TOPNC (07688) commenced trading on its first day of listing. The company set the issue price at HKD 26.39 per share, offering a total of 65.33 million shares in lots of 100 shares each. The net proceeds from the offering are approximately HKD 1.606 billion. As of the latest update, the stock price has risen by 40.2%, reaching HKD 37, with a turnover of HKD 416 million.
Public information indicates that TOPNC is a Chinese enterprise specializing in the research, development, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis CNC machine tools. The company focuses on developing five-axis CNC machine tools to meet the advanced manufacturing demands of China's aerospace sector.
According to a CIC report, by 2025, TOPNC ranked first in China's aerospace five-axis CNC machine tool market with a market share of 10.0%. Among all suppliers in China's five-axis CNC machine tool market, the company ranked fifth overall and second among domestic suppliers, holding a market share of 3.9%.
The same source notes that five-axis CNC machine tools are fundamental industrial manufacturing equipment. Due to their ultra-high precision, efficiency, and intelligent processing capabilities, their applications are expanding across various industries. The market size for five-axis CNC machine tools is projected to grow from RMB 12.9 billion in 2025 to RMB 31.9 billion in 2030, representing a compound annual growth rate of 19.8%.
During the track record period, the company has expanded its market presence into general industries, including automotive, energy, medical equipment, shipbuilding, machine tool equipment, and mold manufacturing.
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