HONG KONG, Febuary 6th, 2026 —— Shenzhen Han's CNC Technology (Han’s CNC) Co., Ltd. (03200. HK) was successfully listed on the Hong Kong Exchanges and Clearing Limited (HKEX). CIC hereby extends its warm congratulations on the company's successful listing.
As an independent third-party industry research and consulting firm, CIC conducted in-depth sector research on the global printed circuit board (PCB) special equipment industry, supporting the company and its sponsor in developing the industry overview section of the prospectus. Post the successful filing of the listing application, CIC continued to assist the company and its sponsor in addressing inquiries from the Hong Kong Exchanges and Clearing Limited (HKEX) and relevant regulators, while refining the information disclosure content of the listing application materials. Ultimately, the company cleared the regulatory hearing and completed its listing successfully, with CIC playing a pivotal role in facilitating this milestone.
Founded in 2002, Han's CNC focuses on the R&D, production and sales of PCB special production equipment, emerging as a leading domestic provider of end-to-end PCB special equipment solutions. Prior to its HKEX listing, the company was already listed on the Shenzhen Stock Exchange (301200. SZ).
Han's CNC initially focused on the field of special PCB production equipment, and gradually built an initial equipment portfolio covering major production processes such as drilling, exposure, forming and testing. It has established a relatively solid equipment manufacturing capacity and customer base, and accumulated certain technical expertise and industry recognition in the domestic PCB equipment market. On this basis, the company has continuously expanded its product scope and solution capabilities. By enriching its equipment categories and product matrix, it has extended its business to processes such as mechanical drilling and lamination, promoting its products to cover the main core links of PCB production. With the continuous improvement of its product portfolio, the company has transformed from a single equipment supplier to a provider of comprehensive solutions, further consolidating its market position in the domestic special PCB production equipment field.
Han's CNC focuses on building the industry value chain and provides comprehensive solutions to customers with high-quality products. Its customer base covers 80% of the enterprises listed in the 2024 Prismark Global Top 100 PCB Enterprises Ranking. Relying on its leading R&D technology, three-dimensional product matrix and stable customer cooperation relations, Han's CNC has ranked first in the CPCA Special Equipment and Instruments Ranking for 16 consecutive years since 2009 in terms of revenue.
According to CIC , Han's CNC was the largest manufacturer of special PCB production equipment in China in 2024, accounting for approximately 10.1% of the Chinese market share. Among them, in terms of revenue in the Chinese market in 2024, Han's CNC's drilling equipment accounted for more than 30% of the Chinese market share.
The financing structure of this initial public offering (IPO) highlights professional allocation. The company intends to globally offer 50.4518 million H-shares, including 5.0452 million shares for Hong Kong offering, accounting for 10%, and 45.4066 million shares for international offering, accounting for 90%, with an additional 15% over-allotment option. This financing has received strong capital endorsement. Cornerstone investors including Hongxing International under Shenghong Technology, GIC Private Limited, the manager of Singapore's foreign exchange reserves, HHLRA under Hillhouse Capital, MSIP under Morgan Stanley, Fullgoal Fund, and OmniVision Hong Kong under OmniVision Technologies have agreed to subscribe for the offered shares of Han's CNC at the offering price with a total amount of approximately USD 310 million subject to certain conditions.
Driven by the rapid development of AI industry chain infrastructure, the demand for electronic terminals such as servers and data storage has continued to grow. Coupled with the trend of functional upgrading, it has driven substantial growth of PCB products, and also catalyzed the in-depth transformation of the special PCB equipment industry. The production equipment involved in the PCB production process is called special PCB production equipment, referring to advanced machines that are specially and custom-designed according to the specific requirements of the PCB production process, from substrate material processing to the final formation of finished circuit boards.
In terms of revenue, the global special PCB equipment market size was approximately USD 7.085 billion in 2024, and it is expected to reach approximately USD 11.388 billion by 2029, with a compound annual growth rate (CAGR) of 8.6% from 2025 to 2029. As an important part of the global PCB industry, the market size of China's special PCB equipment industry was approximately USD 4.111 billion in 2024, and it is expected to grow at a CAGR of 8.2% from 2025 to 2029, reaching approximately USD 6.495 billion by 2029.
Drilling equipment and exposure equipment are two categories of special PCB production equipment with relatively high value proportion and key positions in the overall production process. Due to the high frequency of use and large number of equipment configurations in the PCB production process, the total capital expenditure for drilling and exposure equipment in a single PCB production line usually accounts for more than 30% of the total investment in special PCB equipment. In terms of revenue, the global drilling equipment market size was approximately USD 1.47 billion in 2024, and it is expected to reach approximately USD 2.683 billion by 2029, with a CAGR of 11.5% from 2025 to 2029. In terms of revenue, the global exposure equipment market size was approximately USD 1.204 billion in 2024, and it is expected to grow at a CAGR of 9.3% from 2025 to 2029, reaching approximately USD 1.743 billion by 2029.
According to CIC, the driving factors and development trends of the global special PCB equipment industry include but are not limited to the following aspects:
1. AI-related PCB is expected to become the core growth driver in the next few years, significantly boosting the demand for high-value-added production equipment
With the rapid advancement of AI large models and intelligent hardware applications, the demand for computing infrastructure has surged, driving substantial growth in the demand for high-performance servers, GPUs and high-end PCBs. AI special equipment puts forward higher requirements for PCBs, such as increased number of layers, high-frequency and high-speed signal transmission, and precision production, thereby accelerating the demand for high-end value-added PCB products. This trend is continuously expanding the special PCB equipment market.
2. Strong support from national industrial initiative policies
As the basic support for modern electronic production, special PCB equipment integrates the integration of multi-disciplinary technologies such as mechanical systems, electrical engineering, optical precision, advanced control systems and materials science. As a strategic priority in China's high-end equipment production development plan, this field has received strong policy support in recent years.
3. PCB capacity expansion drives the release of equipment demand
Driven by the strong downstream demand in fields such as AI, high-end consumer electronics and new energy vehicles, the global electronic production supply chain is accelerating geographical agglomeration. In this round of structural adjustment, China and Southeast Asia are emerging as dominant strategic nodes. With the expansion of PCB production capacity, the demand for special PCB production equipment has increased accordingly.
4. The restructuring of the global supply chain accelerates equipment exports
The evolution of geopolitical tensions and trade protection policies is driving the transfer of PCB production to regions with cost advantages such as Southeast Asia. To this end, special PCB production equipment manufacturers must adapt to different regional standards, thereby promoting the development of modular, easy-to-maintain and customized special PCB production equipment solutions.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the intelligent manufacturing sector.
From from IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to Han's CNC, CIC has supported leading enterprises in successful listings both domestically and overseas, including Horizon Robotics, JD Industrial, Hesai Technology and Innovusion, etc.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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