On September 16, VGT rose 3.07% in regular trading, trading at HK$201.2/share, with turnover of HK$237 million, extending its recent rebound trajectory.

On the news front, the company recently disclosed that it secured over 50 new clients in H1, with more than half being high-end AI sector customers. Core computing and telecom client projects are progressing on schedule, and the company has mastered 30-layer 10-stage HDI and 36-layer 14-stage HDI core manufacturing processes. In late August, multiple institutional investors including Red Soil Innovation Fund, Quanguo Fund, and Invesco Great Wall conducted intensive research visits. Research notes indicated PCB gross margins reached 40% driven by higher-tier product mix, while Q2 inventory increased approximately RMB 2 billion due to proactive stockpiling ahead of H2 mass production. Meanwhile, two central government ministries jointly issued the Electronic Information Manufacturing Industry Development Plan, promoting mainboard architecture design and PCB high-density integration technology.

The stock had previously pulled back on concerns over a 5.28% YoY decline in Q2 non-recurring adjusted net profit, a 3-percentage-point drop in gross margin, and controlling shareholder equity restructuring. The current rebound likely reflects gradual digestion of these short-term headwinds.

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