Investing in stocks requires reading Golden Unicorn analyst reports, which are authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! (Source: Huashang Taolue) Action follows words, a formidable level of execution. By Huashang Taolue, Zhang Jingbo. On May 17, 2025, Jensen Huang hosted a banquet in Taipei for core partners in the AI supply chain. Under the spotlight, seated beside him were industry titans like TSMC's Chairman, C.C. Wei. However, media cameras unanimously focused on an unfamiliar figure in the third row: the only entrepreneur from mainland China present that evening.
【01 The Global Leader】That night, Taiwan's tech circles were abuzz with one question: Who is he? ▲ The farthest left in the third row is Chen Tao, founder of Victory Giant Technology. The answer was revealed months later: he is Chen Tao, Chairman of Victory Giant Technology. NVIDIA has numerous partners in mainland China, so why was he the sole recipient of this top-tier invitation? The answer lies in a stark set of figures: 70% of the PCBs required for NVIDIA's AI servers come from Victory Giant. PCB, or printed circuit board, is hailed as the mother of electronic products, the bridge connecting chips to all components, and indeed the foundation of the AI era. "If you compare electronic products to the human body, the PCB is the skeleton, meridians, and blood vessels." Without it, even the most powerful AI chips cannot connect, the electronic world would instantly collapse, and the entire edifice of AI computing power would be unthinkable. With PCB manufacturers as numerous as hairs on an ox globally, how does Victory Giant stand out? Because it possesses unique expertise.
In the AI era, massive numbers of compute cards need to cluster within极小 areas; past single or few-layer boards are no longer sufficient, requiring 20-layer or even more HDI (High-Density Interconnect) boards for interconnection. This technology is like walking a tightrope—not everyone can do it. Yet, Victory Giant not only masters it but also rapidly scales production in short timeframes to meet NVIDIA's explosive demand, all while maintaining stable and reliable quality. Globally, it's nearly impossible to find a second manufacturer that simultaneously possesses all three capabilities. Precisely for this reason, Jensen Huang—the most powerful man in the AI era—extended a personal invitation to Chen Tao for an important private banquet, affectionately calling him his: Chinese partner. This is not just an honor but a passport to the core of the global AI supply chain.
The capital market understood perfectly. Over the past year, Victory Giant Technology has staged a capital miracle: In the first half of 2025, revenue reached 9 billion yuan, with net profit hitting 2.1 billion yuan, both achieving double-digit growth. The stock price surged like a runaway horse, soaring from over 40 yuan to a high of 355 yuan—a gain exceeding 750%—with the company's total market capitalization breaking through 230 billion yuan. The net worth of Chen Tao and his wife skyrocketed to 70 billion yuan. A year prior, this figure was merely 13 billion. Outsiders marveled at this astonishing wealth creation speed. But this veteran from Longnan, Gansu, might owe the greatest thanks to a pivotal turn of fate 30 years ago.
【02 Going All-In: Relentlessly Tackling High-Difficulty Processes】In 1995, Chen Tao was still working at the Erqing Bureau in Kashi City, Xinjiang. For a demobilized soldier, this was an enviable "iron rice bowl" job at the time. But a business trip to Guangdong completely altered his destiny. There, Chen Tao witnessed firsthand the fervent activity at the forefront of reform and opening-up. Returning to Xinjiang, his heart could no longer remain calm. Ultimately, he resolutely headed south. In Huizhou, Guangdong, he joined a Taiwanese-funded PCB factory and proactively applied to become a salesperson, thus embarking on his entrepreneurial legend.
As a novice salesman, Chen Tao quickly demonstrated the competence and decisiveness of a soldier. Leading a team of three salespeople to conquer the market, shuttling between Shenzhen and Huizhou, he secured 2 million yuan in orders in less than two months. Due to his outstanding performance, he was rapidly promoted to company executive. But the ambitious Chen Tao was unwilling to remain under others' leadership for long. In 2003, he took the leap and founded Shenghua Electronics. At that time, China's PCB industry was dominated by foreign companies in the high-end segment, while local players like Shennan and沪电 were aggressively expanding capacity. For a small private factory to carve a path through this was exceptionally difficult. Moreover, Chen Tao was a complete technical novice at the time. "At the beginning of the venture, the most difficult part was the technology," he admitted.
At the critical moment, a tenacious spirit sustained him. To master the technology, Chen Tao purchased advanced circuit boards, disassembling them layer by layer, meticulously analyzing them. Simultaneously, he self-studied theoretical knowledge and consulted industry experts. Day after day, this outsider forced himself to become an expert. Even more commendable was that, despite being an industry newcomer, Chen Tao aimed for the high-end from the very start. Others thought he was crazy: making high-end multi-layer boards domestically? No chance! Chen Tao defiantly believed otherwise; he not only intended to pursue the high-end but also to tackle what others dared not, were unwilling to, or could not do well. To this end, he plowed all profits into R&D, leading his team in反复试验埋孔, lamination, impedance control, and other high-difficulty processes in Shenzhen and Huizhou. Equipment broke, lines were scrapped—it was all deemed acceptable. Every sample submission felt like a high-stakes gamble. ▲ Source: Yangcheng Evening News.
Chen Tao's relentless focus on high-difficulty processes stemmed from his deep understanding of the industry's fundamental logic: the PCB industry belongs to high-end precision manufacturing, possessing both the cost and scale attributes of traditional manufacturing and the rapid iteration characteristic of high-tech industries. This industry evolves with chips and must constantly iterate, scaling technological heights. To accelerate iteration speed and keep pace with the industry, Chen Tao made a crucial decision as early as 2006, in the company's infancy: investing 350 million HKD to acquire 400 acres of land in Huizhou for its first large-scale production base. Building on this, Chen Tao established Victory Giant Technology, formally entering the high-end PCB market. To raise construction funds, he did not hesitate to pledge all his equity in Shenghua. Continuous investment led Victory Giant to一度亏损. But it was this all-or-nothing approach that enabled its technology to leap forward continuously, from low-end through-hole boards to 8-layer, 16-layer, 24-layer... laying the groundwork for its future dominance in the AI era.
【03 Victory Giant Speed: Formidable Execution】From 2003 to 2017, Chen Tao and Victory Giant Technology quietly accumulated over a decade of technical expertise. During the same period, competitors were not idle; Shennan and沪电 were also advancing towards high-end PCBs. But Chen Tao嗅到了 the industry's opportunity earlier and decisively placed his bets. In 2017, just as the global PCB industry had undergone two years of adjustment, with most firms hesitant about whether to increase or decrease production, Chen Tao defied the trend, launching the largest expansion in company history—investing over a billion yuan to build new high-end production lines, focusing primarily on new energy vehicles and AI. Some questioned his sanity: automotive electronics certification takes at least two years, where are the AI orders? This is burning money recklessly! Chen Tao remained unfazed: Victory Giant was betting not on immediate customers, but on the future.
In 2019, he doubled down: formally establishing the HDI (High-Density Interconnect) business division. While rivals were still观望, Victory Giant was already all-in on the AI future. This marked a pivotal strategic转型 in Victory Giant's history. AI servers impose苛刻 requirements on PCBs: they must withstand kilowatts of power, support dozens of signal and power layers, resist high temperatures, prevent interference, and achieve micron-level precision... Ordinary manufacturers are daunted even by the blueprints. Victory Giant, leveraging over a decade of relentless technical refinement and its提前两三年 bet on high-density multi-layer boards, continuously broke through to advanced technologies like 6-stage 24-layer and even 10-stage 30-layer boards. Consequently, when NVIDIA scanned the globe for high-end PCB suppliers for its critical products, it found that only Victory Giant and a few others could meet the challenge.
Even more formidable than its technological lead was Victory Giant's mass production and delivery capability. In 2024, when AI server demand exploded, while most manufacturers were still in调试 or certification phases, Victory Giant was already in mass production, supplying稳定. Behind this lay Chen Tao's雷厉风行 style. A saying circulates in the industry: Victory Giant speed, Chen Tao rhythm. According to media reports, during the 2017 expansion, to save time, Chen Tao had design, piling, steel structure, and MEP work proceed simultaneously, with the site operating 24/7 in shifts. He himself would often patrol the site at midnight, wearing a hard hat, and immediately issue fines and demand rectification if he found issues like loose screws. This enabled completion from civil works finish to equipment move-in in just 45 days—twice as fast as the industry norm. This was also the PCB industry's first internet-enabled smart factory in China, significantly boosting Victory Giant's efficiency, yield rate, and mass production delivery capability.
Victory Giant's prowess lies not only in its ability to develop the technology but also to mass-produce at scale while ensuring high quality and stable delivery. This is partly得益于 the smart factory's semiconductor-level automated production environment, but also inseparable from Chen Tao's近乎变态 military-style management. He personally oversees quality, setting a red line:宁可多花钱, never allowing defective products to leave the factory. Internally, the考核 logic prioritizes yield rate over output volume, with internal quality control described as严苛. Many employees抱怨, saying it's tougher than military training, yet it is precisely this rigor that enabled Victory Giant to pass NVIDIA's audit and achieve a super-high yield rate of 98.5%,领先全球. In the industry, Victory Giant isn't the only one capable of producing 6-stage 24-layer boards. But those who can both develop the product and achieve large-scale mass production and delivery, while guaranteeing quality, yield, and delivery stability, are凤毛麟角. In this sense, beyond Victory Giant, NVIDIA can scarcely find a better alternative supplier.
Precisely because of this, Chen Tao earned his place beside Jensen Huang at that important Taipei banquet, discussing the AI landscape alongside numerous industry leaders.
【04 The Ren Zhengfei of the PCB World】Media attention on Chen Tao extends beyond just his identity. After that banquet, they detailed his entrepreneurial journey and marveled: Thirty years ago, Taiwan was the leader in the PCB industry. Today, with the rise of companies like Victory Giant Technology, the mainland is taking its place. Summarizing Victory Giant's success, they used two phrases: technological bets and military-style management. Some even compare Chen Tao to the "Ren Zhengfei of the PCB world," not only for similar management styles and technological gambles but also because both served as soldiers. Chen Tao himself highly values his military service, once感慨: The army tempered my will, broadened my horizons, and gave me the courage to tackle challenges. This is no empty praise. Looking back over decades, daring to venture and fight tough battles are among his most distinct characteristics.
Back then, he ventured alone to Huizhou, joining a Taiwanese-funded factory. The company initially planned an administrative role for him, but Chen Tao proactively requested a frontline sales position. According to media reports, during the 1998 Asian Financial Crisis, the factory was forced to lay off a third of its staff. Disregarding the risk, he逆流而上, going to a Japanese client's production line to follow the process. After the storm passed, he became the only person in the factory who could write process reports in Japanese. When founding Victory Giant Technology in 2006, amidst strong competitors and starting from scratch, Chen Tao dared to stake his entire fortune, relentlessly pursuing high-difficulty processes. Building on this积累, a decade later, he再次豪赌 the AI赛道. Many attribute this to Chen Tao's超前 strategic vision. This is certainly true, but around 2017, Chen Tao wasn't the only one看好 the AI trend; many peers were also eager to try. However, most adopted a wait-and-see approach, whereas Chen Tao dared to bet big even before the industry had fully materialized, demonstrating极强的执行力 by acting decisively.
Furthermore, he directly applied military discipline to company management, repeatedly emphasizing: A soldier who fails to move out on command faces execution; once a company decides, it must execute, correcting mistakes later if needed. This iron rule of Victory Giant was淋漓尽致 displayed during the 2017 major expansion. Chen Tao's demands on himself are even more严苛. This handsome, upright northwestern man maintains高度自律 in daily life: no matter how late he works, he goes home; no matter how late he sleeps, he runs for an hour every morning; and unfailingly does 30 minutes of stretching at noon. No matter how tough or tired, he ensures he remains energetic and well-groomed. This高度自律 and极强的执行力 have been the法宝 enabling Chen Tao and Victory Giant Technology to continuously overcome difficulties and ascend step by step over the past two decades.
In 2015, when Victory Giant listed on the ChiNext board, its stock price surged, and Chen Tao's net worth exploded. Curious institutions asked for his secret to success. Chen Tao脱口而出: "The execution ability from being a soldier—it's about obeying orders and prohibitions, acting immediately upon decision." In the 1990s, the 17-year-old Chen Tao forged an iron will and a雷厉风行 military spirit on the vast戈壁滩 of Xinjiang. This spirit has continually propelled him forward courageously. Even today, with Victory Giant a core NVIDIA supplier, riding the crest of the technological wave, Chen Tao dares not relax丝毫. Technology advances by leaps and bounds daily; the slightest complacency risks being left behind by the times. In this sense, the battlefield of AI has only just begun. And the 53-year-old Chen Tao remains fighting on the front lines.
【References】[1] "Stories of Veteran 'Pioneering Pioneers'" Huizhou Veterans Affairs Bureau [2] "'Dream Chaser' Chen Tao: Gobi Warrior 'Dives into the Sea' of Business, Writes a Legend from Scratch" Yangcheng Evening News. Welcome to follow 【Huashang Taolue】 to recognize influential figures and read strategic legends.
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