Han’s CNC shares surged 20% in HK grey market.

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.

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.