TopNC Launches IPO in Hong Kong, Raising Up to HK$1.7 Billion
Shanghai TopNC, a manufacturer of five-axis CNC machine tools for the aerospace sector, has initiated its IPO process in Hong Kong. The company aims to raise approximately HK$1.7 billion.
Shanghai TopNC has officially commenced its Initial Public Offering (IPO) process in Hong Kong, with trading expected to begin on May 20. The company is set to become the first Chinese commercial aerospace stock to list on the Hong Kong stock market.
The IPO plans to offer approximately 65.33 million shares globally at HK$26.39 per share, targeting proceeds of about HK$1.7 billion. Guotai Junan International and CCB International are serving as joint sponsors for the offering.
TopNC specializes in five-axis CNC machine tools, critical equipment for the aviation and aerospace industries. The company states it has been integrated into national strategic projects, including the C919 large aircraft and Long March carrier rockets. According to TopNC, its development of a dual five-axis mirror milling machine prototype in 2016 broke a long-standing technological dependency on Europe, the U.S., and Japan, making China the third country globally to master this technology.
The company reports significant financial growth, with revenues increasing from RMB 334.6 million in 2023 to RMB 578.0 million in FY2025. Financially, TopNC achieved a turnaround from an adjusted net loss in 2023 to a net profit of RMB 6.9 million in 2024 and RMB 1.6 million in FY2025, despite increased R&D expenditure. Net cash flow from operating activities also turned positive in FY2025.