Right after their chairman got caught up in a messy personal scandal that sent their share price diving, the tech heavyweight Victory Giant Technology (300476.SZ/02476.HK) moved fast to roll out an emergency employee stock ownership plan.
On the evening of June 8, Victory Giant announced plans to launch this fresh round of stock incentives. They’re putting up to 700 million RMB on the table, sourcing the shares directly from the secondary market or any other legally approved channels.
According to the announcement, eligible participants include company directors (excluding independent ones), top executives, and staff working across consolidated subsidiaries. Anyone who meets the criteria can jump in voluntarily, taking on their own risks and sticking to standard compliance rules.The board will review and publish the final draft within six months of today’s announcement.
Heads up though: the plan is still in the early planning stages. Management is busy crunching the numbers, weighing feasibility, and gathering feedback from the team. It’ll still need formal sign-off from both the board and shareholders before it goes live, so things aren’t set in stone just yet.
This comes hot on the heels of recent online drama targeting Victory Giant. A social media user going by “Zhenzhen Janice” started dropping posts about chairman Chen Tao’s private life. She claimed there was a romantic fallout and even shared what looked like chat logs and video call screenshots. The real viral moment? A blurry elevator security clip showing a middle-aged guy acting cozy with a woman in white—she swore it was Chen Tao. Interestingly, those older videos have since vanished from her profile.
Company filings from 2025 paint a straightforward picture of Chen Tao: a senior engineer with a Hong Kong ID but no permanent residency abroad. Beyond running Victory Giant, he’s also the chair and GM at Shenghua Electronics (Huiyang) Ltd., plus an executive director at Shenzhen Shenghua Xinye Investment Co. His career path actually started way back in the Xinjiang Corps Armed Police Command, followed by roles at a local service bureau in Kashgar and Tongjiang Electronics in Guangdong.
When pressed about the scandal on June 8, Victory Giant gave a quick statement to the Daily Economic News: “We’ve definitely seen the rumors flying around. Just to be clear, whatever’s circulating online has zero to do with our actual operations, internal controls, or any material disclosures you’d need to know about. Rest assured, day-to-day business keeps running completely smooth.”
All that noise hit the markets hard. On June 8, shares dipped over 9% at one point. By close, the A-shares settled at 314.8 RMB per share, down 7.11%, wiping out more than 20 billion RMB in market cap to land around 309.38 billion RMB. The Hong Kong listing wasn’t spared either, sliding 8.19% to close at 338.40 HKD, leaving the total valuation at roughly 332.57 billion HKD.
Founded back in July 2006, Victory Giant has built its name on researching, manufacturing, and selling high-density printed circuit boards (PCBs). They made their debut on China’s ChiNext board in 2015, then took the leap to the Hong Kong exchange on April 21 this year. That massive 23-billion-plus HKD raise marked the biggest Hong Kong IPO so far in 2026, officially locking in their dual “A+H” capital strategy.
Their product lineup covers pretty much everything in the rigid PCB space (think multi-layer and HDI boards) and flexible circuits (single-sided, double-sided, and rigid-flex). You’ll find their tech powering AI systems, next-gen telecom gear, data centers, industrial IoT, medical devices, aerospace, and especially EV electronics. As a top-tier global player in AI computing PCBs and a go-to supplier for Nvidia, they’re currently supporting a workforce of around 16,000 people worldwide.
Thanks to the explosive growth in AI computing demand, their financials are looking seriously strong right now.
Looking at the 2025 books, revenue skyrocketed to 19.292 billion RMB, jumping nearly 80% year-over-year. PCB sales dominated the mix at 93.74% of total revenue, with direct exports accounting for 76.83%. Net profit attributable to shareholders blew past expectations, surging 273.52% to hit 4.312 billion RMB, while gross margins stretched to 35.22%—a solid 12.5 percentage point gain.
Momentum isn’t slowing down. Q1 this year brought in 5.519 billion RMB in revenue (+27.99%), pushing net profit to 1.288 billion RMB (+39.95%). Cash flow from operations went absolutely crazy, jumping almost 400% to reach 2.117 billion RMB.
