On the morning of December 15, Shenzhen Han'S CNC Technology Co., Ltd. (301200.SZ) saw its stock price strengthen quietly after a calm opening. By 11:30 AM, the price had risen to 116.00 yuan, up approximately 3.68% from the opening. This intraday movement seemed to echo a larger capital wave—the global PCB equipment leader, just three years after its A-share listing, is now sprinting toward the Hong Kong Stock Exchange with a 6.5% global market share.
Recently, Hong Kong Exchange filings revealed that Han'S CNC has submitted a second application for a main board listing, following its initial attempt in May 2025. If successful, the company will establish a dual-capital platform with "A+H" shares, sparking significant market interest in its strategic timing for accelerating global expansion.
As a core subsidiary of Han's Laser, Han'S CNC has ranked first for 16 consecutive years in the China Printed Circuit Association's specialized equipment rankings. Its globalization efforts have notably accelerated in recent years: overseas sales surged from 36.39 million yuan in 2022 to 362 million yuan in 2024, with revenue share jumping from 1.3% to 10.8%. Financially, the company delivered robust support, with revenue reaching 3.903 billion yuan in the first three quarters of 2025, up 66.53% year-on-year, and net profit hitting 492 million yuan, soaring 142.19% year-on-year. This impressive growth trajectory provides key momentum for its second attempt at a Hong Kong listing.
**How Is Han'S CNC Capturing the PCB Industry Upgrade Boom?** The global PCB equipment market in 2024 was fragmented, with the top five players holding just 20.9% combined market share. Han'S CNC led with 6.5%, driven by structural changes from booming AI computing demand.
Terminals like AI servers and high-speed switches demand higher-layer, denser, and more precise PCB drilling—a trend that propelled Han'S CNC's "V-shaped" recovery. In 2024, revenue surged over 100% to 3.343 billion yuan, while net profit rebounded sharply to 300 million yuan from 136 million yuan in 2023. By Q3 2025, revenue hit 1.521 billion yuan, up 95.19% year-on-year, with net profit skyrocketing 281.94% to 228 million yuan.
These stellar figures reflect the company's grasp of PCB industry upgrades. As investor "Dao Fa Zi Ran" noted: "AI servers and high-speed switches widely adopt 112/224Gbps SerDes designs, requiring higher-layer, denser PCBs." Veteran investor Mr. Lei added, "AI servers and NEVs are key drivers for PCB upgrades. As one of China's few full-process solution providers, Han'S CNC is well-positioned to benefit."
**Opportunities Behind the Hong Kong IPO Push** With rapid growth as leverage, Han'S CNC's swift move toward a Hong Kong listing—just three years after its A-share debut—has fueled speculation about its strategic intent. This isn't merely about fundraising but a comprehensive global play.
Mr. Lei observed: "The company needs not just growth narratives but proof of quality and execution. Timing the application during its AI-driven rebound maximizes visibility and valuation." He added, "Raising capital at the industry peak prepares for R&D battles, overseas expansion, and M&A during downturns—a cyclical strategy."
Chen Chaoming, president of the Shenzhen Private Equity Research Association, noted: "This isn't a one-dimensional fundraising move but a holistic strategy aligning with global competition and long-term growth."
Proceeds will focus on overseas expansion, including a new Singapore factory and R&D hub, alongside strengthening Southeast Asian networks. The company has already set up service centers in Thailand and expanded sales in Malaysia and Vietnam.
Yet challenges loom. Competing against giants like Germany's Schmoll and Japan's Mitsubishi, Han'S CNC adopts a differentiated approach. Chen explained: "Full-stack solutions go beyond equipment sales to process know-how, transforming vendors into partners." However, he cautioned: "International leaders dominate niches with decades of expertise. As a newcomer, Han'S CNC faces perception gaps in every segment."
Financial risks also persist. Over 62.8% of 2024 revenue came from drilling equipment, with gross margins sliding from 34% in 2022 to 27.2%. Mr. Lei emphasized: "Investors need to see margin stabilization and improved cash flow alignment with profits."
**Navigating Globalization Challenges** Market reactions to Han'S CNC's Hong Kong bid mix optimism with caution, particularly over high shareholder pledge ratios. Chen warned: "Post dual-listing, pledge risks grow complex. A-share volatility could trigger margin calls or forced liquidations."
A-share investors also worry about parent company "hollowing out." Mr. Lei noted: "If Han's Laser's other businesses stagnate, it may be seen as a mere shell." However, he added: "Handled well, this could be a value rediscovery opportunity."
Investors seek greater transparency, urging detailed breakdowns of product, application, and regional metrics, plus insights into overseas certification hurdles and rival moves.
At a macro level, Han'S CNC's "A+H" ambition mirrors China's high-end manufacturing globalization. Mr. Lei noted: "Hong Kong offers a structural window, with global capital reappraising Chinese manufacturing prowess amid the market's valuation appeal."
Chen highlighted long-term governance benefits: "Stricter Hong Kong oversight will enhance transparency, attracting global investors."
An A-share investor, Mr. Dao, remains watchful: "H-share pricing will impact A-shares. With 83.5% held by Han's Laser, the float is just ~65 million shares—fairly tight liquidity."
As PCB trends toward smart, high-end transformation, Han'S CNC—with its leadership, resilient growth, and global vision—aims to leap from "Made in China" to "Global Operations" via its dual-platform strategy.
Chen framed this as part of a broader shift: "From Midea to CATL and now Han'S CNC, China's manufacturing giants are entering a new phase—exporting not just products and tech, but capital and brands."
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