HANS CNC (03200) continued its upward momentum on the second day of trading, with its share price reaching as high as HK$119.9 during the session, representing a gain of over 25% compared to its IPO price. At the time of writing, the stock was up 9% at HK$119.9, with a trading volume of HK$307 million. According to the prospectus, HANS CNC is a provider of specialized production equipment solutions for PCB, primarily engaged in the research and development, production, and sales of dedicated PCB manufacturing 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. Data from CIC indicates that the specialized PCB equipment industry is highly competitive and relatively fragmented, with the top five manufacturers in China accounting for approximately 23.9% of the total market share by revenue in 2024. During the track record period, the majority of the company's revenue was derived from mainland China. According to the same source, based on 2024 revenue, HANS CNC is the largest manufacturer of specialized PCB production equipment in China, holding a market share of 10.1%.