Shenzhen Han's CNC Technology Co.,Ltd. (03200) has opened its initial public offering (IPO) for subscription from January 29, 2026, to February 3, 2026. The company plans a global offering of 50.4518 million shares, with the Hong Kong public offering comprising 10% and the international offering making up 90% of the total, plus a 15% over-allotment option. The offer price is set not to exceed HK$95.8 per share. With a board lot size of 100 shares, the shares are expected to commence trading on the Stock Exchange of Hong Kong on February 6, 2026. The company is a leading provider of specialized PCB production equipment solutions in China. It operates within the PCB-specific equipment industry, serving as a core infrastructure supplier for various downstream sectors. Having focused on the PCB equipment field for over 20 years, the company has continuously expanded its capabilities to cover technically challenging processes in PCB manufacturing. According to data from CIC Consulting, the company possesses an extensive product portfolio in the global PCB equipment industry, covering nearly all major PCB production processes, including drilling, exposure, lamination, routing, and inspection. The company is dedicated to building industry value chains and providing customers with comprehensive solutions through high-quality products. Leveraging advanced R&D technology, a diversified product matrix, and stable customer relationships, the company has ranked first for 16 consecutive years since 2009 on the CPCA's list of specialized equipment and instruments by revenue. Based on CIC Consulting's data, the company held the top position in the Chinese market by revenue from PCB production equipment in 2024, with a market share of 10.1%. The company's products have gained widespread customer recognition for their performance and value. The company has entered into cornerstone investment agreements with Hongxing International, GIC Private Limited, Schroders, HHLRA, MSIP, Fullgoal Fund, Yuanlesheng (Tibet), CICC Financial Trading Limited (related to an OTC swap with Yuanlesheng (Tibet)), ICBC Wealth Management, Wind Sabre, and OmniVision Hong Kong. The cornerstone investors have agreed, subject to certain conditions, to subscribe or cause their designated entities to subscribe for shares purchasable with a total amount of US$310 million (rounded down to the nearest full board lot of 100 H shares). Assuming the over-allotment option is not exercised, and after deducting underwriting commissions and other estimated offering expenses payable by the company, with an assumed maximum offer price of HK$95.80 per share, the company estimates net proceeds of approximately HK$4.631 billion from the global offering. Approximately 50.0% of the net proceeds will be allocated to enhancing research and development and operational capabilities, aimed at gaining a deeper understanding and better meeting the needs of global customers. Approximately 40.0% of the net proceeds will be used to increase the production capacity for PCB-specific equipment. To capitalize on the trend of China's PCB industry moving towards high-end and precision manufacturing and to meet domestic and international customer demand for high-tech PCB production equipment, the company will expand its PCB equipment capacity within China. Approximately 10.0% of the net proceeds are designated for working capital and general corporate purposes, to support the company's daily operations and future business development.
Comments