Victory Giant Technology, a Chinese maker of AI-related components headed by billionaire Chen Tao, rallied as much as 60% in its Hong Kong market debut on Tuesday amid strong demand for its printed circuit boards.

Shares later pared some of the gains to end more than 50% higher. The company, which is already listed in Shenzhen, raised HK$20.1 billion ($2.6 billion) this week by selling 95.9 million shares at HK$210 apiece in Hong Kong. It plans to use most of the proceeds to purchase new equipment and expand production at its factories across China, according to its prospectus. The Hong Kong share........

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