[HK IPO] Subscription status and analysis of Han's CNC IPO

$HANS CNC(03200.HK) $GON TECHNOLOGY(02768.HK) $EASTROC(09980.HK)

Company Name: Shenzhen Han's CNC Technology Co., Ltd. (03200.HK, hereinafter referred to as the "Company")

Sponsor: CICC

Greenshoe: CICC

Cornerstone Investors: 50%

Subscription Period: January 29 - February 3

Listing Date: February 5

Main Business: PCB equipment manufacturer

I. Sponsor, Greenshoe, Cornerstone Investors

CICC is the sole sponsor and greenshoe provider.

People are saying CICC's greenshoe doesn't do much, but to be fair, the stocks sponsored by CICC recently have all performed very well.

The cornerstone investors take up 50% of the offering, and the lineup is very impressive, including international funds such as Singapore's sovereign wealth fund, Schroders, Hillhouse Capital, Morgan Stanley, and domestic big names like Fullgoal, Howei, and ICBC Wealth Management. The overall cornerstone investor strength is very solid.

IPO Rating: ★★★★

II. Margin Financing Situation

Mechanism B, 10%, with the upper limit set at HKD 9,580 per lot. The public offering is 50,000 lots, so there's a decent amount of shares, and the subscription rate won't be too low.

As of 2 PM today, the total margin financing reached HKD 1.02 billion, 8.1 times oversubscribed. To be honest, the amount is HKD 200 million higher than Dongpeng at the same time yesterday, but I don't think it's because Guoen is particularly hot—it's just that Dongpeng was too weak.

IPO Rating: ★★★

III. Valuation Review and Fundamental Analysis

1. The company is China's largest PCB (Printed Circuit Board) equipment manufacturer. In 2023, its revenue shrank due to weak demand for consumer electronics, but in 2024, demand recovered, and it quickly regained lost ground, with a year-on-year growth of 105%. In the first half of 2025, growth continued, with revenue up 52% and net profit up 82%.

2. The company's products cover six major types: drilling, probing, forming, exposure, lamination, and pressing. Except for electroplating, it has nearly full coverage, with a complete product range.

3. Gross margin continued to decline from 2022 to 2024, but rebounded significantly in 2025. In the first half of the year, gross margin had recovered to 29.2%, the same level as in 2023.

4. The company expects a profit increase of HKD 800 million to HKD 1 billion, up 200% year-on-year. The recovery in consumer electronics and the accelerated expansion of downstream computing PCB production have driven demand growth. There are no pure PCB concept stocks in Hong Kong stocks, so this could enjoy a first-mover advantage like Minimax or GigaDevice in hot sectors.

5. Today, Han's CNC closed at RMB 158.5, with the upper pricing limit at HKD 95.8, representing a discount rate of 46%. At current levels, this is very attractive, but with A-shares at high levels, those seeking stability can wait until the last day. However, for those with access to institutional placement channels, subscribing now is not a big issue, and the risk-reward ratio is still quite good.

IPO Rating: ★★★★

Conclusion:

The company has excellent fundamentals and is a rare concept stock in Hong Kong. Benefiting from the recovery in consumer electronics and demand from the Nvidia supply chain, the company's performance has maintained high growth over the past two years. The key point is that it's not expensive (looking at you, Beverage Brother). As long as A-shares remain stable, there shouldn't be any major issues.

IPO Rating: ★★★★~★★★★★