Key Takeaways:
HK-listed printed circuit board stocks surged across the board on Aug. 7, with Victory Giant Technology (胜宏科技) leading gains of nearly 12 percent as AI server demand forecasts from Goldman Sachs fueled a sector-wide rally.
HK-listed PCB stocks surged broadly on Aug. 7, with Victory Giant Technology up nearly 12 percent after Goldman Sachs raised its AI server market forecasts.
The rally followed Goldman Sachs' latest global PCB and copper-clad laminate industry report, which raised its 2027 AI server PCB market forecast by 38 percent to $37.5 billion and its 2028 forecast to $84 billion, implying a compound annual growth rate of 148 percent from 2026 to 2028.
Dingtai Hi-Tech (鼎泰高科), XinQi Micro (芯碁微装), and Guanghe Technology (广和科技) each advanced more than 10 percent, while Kingboard Laminates (建滔积层板) climbed 9 percent and Han's CNC (大族数控) rose 8 percent. The broad-based advance extended a recent run in the sector, which has been a primary beneficiary of the AI computing infrastructure buildout.
The surge reflects growing conviction that AI computing demand is transmitting from chipmakers to the broader electronics supply chain. Goldman Sachs also raised its AI server CCL forecast by 18 percent to $22.1 billion for 2027 and to $48 billion for 2028, implying 161 percent CAGR. Victory Giant, one of the largest PCB makers globally, is expanding capacity with a new plant to meet unrelenting AI demand, according to recent reports.
The Goldman Sachs projections show how the explosive growth of AI computing infrastructure is moving from the chip level to a broader range of electronic materials. As the physical carriers of computing hardware, PCBs and CCLs are entering a period of simultaneous volume and price increases, the bank said.
Victory Giant's expansion plans align with this trajectory. The company is building a new plant to address what it described as unrelenting AI demand, according to reports. The move positions the PCB maker to capture a larger share of the AI server market as hyperscalers continue to deploy AI infrastructure at scale.
The demand outlook stands in contrast to the broader semiconductor sector, where US-listed storage chip makers sold off sharply after earnings. Western Digital plunged 13 percent and SanDisk fell 6.8 percent on Aug. 6 despite beating quarterly estimates, as investors questioned whether storage price increases can sustain their pace. The divergence highlights how AI demand is flowing unevenly across the hardware supply chain, with PCB and CCL makers among the clearest beneficiaries.
The PCB rally also lifted related names in the broader electronics supply chain. Zhongji Innolight, the optical transceiver leader that listed on the Hong Kong Stock Exchange on July 30 at HK$980 per share, has climbed more than 17 percent to HK$1,151. Goldman Sachs and JPMorgan both significantly increased their H-share holdings in the company within the past week, with JPMorgan raising its long position from 5.6 percent to 13.72 percent.
The sector-wide momentum reflects a broader re-rating of AI hardware supply chain names in Hong Kong, as investors position for sustained capital expenditure from global cloud providers and data center operators. The rally also comes as the US moves to impose tariffs on polysilicon and derivative products, a policy that could reshape semiconductor and solar supply chains and potentially accelerate the shift of manufacturing capacity to alternative regions.
This article is for informational purposes only and does not constitute investment advice.
