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By Jason Chau
Chinese advanced manufacturing toolmaker Shanghai Top Numerical Control Technology surged in its Hong Kong trading debut, as investors continued to be cheered by the boom in the country's technology exports.
The company raised 1.72 billion Hong Kong dollars, equivalent to $219.7 million, in its initial public offering. Its shares jumped as much as 47% compared to its offering price early Wednesday before paring some gains to trade 33% higher.
Shanghai Top Numerical is a producer of high-end intelligent manufacturing equipment, including computerized numerical control machine tools widely used to automate factory production.
According to its exchange filing, the firm views its products as key to reducing China's dependence on imported industrial machine tools given their applications in building aircrafts, rockets and ships.
Top Numerical has secured backing from major global institutional investors, including Royal Bank of Canada, UBS, Goldman Sachs and Hillhouse Advisors as cornerstone investors in its IPO. The stock may have appealed to investors seeking exposure to China's efforts to be technologically self-reliant.
Hong Kong is enjoying a listing boom, with the city's bourse last saying there are over 400 active listing applicants in the pipeline. Market sentiment remains upbeat overall, supported by bullish views on China's technological progress and economic resilience amid the Iran war.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
May 20, 2026 00:08 ET (04:08 GMT)
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