HANS CNC has been a dedicated player in PCB specialized equipment for over two decades, holding the top global market share. Founded in 2002, the company covers the entire chain from R&D and production to sales. It listed on the Shenzhen Stock Exchange in 2022 and plans a Hong Kong IPO in 2026, creating an A+H dual capital platform. The business has shown steady growth, with 2025 revenue reaching RMB 5.8 billion, a CAGR of approximately 19% from 2018 to 2025. Net profit attributable to shareholders was RMB 800 million, with a CAGR of about 12% over the same period. Drilling equipment is the core business (72% of 2025 revenue), while the company also covers key PCB production steps like inspection, exposure, and forming, offering a one-stop supply solution.
AI is driving the expansion of high-end PCB production, leading to both volume and price increases for PCB equipment. The four major North American cloud vendors continue to ramp up capital expenditure, with combined CapEx totaling approximately $356 billion in 2025, expected to reach $720-745 billion in 2026. This will boost shipments and specifications of AI servers, high-speed switches, and accelerator cards, demanding higher performance from advanced PCBs like HDI and any-layer interconnect boards. According to data from the Global Electronics Association, Prismark, and Frost & Sullivan, the global AI PCB market was about $8.6 billion in 2025, up 43% year-on-year, and is projected to reach $15 billion by 2029, a CAGR of 15% from 2025 to 2029. AI servers require PCBs with high frequency, high speed, high heat dissipation, and high wiring density, driving demand for high-value core process equipment such as laser micro-via drilling (CO2/UV/ultrafast laser) and direct-write LDI. This fuels a "volume and price increase" in the equipment market. The global PCB equipment market was $7.1 billion in 2024, expected to reach $10.8 billion by 2029, a CAGR of 9%, accelerating growth. In terms of competition, the global PCB equipment industry is fragmented due to complex processes. Based on 2024 revenue, the top five players held a combined share of about 20.9%, with HANS CNC ranking first globally with a 6.5% market share.
As the PCB equipment leader, HANS CNC boasts leading drilling performance and is expanding from one core business to multiple platforms. First, its industry position: The company is the PCB equipment leader, holding a 6.5% global market share in 2024, ranking first. Its drilling segment is particularly strong, with over 50% global market share in mechanical drilling in 2025. Second, its drilling performance leads the market, with a continuously upgraded product structure. The company's drilling equipment covers full technical routes for mechanical and multiple types of laser drilling. Mechanical drilling, with 3D back-drilling and drill-inspection integrated technology, has completed AI server PCB certification and achieved mass production. Ultrafast lasers, using cold processing technology, break through processing bottlenecks for high-frequency, high-speed substrates, catering to high-end scenarios like M9 materials and high-speed optical modules, providing complete drilling process solutions. The continued rollout of high-value equipment drives both volume and price increases in the drilling business. Third, platform expansion opens up new space. With drilling equipment as its foundation, the company is gradually expanding into multi-process synergies like LDI exposure, inspection, and forming. HANS CNC serves over 80% of companies on Prismark's global PCB top 100 list, deeply partnering with leading PCB manufacturers such as Victory Giant Technology and Shennan Circuits. High customer certification barriers provide a natural channel for introducing new equipment.
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