Shares of Victory Giant Technology (HuiZhou) Co., Ltd. (ASX: 02476) plummeted more than 13% during the late trading session. As of the latest update, the stock was down 13.1% to HK$229.6, with a turnover of HK$2.271 billion.
The company addressed investor concerns on an interactive platform on July 10th. This followed recent foreign media reports suggesting a potential delay in the launch of Nvidia's Rubin server architecture. In response, the company stated that its collaboration with key clients remains stable and orderly, with capacity construction and product deliveries progressing according to plan. Due to commercial policy restrictions, it is not convenient to discuss details regarding specific clients or business operations.
Furthermore, the company noted that cost pressures arising from increased raw material prices have been reasonably and systematically passed on to downstream customers. It is also noteworthy that on June 12th, Victory Giant Technology disclosed an announcement stating that, to make full use of its idle internal funds and further enhance capital efficiency, the company and its subsidiaries plan to allocate up to 18 billion yuan (or an equivalent amount in foreign currency) for cash management purposes.
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