Movement Alert｜Top CNC Rises 5.65% in Regular Trading, Rebounding After Post-IPO Selloff as Broker Initiates Buy Rating

Market Focus06-01

On June 1, Top CNC (07688.HK) rose 5.65% in regular trading, trading at HKD 38.0 per share, with trading volume of HKD 11.42 million.

The rebound comes after sustained post-IPO selling pressure that weighed on the stock since its May 20 listing. Top CNC surged approximately 80% on its debut at a HKD 26.39 issue price but subsequently declined through multiple sessions of 5-7% daily drops through late May, as the broader Hong Kong newly listed stock sector faced persistent selling. Data showed over 32% of newly listed companies had broken below their issue prices during this period.

Supporting the recovery, Capital Securities initiated coverage on the stock with a Buy rating and a HKD 46 target price, implying significant upside from current levels. The stock had stabilized around HKD 34-38 in recent sessions before today's rebound.

Shanghai Top Numerical Control Technology Co., Ltd. specializes in the R&D, design, production and sales of high-end five-axis CNC machines. Its products serve aerospace, automotive, energy, medical devices, and shipbuilding industries. The company ranks first in China's aerospace five-axis CNC machine market with a 10.0% market share.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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