GIC-backed Shenzhen Han’s CNC to price Hong Kong listing at top of range; targets HK$4.83 billion raise

The firm is offering 50.5 million shares in the listing, with the offer price determined as HK$95.80 per share

Published Wed, Feb 4, 2026 · 06:26 PM

Printed circuit board (PCB) equipment maker Shenzhen Han’s CNC Technology said on Wednesday (Feb 4) it was set to price its Hong Kong listing at the top end of its offer range, aiming to raise a total of HK$4.83 billion (S$786.2 million).

The firm was offering 50.5 million shares in the listing, with the offer price determined as HK$95.80 per share, the top end of its earlier marketed range.

Funds from the listing would be used to enhance the firm’s operational capabilities and as working capital, Han’s CNC had said earlier.

The deal lured in 10 cornerstone investors committing a combined US$309.8 million, including Singapore’s GIC, Schroders, and Victory Giant Technology.

According to its prospectus, the Shenzhen-headquartered firm was China’s largest specialised PCB production equipment manufacturer in terms of revenue in 2024, with a market share of 10.1 per cent in China.

Hong Kong’s new listings continue to gather momentum, with Han’s CNC’s debut coming alongside a string of other offerings.

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China’s biggest pig breeder, Muyuan Foods, is targeting the top end of the price range for its Hong Kong listing, seeking to raise about HK$10.69 billion. Other recent or upcoming deals include chipmakers Montage Technology and Axera Semiconductor.

The activity has helped Hong Kong notch its strongest start to a year since 2021, with IPOs and secondary listings raising about US$5.5 billion in January, the most for the month since January 2021, according to LSEG data.

Han’s CNC said it would announce the other relevant details of the listing, including the allocations, on Feb 5, with its shares expected to debut on the Hong Kong stock exchange on Feb 6. REUTERS

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