Shares of HANS CNC (03200) surged more than 6% in late trading. At the time of writing, the stock was up 5.45% to HK$183.7, with a turnover of HK$479 million.

This movement follows news that Shennan Circuits announced a fundraising of over RMB 4.8 billion to expand its PCB business, indicating a new wave of capacity expansion within the PCB industry. Statistics show that, so far this year, 13 A-share listed PCB manufacturers have announced expansion plans, with total planned investments nearing RMB 59 billion.

Industry analysis suggests this cycle differs from previous ones driven by the gradual penetration of end-products. Instead, it is fueled by entirely new demand created by the explosive growth in AI computing power.

Public information indicates that HANS CNC specializes in the PCB market, focusing on high-value applications such as AI computing. The company provides numerous key pieces of equipment covering core PCB production processes. According to CIC data, the company held a 6.5% share of the global market in 2024, making it the largest supplier of dedicated PCB equipment worldwide.

Its client base encompasses leading global PCB manufacturers, with several key customers being top-tier companies in the global AI computing power PCB sector.