IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 大族数控 |
|---|---|
| Other Market Stock Code | 301200 |
| H-Share Offer Price | HK$ 95.80 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Hans CNC |
|---|---|
| Stock Code | 03200 |
| Company Full Name | Shenzhen Han's CNC Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | leading specialized PCB production equipment solution provider in China |
| Listing Date | 2026-02-06 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarter and Principal Place of No. 101 of Building 3, 1-2/F, 4/F and 7/F of Business in the PRC Building 3, and 1/F and 4/F of Building 4 Han’s Laser Intelligence Manufacturing Center 12 Chongqing |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1916室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | hanscnc.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 95.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 9,580 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-29 to 2026-02-03 |
| Global Offering Shares | 50,451,800 shares |
| HK Public Offer Shares (Initial) | 5,045,200 shares (10.0%) |
| Public Offer Lots (Initial) | 50,452lots (Pool A25,226lots，Pool B25,226lots) |
| International Placing Shares (Initial) | 45,406,600 shares (90.0%) |
| Offer Ratio | ~10.6% |
| Total Shares Post-IPO | 475,960,952 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 51.6% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,833,282,440 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 9,580 |
| 2 lots | 200 | HK$ 19,160 |
| 3 lots | 300 | HK$ 28,740 |
| 4 lots | 400 | HK$ 38,320 |
| 5 lots | 500 | HK$ 47,900 |
| 6 lots | 600 | HK$ 57,480 |
| 7 lots | 700 | HK$ 67,060 |
| 8 lots | 800 | HK$ 76,640 |
| 9 lots | 900 | HK$ 86,220 |
| 10 lots | 1,000 | HK$ 95,800 |
| 15 lots | 1,500 | HK$ 143,700 |
| 20 lots | 2,000 | HK$ 191,600 |
| 25 lots | 2,500 | HK$ 239,500 |
| 30 lots | 3,000 | HK$ 287,400 |
| 35 lots | 3,500 | HK$ 335,300 |
| 40 lots | 4,000 | HK$ 383,200 |
| 45 lots | 4,500 | HK$ 431,100 |
| 50 lots | 5,000 | HK$ 479,000 |
| 60 lots | 6,000 | HK$ 574,800 |
| 70 lots | 7,000 | HK$ 670,600 |
| 80 lots | 8,000 | HK$ 766,400 |
| 90 lots | 9,000 | HK$ 862,200 |
| 100 lots | 10,000 | HK$ 958,000 |
| 200 lots | 20,000 | HK$ 1,916,000 |
| 300 lots | 30,000 | HK$ 2,874,000 |
| 400 lots | 40,000 | HK$ 3,832,000 |
| 500 lots | 50,000 | HK$ 4,790,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 60,000 | HK$ 5,748,000 |
| 700 lots | 70,000 | HK$ 6,706,000 |
| 800 lots | 80,000 | HK$ 7,664,000 |
| 900 lots | 90,000 | HK$ 8,622,000 |
| 1,000 lots | 100,000 | HK$ 9,580,000 |
| 2,000 lots | 200,000 | HK$ 19,160,000 |
| 3,000 lots | 300,000 | HK$ 28,740,000 |
| 4,000 lots | 400,000 | HK$ 38,320,000 |
| 5,000 lots | 500,000 | HK$ 47,900,000 |
| 6,000 lots | 600,000 | HK$ 57,480,000 |
| 7,000 lots | 700,000 | HK$ 67,060,000 |
| 8,000 lots | 800,000 | HK$ 76,640,000 |
| 9,000 lots | 900,000 | HK$ 86,220,000 |
| 10,000 lots | 1,000,000 | HK$ 95,800,000 |
| 15,000 lots | 1,500,000 | HK$ 143,700,000 |
| 20,000 lots | 2,000,000 | HK$ 191,600,000 |
| 25,226 lots | 2,522,600 | HK$ 241,665,080 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 5.91B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 48,352,865,200 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 4,833,282,440 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 299.6 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 202,600,000 |
| Listing Expenses / Funds Raised | ~4.2% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 110.0 |
|---|---|
| First Day Open | HK$ 106.0 |
| First Day Change | 14.82% |
| First Day Volume | 13100700.0 |
| First Day Turnover | 1458680000.0 |
| Use of Proceeds | 1、約50.0%的所得款項凈額（或2,315.3百萬港元）將用于提升研發及營運能力；
2、約40.0%的所得款項凈額（或1,852.3百萬港元）將用于提升PCB專用設備產能；
3、約10.0%的所得款項凈額（或463.1百萬港元）將用于營運資金及一般公司用途。 |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (2)
Joint Global Coordinators (5)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (6)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Deutsche Bank AG, Hong Kong Branch CE AAK077
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
SDIC SECURITIES (HONG KONG) LIMITED CE AUW685
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Clifford Chance 广东华商律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 汉坤律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 宏兴国际 | 60 USD | 4,884,200 | 9.68% | 1.03% | 6 months | 2026-08-06 |
| 2 | GIC Private Limited | 90 USD | 7,326,300 | 14.52% | 1.54% | 6 months | 2026-08-06 |
| 3 | Schroders | 75 USD | 6,105,200 | 12.10% | 1.28% | 6 months | 2026-08-06 |
| 4 | HHLRA | 25 USD | 2,035,000 | 4.03% | 0.43% | 6 months | 2026-08-06 |
| 5 | MSIP | 10 USD | 814,000 | 1.61% | 0.17% | 6 months | 2026-08-06 |
| 6 | 富国 | 10 USD | 814,000 | 1.61% | 0.17% | 6 months | 2026-08-06 |
| 7 | 富国香港 | 3 USD | 569,800 | 1.13% | 0.12% | 6 months | 2026-08-06 |
| 8 | 富国基金 | 7 USD | 244,200 | 0.48% | 0.05% | 6 months | 2026-08-06 |
| 9 | 西藏源乐晟及CICC Financial Trading Limited（与西藏源乐晟场外掉期有关） | 10 USD | 814,000 | 1.61% | 0.17% | 6 months | 2026-08-06 |
| 10 | 工银理财 | 10 USD | 814,000 | 1.61% | 0.17% | 6 months | 2026-08-06 |
| 11 | Wind Sabre | 10 USD | 814,000 | 1.61% | 0.17% | 6 months | 2026-08-06 |
| 12 | 豪威香港 | 10 USD | 797,700 | 1.58% | 0.17% | 6 months | 2026-08-06 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 楊朝輝 | — |
| Company Secretary | 周鴛鴛 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | As of the Latest Practicable Date, Mr. Gao indirectly holds 359,100,000 A shares of the Company through Dazu Global and Dazu Holdings, representing approximately 84.39% of the total issued share capital. Immediately after the completion of the Global Offering (assuming that the Over-allotment Option is not exercised), Mr. Gao will hold approximately 75.45% of the equity of the Company. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO of 大族数控 (03200) saw an overwhelming oversubscription ratio of 446.39x, indicating extreme retail demand. Although the hit rate is reported as 0.0%—likely due to data inconsistency or a placeholder—the high oversubscription suggests fierce competition for allocations. The fixed offer price of HK$95.80 with a per-lot entry threshold of HK$9,580 attracted a massive number of applications (159,985 valid). (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
No tier-specific distribution data (e.g., A组 and B组 breakdowns) is provided, making it impossible to analyze 甲尾/乙头 efficiency or winner ratios. The absence of accepted applications data further clouds any assessment of allocation patterns across tiers. Investors should consult the official prospectus or HKEX filings for detailed tier subscription figures. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The applicant base is predominantly mainland Chinese (71.4%), with only 28.0% Hong Kong residents, reflecting strong cross-border participation. Males make up 60.5% of holders, while females account for 39.5%, with an average age of 42.1 years. The high mainland ratio and 37,317 total holders suggest a broad retail following, though regional (e.g., Guangdong) breakdown is unavailable. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
