Shenzhen Han's CNC Technology Co., Ltd. (Han's CNC) has passed the listing hearing of the Hong Kong Stock Exchange's main board, with China International Capital Corporation (CICC) acting as the sole sponsor.

The company is a provider of PCB-specific production equipment solutions, primarily engaged in the research and development, production, and sales of such machinery.

Its extensive product portfolio spans multiple segments of the PCB industry and covers several key production processes, including drilling, exposure, lamination, forming, and inspection.

The company operates within PCB equipment sectors such as servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics.

Its business and financial performance are heavily dependent on the overall performance of downstream industries that demand electronic equipment.

According to industry data, the PCB equipment sector in China is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share by revenue in 2024.

During the track record period, the vast majority of the company's revenue was generated from mainland China.

Based on the same source, Han's CNC was the largest PCB-specific production equipment manufacturer in China by revenue in 2024, holding a market share of 10.1%.

Leveraging its broad product mix, advanced technology, and strong production capacity, the company can swiftly adapt to evolving industry trends and meet diverse customer needs.

Throughout the track record period, the company has sold its PCB-specific production equipment to over 10 countries and regions.

Drilling equipment and solutions constitute a significant portion of the company's revenue.

The drilling process is a critical step in PCB manufacturing, creating conductive vias to establish electrical connections between layers in multi-layer board structures.

In line with industry standards, the company provides both mechanical drilling equipment and laser direct drilling systems to cater to different processing requirements.

For the years 2022, 2023, 2024, and the ten-month periods ended October 31, 2024, and 2025, the company sold 2,514, 1,129, 3,119, 2,569, and 4,499 units of drilling equipment, respectively, with production-to-sales ratios of 121.1%, 81.6%, 108.9%, 114.2%, and 98.9%.

Financially, for the years 2022, 2023, 2024, and the ten months ended October 31, 2025, the company recorded revenues of RMB 2.786 billion, RMB 1.634 billion, RMB 3.343 billion, and RMB 4.314 billion, respectively.

During the same periods, it recorded annual/period profits of RMB 432 million, RMB 136 million, RMB 300 million, and RMB 519 million, respectively.