IPO Timeline Raw facts
Company Overview
| Stock Name | Topnc |
|---|---|
| Stock Code | 07688 |
| Company Full Name | Shanghai Top Numerical Control Technology Co., Ltd. |
| Industry | Robotics |
| Principal Activities | enterprise specialising in the R&D, design, production and sales of high-end intelligent manufacturing equipment, comprising primarily five-axis CNC machine tools, in China |
| Listing Date | 2026-05-20 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市閔行區 光華路888號 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1917室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | topnc.com.cn |
| 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 | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 26.39 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,639 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-05-12 to 2026-05-15 |
| Global Offering Shares | 65,330,000 shares |
| HK Public Offer Shares (Initial) | 6,533,000 shares (10.0%) |
| Public Offer Lots (Initial) | 65,330lots (Pool A32,665lots，Pool B32,665lots) |
| International Placing Shares (Initial) | 58,797,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 409,281,790 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 国泰君安融资有限公司 CE AGS488 |
| Cornerstone Share | 50.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,724,058,700 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,639 |
| 2 lots | 200 | HK$ 5,278 |
| 3 lots | 300 | HK$ 7,917 |
| 4 lots | 400 | HK$ 10,556 |
| 5 lots | 500 | HK$ 13,195 |
| 6 lots | 600 | HK$ 15,834 |
| 7 lots | 700 | HK$ 18,473 |
| 8 lots | 800 | HK$ 21,112 |
| 9 lots | 900 | HK$ 23,751 |
| 10 lots | 1,000 | HK$ 26,390 |
| 15 lots | 1,500 | HK$ 39,585 |
| 20 lots | 2,000 | HK$ 52,780 |
| 25 lots | 2,500 | HK$ 65,975 |
| 30 lots | 3,000 | HK$ 79,170 |
| 35 lots | 3,500 | HK$ 92,365 |
| 40 lots | 4,000 | HK$ 105,560 |
| 45 lots | 4,500 | HK$ 118,755 |
| 50 lots | 5,000 | HK$ 131,950 |
| 60 lots | 6,000 | HK$ 158,340 |
| 70 lots | 7,000 | HK$ 184,730 |
| 80 lots | 8,000 | HK$ 211,120 |
| 90 lots | 9,000 | HK$ 237,510 |
| 100 lots | 10,000 | HK$ 263,900 |
| 200 lots | 20,000 | HK$ 527,800 |
| 300 lots | 30,000 | HK$ 791,700 |
| 400 lots | 40,000 | HK$ 1,055,600 |
| 500 lots | 50,000 | HK$ 1,319,500 |
| 600 lots | 60,000 | HK$ 1,583,400 |
| 700 lots | 70,000 | HK$ 1,847,300 |
| 800 lots | 80,000 | HK$ 2,111,200 |
| 900 lots | 90,000 | HK$ 2,375,100 |
| 1,000 lots | 100,000 | HK$ 2,639,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 5,278,000 |
| 3,000 lots | 300,000 | HK$ 7,917,000 |
| 4,000 lots | 400,000 | HK$ 10,556,000 |
| 5,000 lots | 500,000 | HK$ 13,195,000 |
| 6,000 lots | 600,000 | HK$ 15,834,000 |
| 7,000 lots | 700,000 | HK$ 18,473,000 |
| 8,000 lots | 800,000 | HK$ 21,112,000 |
| 9,000 lots | 900,000 | HK$ 23,751,000 |
| 10,000 lots | 1,000,000 | HK$ 26,390,000 |
| 20,000 lots | 2,000,000 | HK$ 52,780,000 |
| 32,665 lots | 3,266,500 | HK$ 86,202,935 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 6.48B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,800,946,438 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 9,803,169,936 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 1.6 million |
| Period-End Cash Balance | RMB 14.8 million |
| Listing Expenses | ~HK$ 117,650,000 |
| Listing Expenses / Funds Raised | ~6.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| First Day Open | HK$ -- |
| Use of Proceeds | 1、約人民幣869.1百萬元（約992.4百萬港元），占所得款項凈額的61.8%，將撥作研發推進；
2、約人民幣144.4百萬元（約164.9百萬港元），占所得款項凈額的10.3%，將撥作拓展銷售及營銷網絡；
3、約人民幣170.0百萬元（約194.1百萬港元），占所得款項凈額的12.1%，將撥作潛在收購及投資；
4、約人民幣83.9百萬元（約95.7百萬港元），占所得款項凈額的6.0%，將撥作償還本集團的部分計息銀行借款；
5、約人民幣139.5百萬元（約159.3百萬港元），占所得款項凈額的9.9%，將撥作營運資金及一般企業用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 Holman Fenwick Willan LLP |
| Legal Advisor to Sponsors/Underwriters |
德恒律师事务所（香港）有限法律责任合伙 Zhong Lun Law Firm |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| 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 | RBC | 22,013,000 USD | 6,536,200 | 10.00% | 1.60% | 6 months | 2026-11-20 |
| 2 | 3W | 20,000,000 USD | 5,938,500 | 9.10% | 1.50% | 6 months | 2026-11-20 |
| 3 | Boyu | 15,000,000 USD | 4,453,900 | 6.80% | 1.10% | 6 months | 2026-11-20 |
| 4 | HHLRA | 10,000,000 USD | 2,969,200 | 4.50% | 0.70% | 6 months | 2026-11-20 |
| 5 | UBS AM Singapore | 10,000,000 USD | 2,969,200 | 4.50% | 0.70% | 6 months | 2026-11-20 |
| 6 | CDH | 10,000,000 USD | 2,969,200 | 4.50% | 0.70% | 6 months | 2026-11-20 |
| 7 | 信庭基金 | 5,000,000 USD | 1,484,600 | 2.30% | 0.40% | 6 months | 2026-11-20 |
| 8 | 富国基金 | 2,100,000 USD | 623,500 | 1.00% | 0.20% | 6 months | 2026-11-20 |
| 9 | 富国香港 | 900,000 USD | 267,200 | 0.40% | 0.10% | 6 months | 2026-11-20 |
| 10 | 华夏基金 | 3,000,000 USD | 890,700 | 1.40% | 0.20% | 6 months | 2026-11-20 |
| 11 | 上海闵行 | 3,000,000 USD | 890,700 | 1.40% | 0.20% | 6 months | 2026-11-20 |
| 12 | TT International | 3,000,000 USD | 890,700 | 1.40% | 0.20% | 6 months | 2026-11-20 |
| 13 | 未来资产 | 3,000,000 USD | 890,700 | 1.40% | 0.20% | 6 months | 2026-11-20 |
| 14 | 高盛资产管理 | 3,000,000 USD | 890,700 | 1.40% | 0.20% | 6 months | 2026-11-20 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Wang Yuhan | Dr. Wang Yuhan |
| Company Secretary | Mr. Wang Jinsen | Mr. Wang Jinsen |
| Executive Director | 王宇晗 | Wang Yuhan |
| Non-Executive Director | 李庆丰 | Li Qingfeng |
| Independent Non-Executive Director | 杨建国 | Yang Jianguo |
| Executive Director | 李宇昊 | Li Yuhao |
| Non-Executive Director | 李永昊 | Li Yonghao |
| Independent Non-Executive Director | 冯虎田 | Feng Hutian |
| Executive Director | 姚彬 | Yao Bin |
| Independent Non-Executive Director | 刘玥衡 | Liu Yueheng |
Major Shareholders
| Major Shareholders & Holdings | Dr. Wang (beneficial owner and controlled corporate interests) holds in aggregate approximately 38.7% of the equity interests; Mr. Li Yuhao holds approximately 9.4% of the equity interests; Shanghai Yiding Investment Management Center (Limited Partnership) holds approximately 8.0% of the equity interests; Jiaxing Dinghui Goying Equity Investment Partnership (Limited Partnership) holds approximately 5.6% of the equity interests; Shenzhen He Hui Wealth Investment Enterprise (Limited Partnership) holds approximately 3.3% of the equity interests; Shenzhen Zhongyi He Hui Equity Investment Enterprise (Limited Partnership) holds approximately 2.2% of the equity interests. |
|---|
Market Sentiment
The IPO attracted extraordinary demand, with an oversubscription ratio of 3,764.63 times, implying only a 16.42% overall hit rate among 344,049 valid applications. Such extreme enthusiasm in the industrial manufacturing sector, coupled with a reallocation of shares from the international tranche, signals a fiercely competitive and optimistic market reception. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the top of the A pool, an application for 100,000 shares expected just 0.1516 lots, while the entry-level B application for 200,000 shares expected 0.4 lots—more than double the allocation despite twice the shares applied, revealing a disproportionate advantage at the B-head tier. This gap suggests that for large applicants, breaking into the B pool materially improves the chance of receiving a meaningful allotment, though both tiers still face extremely low hit rates. Broker fee efficiency varies significantly; for A-tail applicants, fixed costs may erode any potential gain given the fractional expected lots. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland investors dominated with 66.6% of successful applicants, reflecting strong cross-border demand likely channeled through Stock Connect, while Hong Kong residents accounted for 32.5%. The holder base skewed male (61.5%) and middle-aged, with an average age of 41.6, which aligns with typical patterns of risk-tolerant, active IPO participants concentrated in regions like Guangdong. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
