Core Viewpoint - Shenzhen Han's CNC Technology Co., Ltd. (Han's CNC) has submitted a prospectus for a public listing on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in May 2025. The company was listed on the Shenzhen Stock Exchange in February 2022, with a market capitalization of approximately RMB 45.7 billion as of December 2, 2023 [1]. Company Overview - Han's CNC is a leading provider of PCB (Printed Circuit Board) specialized production equipment solutions in China, with over 20 years of industry experience. The company supports downstream sectors such as servers, data storage, automotive electronics, mobile phones, computers, and consumer electronics. Its product range covers nearly all major PCB production processes, including drilling, exposure, lamination, molding, and testing, positioning it among the top in the global PCB equipment industry [3]. Shareholding Structure - The controlling shareholders of Han's CNC include Mr. Gao Yunfeng, Han's Laser, Han's Holdings, and Han's Global, with Mr. Gao being the ultimate beneficial owner. As of the last practicable date, Mr. Gao holds approximately 84.39% of the company's issued share capital through Han's Laser (83.63%) and Han's Holdings (0.76%). Han's Laser is listed on the Shenzhen Stock Exchange [3]. Financial Performance - Han's CNC has shown a "first decline, then rise" recovery trend in its financial performance. The company reported revenues of RMB 2.786 billion, RMB 1.634 billion, and RMB 3.343 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 432 million, RMB 136 million, and RMB 300 million. The revenue fluctuations in 2023 were attributed to cyclical adjustments in the industry, while the strong rebound in 2024 highlighted the company's rapid response capabilities and core competitiveness during the industry recovery [5]. - In Q3 2025, the company achieved revenue of RMB 1.521 billion, a year-on-year increase of 95.19%, and net profit of RMB 228 million, a staggering year-on-year growth of 281.94%. For the first three quarters of 2025, cumulative revenue reached RMB 3.903 billion, up 66.53%, and net profit was RMB 492 million, up 142.19%, marking the best performance for the same period since the company went public in 2022 [5]. Product Development - Beyond drilling equipment, Han's CNC has achieved synergistic development across multiple processes, including lamination, exposure, molding, and testing. The company has introduced innovative products such as the "drill and measure integrated machine" and "laser cleaning machine for solder mask," which help clients reduce costs and improve efficiency, further solidifying its market position [6].