China's largest PCB-specific production equipment manufacturer, HANS CNC (03200), conducted its IPO bookbuilding from January 29th to February 3rd. According to market sources, as of around 7 pm on February 2nd, the company had recorded HK$45 billion in margin financing. Based on a public offering size of HK$480 million, this represents an oversubscription of 93 times. HANS CNC plans to issue 50.452 million H shares, with 10% offered publicly in Hong Kong. The maximum offer price is set at HK$95.80 per share, which could raise up to HK$4.83 billion in total. The lot size for HANS CNC shares is 100 shares per board lot, with an entry cost of HK$9,676.60 per lot. The company is expected to commence trading on the Hong Kong Stock Exchange on February 6th, with China International Capital Corporation (CICC) acting as the sole sponsor. HANS CNC has secured a strong lineup of cornerstone investors, including Hongxing International (a subsidiary of Shengying Technology (300746.SZ)), Singapore's GIC, Schroders' SIMSL and SIMHK, HHLR Advisors (under Hillhouse Capital), MSIP (affiliated with Morgan Stanley), Wells Fargo, Yuanlesheng Asset Management (Tibet), CICC Financial Trading Limited (related to a swap agreement with Yuanlesheng), ICBC Wealth Management, Wind Sabre, and OmniVision (Hong Kong). The total investment from these cornerstone investors amounts to US$310 million. According to its prospectus, HANS CNC is a provider of PCB-specific production equipment solutions, primarily engaged in the research and development, production, and sales of such equipment. The company offers a wide range of production equipment that spans multiple segments of the PCB industry and covers several key manufacturing processes, such as drilling, exposure, lamination, forming, and inspection. The company operates within the PCB-specific equipment sector, serving industries including servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics. Its business and financial performance are heavily dependent on the overall health of these downstream industries that demand electronic equipment. Data from CIC Consulting indicates that the PCB-specific equipment industry is intensely competitive and relatively fragmented. In 2024, the top five manufacturers in China by revenue accounted for approximately 23.9% of the total market share. During the track record period, the vast majority of the company's revenue was generated from mainland China. According to the same source, HANS CNC was the largest PCB-specific production equipment manufacturer in China by revenue in 2024, holding a market share of 10.1%. For the years 2022, 2023, and 2024, as well as the ten-month periods ended October 31st, 2024, and 2025, the company sold 2,514, 1,129, 3,119, 2,569, and 4,499 sets of drilling equipment, respectively. The corresponding production-to-sales ratios were 121.1%, 81.6%, 108.9%, 114.2%, and 98.9%. Financially, for the fiscal years 2022, 2023, and 2024, and the ten-month period ended October 31st, 2025, HANS CNC 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, the company reported annual/period profits of RMB 432 million, RMB 136 million, RMB 300 million, and RMB 519 million, respectively.