Nvidia Partner Victory Giant Tumbles Then Jumps 8.7%

TLDR

• Victory Giant shares fell 6% before rebounding 8.7% in Hong Kong trading.
• Online allegations against Chairman Chen Tao triggered heavy selling activity.
• The company said the claims did not affect daily operations or governance.
• Trading volume in Hong Kong reached HK$1.28 billion during the sell-off.
• Victory Giant remains a key Nvidia supplier in AI server PCB manufacturing.

Victory Giant Technology shares swung sharply over two trading sessions after online allegations targeted its chairman. The stock fell 6% on Monday but rebounded 8.7% on Tuesday to close at HK$361.2. The volatility followed a social media post that triggered heavy trading across mainland China and Hong Kong markets.

Trading Swings Follow Online Claims Against the Chairman

The sell-off began on June 6 after a Douyin user accused Chairman Chen Tao of misconduct. The user posted video clips, and the claims spread through investor chat groups before June 8 trading. As a result, mainland shares dropped 6.06% to 318.33 yuan, while Hong Kong shares opened 7.65% lower at HK$336.

Trading volume in Hong Kong reached HK$1.28 billion, which indicated active repositioning by investors. However, the stock recovered the next day and closed 8.7% higher at HK$361.2. The rebound showed that buyers returned after the company issued public statements.

Victory Giant responded that the allegations did not affect daily operations or governance. The company stated that the claims had no link to manufacturing, production controls, or management processes. President Zhao Qixiang told National Business Daily that the reports were “not totally accurate” and said police were informed.

In an Investor Relations report dated June 7, the company described Chen Tao as “an acknowledged technical expert in the PCB sector.” The statement repeated that the matter did not meet disclosure thresholds under public reporting rules. Therefore, management said routine business activities continued without interruption.

Nvidia Supply Chain Role Keeps Focus on AI Infrastructure

Victory Giant manufactures advanced printed circuit boards used in AI servers and supercomputers. The company supplies components for accelerator boards, server backplanes, and networking hardware tied to Nvidia systems. As a result, market participants track the stock closely due to its AI infrastructure exposure.

According to its 2025 Hong Kong listing prospectus, the company led global revenue in AI and HPC PCB manufacturing during the first half of 2025. It reported a 13.8% market share in those segments. The firm also highlighted early mass production of sixth-generation HICs with 24-layer circuits for AI servers.

Although the company does not disclose client-specific revenue, analysts estimate high single-digit to low double-digit exposure to Nvidia-related demand. These estimates cover accelerator boards and networking systems used by hyperscalers and original design manufacturers. Consequently, expectations for AI infrastructure spending influence valuation metrics.

Industry estimates show that AI-focused PCB firms trade at forward multiples from mid-teens to low twenties. In contrast, other PCB makers trade at higher single-digit to low-teens multiples. Despite recent semiconductor volatility, investors continue to value Victory Giant on projected AI demand growth.

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