On July 20, Victory Giant Technology (02476.HK) fell 3.16% in regular trading, trading at 208.4 HKD per share with turnover of 521 million HKD, marking a new stage low.

On the news front, Nomura Securities recently lowered its target price on the company from 479 HKD to 447 HKD, while cutting FY2026-2028 revenue forecasts by 7% to 13% and earnings forecasts by 7% to 14%, reflecting potentially lower-than-expected short-term HDI revenue contribution. Although Nomura still believes the company can maintain its leading supplier position with GPU clients and is optimistic about its expansion into ASIC and optical transceiver markets, the downward revisions continue to weigh on market sentiment.

Additionally, prior online rumors regarding product quality issues, Nvidia Rubin architecture delays, and market share erosion remain unresolved. While the company issued a formal clarification on July 13 denying all allegations and emphasizing that orders from major AI clients continue to grow with demand visibility extending through 2027-2028, short-term investor confidence has yet to fully recover amid these multiple headwinds.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)