Shanghai Top Numerical Control Technology Co., Ltd. (07688.HK), a high-end five-axis CNC machine tool manufacturer, has launched its Hong Kong IPO. The public offering period runs from May 12 to May 15. The company plans to globally offer 65,330,000 H Shares (subject to reallocation and the over-allotment option) at an offer price of HK$26.39 per H Share. Each board lot consists of 100 shares, with an entry subscription fee of approximately HK$2,665.61. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on May 20. Guotai Junan Capital Limited and CCB International Capital Limited are acting as the joint sponsors.

Top Numerical Control: Ranked First in China's Aerospace Five-Axis CNC Machine Tool Market

Offer Structure: Approximately 10% of the global offering will be allocated to the Hong Kong public offering (6,533,000 H Shares), while approximately 90% will be allocated to the international offering (58,797,000 H Shares, subject to reallocation and the over-allotment option).

Offer Price: HK$26.39 per share; board lot size of 100 shares; entry fee of approximately HK$2,665.61.

Offer Period: May 12–15 (Price determination expected on May 15).

Listing Date: May 20.

IPO Joint Sponsors: Guotai Junan Financing Limited and CCB International Capital Limited.

Company Profile

Top Numerical Control specializes in the R&D, design, production, and sale of high-end intelligent manufacturing equipment (primarily five-axis CNC machine tools), addressing the advanced manufacturing needs of China's aerospace sector. According to a CIC report, in 2025, the company ranked first in China's aerospace five-axis CNC machine tool market with a 10.0% market share. In China's overall five-axis CNC machine tool market, it ranked fifth among all suppliers and second among domestic suppliers, with a 3.9% market share. Its products cover aerospace intelligent manufacturing equipment, compact general-market five-axis machine tools, and large-size carbon-fiber composite five-axis machine tools, serving industries such as aerospace, automotive, energy, medical equipment, and shipbuilding.

Financial Information

According to the offering documents, Top Numerical Control reported revenues of approximately RMB 334.6 million, RMB 531.6 million, and RMB 578.0 million for the fiscal years 2023, 2024, and 2025, respectively. Net profit/(loss) was approximately (RMB 62.34 million), RMB 6.89 million, and RMB 1.63 million, respectively. For fiscal year 2025, adjusted (non-IFRS) net profit was approximately RMB 24.61 million.

Based on the offer price of HK26.39pershare,assumingtheover−allotmentoptionisnotexercised,thecompanyexpectsnetproceedsofapproximatelyHK26.39pershare,assumingtheover−allotmentoptionisnotexercised,thecompanyexpectsnetproceedsofapproximatelyHK1,606.4 million (approximately RMB 1,406.9 million). The funds are intended for: R&D advancement (approximately 61.8%), expanding sales and marketing networks (approximately 10.3%), potential acquisitions and investments (approximately 12.1%), repayment of interest-bearing bank borrowings (approximately 6.0%), and working capital and general corporate purposes (approximately 9.9%).

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

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* 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 Top Numerical Control 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 Top Numerical Control, tap "Public Offer," enter your subscription quantity, and submit your order.

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