New shares update: Shenzhen Han's CNC Technology (03200) concludes its IPO with a total subscription of 45 billion Hong Kong dollars, oversubscribed 93 times.

China's largest manufacturer of PCB specialized production equipment, Shenzhen Han's CNC Technology (03200), started its IPO from January 29 to February 3. According to market sources, as of the evening of February 2, Shenzhen Han's CNC Technology recorded a subscription of 45 billion Hong Kong dollars, with a public offering amount of 4.8 billion Hong Kong dollars, oversubscribed by 93 times. Shenzhen Han's CNC Technology plans to issue 50.452 million H shares, with one-tenth to be offered in Hong Kong as a public offering at a maximum offer price of 95.8 Hong Kong dollars, raising up to 4.83 billion Hong Kong dollars. Shenzhen Han's CNC Technology will have a board lot of 100 shares with an entry fee of 9676.6 Hong Kong dollars. The company is expected to start trading on February 6, with CICC as the sole sponsor. Shenzhen Han's CNC Technology has brought in Victory Giant Technology (300746.SZ) under Hongxing International, Singapore government investment company GIC, Schroders global under SIMSL and SIMHK, HHLRA under Hillhouse Capital, MSIP under Morgan Stanley, Fuguo, Tibet Yuanlesheng and CICC Financial Trading Limited (related to offshore swaps with Tibet Yuanlesheng), ICBC Wealth Management, Wind Sabre, and Howard Hong Kong as cornerstone investors, with a total investment of 310 million US dollars. The prospectus shows that Shenzhen Han's CNC Technology is a provider of solutions for PCB specialized production equipment, mainly engaged in the research and development, production, and sales of PCB specialized production equipment. The company's wide range of production equipment covers multiple sectors of the PCB industry and encompasses key production processes such as drilling, exposure, pressing, forming, and testing. The company operates in the PCB specialized equipment industry for servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics. The company's business and financial performance largely depend on the overall performance of downstream industries that have demand for electronic devices. According to Insight Consulting data, the PCB specialized equipment industry is highly competitive and relatively fragmented, with the top five manufacturers in China accounting for approximately 23.9% of the total market share in terms of revenue in 2024. During the historical period, the company generated the majority of its revenue from mainland China. According to the same data source, based on revenue in 2024, the company is the largest PCB specialized production equipment manufacturer in China, with a market share of 10.1%. In 2022, 2023, 2024, and the ten months ending on October 31, 2025, the company sold 2,514 units, 1,129 units, 3,119 units, 2,569 units, and 4,499 units of drilling equipment, with production-sales rates of 121.1%, 81.6%, 108.9%, 114.2%, and 98.9%, respectively. In terms of finances, in the fiscal years 2022, 2023, 2024, and the ten months ending on October 31, 2025, Shenzhen Han's CNC Technology recorded revenues of 2.786 billion yuan, 1.634 billion yuan, 3.343 billion yuan, and 4.314 billion yuan, respectively. During the same period, the company recorded net profits of 432 million yuan, 136 million yuan, 300 million yuan, and 519 million yuan, respectively.