Shenzhen Han's CNC Technology Co., Ltd. (03200.HK) has launched its Hong Kong IPO, with the subscription period from January 29 to February 3, 2026. The company plans to offer 50,451,800 shares globally, with a 15% over-allotment option. The maximum offer price is HKD 95.80 per share, with a minimum lot size of 100 shares. The entrance fee, based on the maximum offering price, is approximately HKD 9,676.14. The shares are expected to begin trading on the Hong Kong Stock Exchange’s main board on February 6, 2026. China International Capital Corporation (CICC) is the sole sponsor.

Han's CNC: China’s Largest PCB Equipment Manufacturer

Offer Ratio: Approximately 10% for Hong Kong public offering (5,045,200 shares), and 90% for international placement (45,406,600 shares).

Issue Price: Maximum of HKD 95.80 per share; 100 shares per lot; the entrance fee is approximately HKD 9,676.14 based on the maximum offering price.

Issue Period: January 29 to February 3, 2026 (pricing expected on February 4, 2026).

Listing Date: February 6, 2026.

IPO Sponsor: China International Capital Corporation (CICC).

Company Overview

Han's CNC is a leading provider of PCB (printed circuit board) equipment solutions in China, primarily engaged in the research, development, production, and sale of PCB-specific equipment. The company’s product portfolio covers various key production processes in the PCB industry, including drilling, exposure, lamination, forming, and inspection. According to data from Zhenzhong Consulting, based on 2024 revenue, the company is China’s largest PCB equipment manufacturer, holding a 10.1% market share in China and ranking first globally with approximately 6.5% of the global market share.

Financial Information

According to the prospectus, Han's CNC reported revenues of approximately RMB 2.786 billion, RMB 1.634 billion, and RMB 3.343 billion for the years 2022, 2023, and 2024, respectively. During the same period, the company recorded net profits of RMB 432 million, RMB 136 million, and RMB 300 million. For the ten months ending October 31, 2025, the company achieved revenue of approximately RMB 4.314 billion and net profit of RMB 519 million. Based on the maximum offer price of HKD 95.80 per share, and assuming no exercise of the over-allotment option, the company expects to raise a net amount of approximately HKD 4.631 billion. The proceeds will be used to enhance research and development and operational capabilities (approximately 50%), increase PCB equipment production capacity (approximately 40%), and for working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Han's CNC via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Han's CNC, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)