的股票自一個月前在香港上市以來已上漲 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>花旗集團分析師 Karen Huang 領導的團隊維持對勝利巨頭的買入推薦，認為深圳上市的股票估值為 2027 年收益的 20 倍，目標價為 415 元，理由是受人工智能相關的印刷電路板需求驅動的強勁增長、平均售價的上行空間以及數據中心交換機和 ASICs 的潛在機會。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國的 Sigenergy 在香港上市後股價翻倍，融資 44 億港元</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>中國勝利巨頭在香港上市尋求高達 175 億港元的融資</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>馬雲的雲鋒、高瓴計劃投資勝利巨頭 20 億美元的上市：消息來源</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>上市價格比勝利巨頭在深圳（4 月 20 日）收盤價 343 元折價約 47%。對人工智能的熱情使得該股票在過去一年中上漲了四倍以上。雙重上市的公司通常在香港的交易價格低於其在岸價格。</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>勝利巨頭表示，計劃利用上市收益擴大在大陸的生產能力。摩根大通、中國證券國際和廣發證券是此次發行的聯合保薦人。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

勝宏科技在今年香港最大規模上市後首日股價飆升