TOPNC (07688) will conduct its public offering from May 12 to May 15, 2026. The company plans a global offering of 65.33 million shares, with 10% allocated for the Hong Kong public offering and 90% for the international offering. The offer price is set at HK$26.39 per share, with a board lot of 100 shares. The shares are expected to commence trading on the Stock Exchange on May 20, 2026.

The company is a Chinese enterprise focused on the research, development, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis computer numerical control (CNC) machine tools.

The company has entered into cornerstone investment agreements with RBC, 3W, Boyu, HHLRA, UBS AM Singapore, CDH, Xinting Fund, Fullgoal Fund, Fullgoal Hong Kong, ChinaAMC, Shanghai Minhang, TT International, Mirae Asset, and Goldman Sachs Asset Management. The cornerstone investors have agreed, subject to certain conditions, to subscribe for shares with a total value of US$110 million (rounded down to the nearest full board lot of 100 H shares). Based on the offer price of HK$26.39 per share, the cornerstone investors will subscribe for a total of 32.665 million shares. This represents (i) approximately 50% of the shares offered in the global offering and about 8.0% of the company's total issued share capital upon completion of the global offering (assuming the over-allotment option is not exercised); or (ii) approximately 43.5% of the shares offered in the global offering and about 7.8% of the company's total issued share capital upon completion of the global offering (assuming the over-allotment option is fully exercised).

Assuming (i) the offer price is HK$26.39 per H share (i.e., the final offer price) and (ii) the over-allotment option is not exercised, the company estimates the net proceeds from the global offering (after deducting underwriting fees and related expenses) will be approximately HK$1.606 billion. According to the company's strategic plan, the net proceeds from the global offering are intended to be used for the following purposes according to the specified amounts and schedule. Approximately 61.8% will be allocated to research and development advancement. Approximately 10.3% will be allocated to expanding the sales and marketing network. Approximately 12.1% will be allocated for potential acquisitions and investments in key component manufacturers (such as servo drives and direct drive torque motors). Approximately 6.0% will be allocated to repay part of the group's interest-bearing bank borrowings. Approximately 9.9% will be allocated for working capital and general corporate purposes.