New stock news | Shenzhen Han's CNC Technology (301200.SZ) submits listing application to Hong Kong Stock Exchange, specializing in the operation of PCB special equipment industry.

According to the disclosure of the Hong Kong Stock Exchange on December 2, Shenzhen Han's CNC Technology Co., Ltd. (referred to as Shenzhen Han's CNC Technology) submitted an application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The prospectus shows that Shenzhen Han's CNC Technology (301200.SZ) is a PCB-specific production equipment solution service provider. The company operates in the PCB-specific equipment industry and is a core infrastructure supplier for various downstream industries such as servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics. During the previous reporting period, most of the company's revenue was generated from Mainland China. The company is mainly engaged in the research and development, production, and sales of PCB-specific production equipment, providing end-to-end process solutions for PCB manufacturers. According to insights from consulting data, the global PCB-specific equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024. Based on revenue in 2024, the company is the largest PCB-specific production equipment manufacturer in China, with a market share of 10.1%. The company's wide range of production equipment crosses multiple sectors of the PCB industry and covers several key production processes, such as drilling, exposure, pressing, forming, and testing. With an extensive product portfolio, technology, and strong production capacity, the company is able to quickly adapt to changing industry trends and meet the diverse needs of customers. During the previous reporting period, the company has sold PCB-specific production equipment to more than 10 countries and regions. Drilling Equipment and Solutions The drilling process is a critical part of PCB production, transforming into conductive vias after precision metal plating to achieve interlayer electrical connections in multilayer boards. With the advancement of AI and automotive electrification trends, PCB designs have evolved to include complex via structures, including through-holes, blind vias, back drilling, and interlayer vias. In 2022, 2023, 2024, and the six months ended June 30, 2025, the company sold 2,514, 1,129, 3,119, 1,601, and 2,637 sets of drilling equipment respectively, with sales-to-production ratios of 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% respectively. Exposure Equipment and Solutions The exposure process involves transferring designed circuit patterns onto PCB substrates. The company mainly provides customers with LDI equipment for inner layer patterns, outer layer patterns, solder resist patterns, etc. The company's LDI technology does not require masks and simplifies the efficiency of high-density designs. The INLINE laser direct imaging system has achieved a processing speed of 480 pieces/hour and an alignment accuracy of 10m. In 2022, 2023, 2024, and the six months ended June 30, 2025, the company sold 132, 79, 141, 73, and 59 sets of exposure equipment respectively, with sales-to-production ratios of 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% respectively. Testing Equipment and Solutions The testing process is a crucial part of PCB production, ensuring the reliability and structural integrity of the final product. The company's equipment and solutions cover a range of electrical testing equipment to determine whether the PCB's electrical performance meets design requirements and automatic optical inspection systems to determine product integrity and identify defects such as opens, shorts, foreign objects, and scratches. The testing equipment and solutions support testing for finished boards up to 650mm965mm and up to 768,000 test points in typical testing processes. In 2022, 2023, 2024, and the six months ended June 30, 2025, the company sold 519, 400, 446, 215, and 295 sets of testing equipment respectively, with sales-to-production ratios of 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% respectively. Financial Information Revenue In the fiscal years ending in 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded revenues of RMB 27.86 billion, 16.34 billion, 33.43 billion, and 23.82 billion respectively. Profit In the fiscal years ending in 2022, 2023, 2024, and the six months ended June 30, 2025, the company recorded profits of RMB 4.32 billion, 1.36 billion, 3 billion, and 2.61 billion respectively. Gross Profit Margin In the fiscal years ending in 2022, 2023, 2024, and the six months ended June 30, 2025, the company's gross profit margins were 34%, 29.2%, 27.2%, and 29.2% respectively. Industry Overview Value Chain of PCB-Specific Equipment Industry With the continuous acceleration of AI technology and automotive intelligence, the global PCB industry market demand experienced steady growth by 2024. The global PCB industry output (the total market value of PCB products) increased from $65.2 billion in 2020 to $73.6 billion in 2024, with a compound annual growth rate of 3.1% from 2020 to 2024. By 2029, the global PCB industry output is expected to reach $96.4 billion, with a compound annual growth rate of 5.3% from 2025 to 2029. The rapid growth in end-use areas directly drives the upgrade of production equipment. In addition, global leading PCB manufacturers are accelerating capacity expansion, further driving demand for PCB-specific equipment. The global PCB output decreased by 15% in 2023 compared to 2022, mainly due to the contraction of demand in the consumer electronics industry, which is the main end-use for PCB products. Global Market Size of PCB-Specific Equipment Industry The main regional markets for the development of PCB-specific production equipment include China, Taiwan, Japan, Korea, and the Americas, which together accounted for approximately 89.5% of the global market by 2024. From 2020 to 2024, the compound annual growth rates for these regions were 5.6%, 4.6%, 0.9%, 2.1%, and 6.2% respectively. The global market size of PCB-specific equipment increased from approximately $58.4 billion in 2020 to about $70.85 billion in 2024, with a compound annual growth rate of 4.9%. It is estimated to reach about $113.88 billion by 2029, with a compound annual growth rate of 8.6% from 2025 to 2029. As a key component of the global PCB industry, the market size of China's PCB-specific equipment industry increased from approximately $3.306 billion in 2020 to about $4.111 billion in 2024, with a compound annual growth rate of 5.6% from 2020 to 2024. The market size of China's PCB-specific equipment industry is expected to grow at a compound annual growth rate of 8.2% from 2025 to 2029, reaching approximately $6.495 billion. Drilling Equipment and Exposure Equipment are two major categories of PCB-specific equipment with relatively high value and critical importance in the overall production process. This importance is mainly due to the characteristics of the corresponding PCB production process. Unlike other PCB-specific equipment, drilling and exposure equipment are used more frequently and in larger quantities in the PCB production process. Therefore, in a single PCB production line, capital expenditures allocated to drilling and exposure equipment account for more than 30% of the total investment in PCB-specific production equipment. Drilling Equipment The global market size of drilling equipment increased from approximately $1.174 billion in 2020 to about $1.47 billion in 2024, with a compound annual growth rate of 5.8%. It is expected to reach around $2.683 billion by 2029, with a compound annual growth rate of 11.5%. The key role of drilling equipment lies in the mechanism of PCB signal transmission, which depends on the interlayer vias. With the development of PCBs, they can accommodate more layers and higher via densities, leading to a significant increase in the number of holes per board. As the number of layers and density of vias increases, the demand for drilling on each PCB also increases exponentially. To maintain capacity, this growing demand requires multiple drilling equipment to be operated in parallel on a single production line. Exposure Equipment The global market size of exposure equipment increased from approximately $964 million in 2020 to about $1.204 billion in 2024, with a compound annual growth rate of 5.7%. It is expected to grow at a compound annual growth rate of 9.3% from 2025 to 2029, reaching about $1.743 billion by 2029. The growth in this market is mainly driven by the critical role of exposure equipment in the PCB production line. Each layer of the PCB circuit must be exposed independently to ensure the accuracy of pattern transfer. In addition, HDI boards require multi-layer interconnection and additional exposure after single-layer processing to meet strict production specifications. This dual demand ensures the irreplaceable function of exposure equipment in achieving complex PCB production processes. Board of Directors Information The board of directors consists of nine members, including one executive director, four non-executive directors (including one employee director), and four independent non-executive directors. Ownership Structure As of November 30, 2025, Mr. Gao holds approximately 83.63% of the company's issued share capital through Han's Laser Technology Industry Group, and Dahua Holdings holds approximately 0.76%, giving them a total equity interest of about 84.39% in the company. Han's Laser Technology Industry Group is held by Dahua Holdings, Mr. Gao, and other A-share shareholders, with holdings of 15.71%, 9.36%, and 74.93%, respectively. Intermediary Team Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited. Company Legal Advisor: Regarding Hong Kong and U.S. law: Howse Williams Bowers; Regarding Chinese law: Guangdong Huashang Law Firm. Exclusive Sponsor Legal Advisor: Regarding Hong Kong and U.S. law: Freshfields Bruckhaus Deringer; Regarding Chinese law: Han Kun Law Offices. Independent Auditor and Reporting Accountant: Ernst & Young. Industry Consultant: Zhishiyun Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: SOMERLEY CAP Limited.