A-share listed company Han’s CNC Technology debuted on the HKEX main board on 6 February, raising HKD4.83 billion (USD618 million), and becoming the first in the printed circuit board (PCB) equipment sector to achieve a dual listing in both the Chinese mainland and Hong Kong. Clifford Chance, China Commercial Law Firm, Freshfields and Han Kun Law Offices provided legal support.
The shares were priced at HKD95.80 each, with 50.45 million shares issued. The Hong Kong public offering was oversubscribed 446.39 times, and the international placement by 21.07 times. On the first day of trading, the share price rose as high as HKD116, an increase of about 21% from the issue price.
Clifford Chance acted as Hong Kong and US legal counsel to the issuer. The team was led by partners Tim Wang, Xiang Tianning and Jean Thio, with support from counsel Lorna Lyu. China Commercial Law Firm advised Han’s CNC on PRC law, with partners Qi Menglin, Deng Jiao, Jiang Wenwen and Wen Ting participating.
Freshfields advised the sole sponsor CICC and other underwriters on Hong Kong and US law, led by partners Richard Wang and Howie Farn. Han Kun Law Offices acted as the underwriters’ PRC legal counsel, led by partner Lu Zaiguang.
This IPO attracted cornerstone investors subscribing for nearly 50% of the offering, including Hongxing International, GIC Private, Hillhouse’s HHLR Advisors, Morgan Stanley Infrastructure Partners and Fullgoal Fund.
Han’s CNC was spun off from Han’s Laser and listed on the SZSE’s ChiNext Market board in 2022. It is China’s leading provider of specialised PCB manufacturing equipment, with its products widely used in servers and data storage, automotive electronics, mobile phones and computers. Its A-share price has surged more than fourfold in the past year, attracting market interest.
The company prospectus states that proceeds from the HKEX IPO will primarily be used to expand PCB equipment production capacity.
