English
Back
Open Account
2026 IPO bonanza! Over 90% of new stocks rose on their debut!
牛牛新股君
joined discussion · May 20 08:26 ·

IPO Pricing | Topu CNC went public today, receiving over 3,700 times subscription, priced at HK$26.39 per share, with a dark pool profit of HK$1,339 per lot.

Futu News, May 20:$TOPNC (07688.HK)$The allocation results have been announced: priced at HK$26.39 per share, with a total of 65.33 million shares issued, board lot size of 100 shares, officially listed today.
On the previous trading day, Topu CNC's dark pool closed up over 50% at HK$39.78 per share. With a board lot of 100 shares and excluding fees, each lot yielded a profit of HK$1,339.
During the public offering stage, Topu CNC received 3,764.63 times subscription. The final number of shares allocated to the public offering was 6.533 million shares, accounting for approximately 10% of the total offering. Approximately 344,000 valid applications were received in total, with about 56,482 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to total applied shares was 8%.
Additionally, Topu CNC received 30.46 times subscription during the international offering phase, with the final number of shares allocated to the international offering amounting to 58.797 million shares, representing 90% of the total offered shares. Futu News has compiled the relevant data in the table below:
Futu News, May 20:$TOPNC (07688.HK)$The allocation results have been announced: priced at HK$26.39 per share, with a total of 65.33 million shares issued, board lot size of 100 shares, officially listed today. On the previous trading day, Topu CNC's dark pool closed up over 50% at HK$39.78 per share. With a board lot of 100 shares and excluding fees, each lot yielded a profit of HK$1,339. During the public offering stage, Topu CNC received 3,764.63 times subscription. The final number of shares allocated to the public offering was 6.533 million shares, accounting for approximately 10% of the total offering. Approximately 344,000 valid applications were received in total, with about 56,482 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to total applied shares was 8%. Additionally, during the international placement stage, Topu CNC received 30.46 times subscription. The final number of shares allocated to the international offering was 58.797 million shares, representing 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview Topu CNC is a Chinese company specializing in the research and development, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis CNC machine tools. The company focuses on developing five-axis CNC machine tools to meet the advanced manufacturing needs of China's aerospace sector. During the historical reporting period, the company expanded its market presence into general industries, including automotive, energy, medical devices, shipbuilding, machine tool equipment, and...
Futu News, May 20:$TOPNC (07688.HK)$The allocation results have been announced: priced at HK$26.39 per share, with a total of 65.33 million shares issued, board lot size of 100 shares, officially listed today. On the previous trading day, Topu CNC's dark pool closed up over 50% at HK$39.78 per share. With a board lot of 100 shares and excluding fees, each lot yielded a profit of HK$1,339. During the public offering stage, Topu CNC received 3,764.63 times subscription. The final number of shares allocated to the public offering was 6.533 million shares, accounting for approximately 10% of the total offering. Approximately 344,000 valid applications were received in total, with about 56,482 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to total applied shares was 8%. Additionally, during the international placement stage, Topu CNC received 30.46 times subscription. The final number of shares allocated to the international offering was 58.797 million shares, representing 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview Topu CNC is a Chinese company specializing in the research and development, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis CNC machine tools. The company focuses on developing five-axis CNC machine tools to meet the advanced manufacturing needs of China's aerospace sector. During the historical reporting period, the company expanded its market presence into general industries, including automotive, energy, medical devices, shipbuilding, machine tool equipment, and...
Company Overview
Top Numerical Control is a company in China that focuses on the research, design, production, and sales of high-end intelligent manufacturing equipment (mainly five-axis CNC machine tools). The company concentrates on developing five-axis CNC machine tools to meet the advanced manufacturing needs of China's aerospace sector. During the performance record period, the company expanded its market reach to general industry sectors including automotive, energy, medical equipment, shipbuilding, machine tool equipment, and mold manufacturing.
Since its establishment, the company's products have been applied across the manufacturing supply chain for commercial aircraft, aerospace engines, and carrier rockets, gaining recognition from several leading manufacturers and their supply chain partners. The company has established business relationships with leading aerospace groups for over a decade, creating opportunities to further expand its cooperation network with other subsidiaries and affiliates within the same group.
Financial Summary
In fiscal years 2023, 2024, and 2025, Top Numerical Control reported revenues of RMB 334.6 million, RMB 531.6 million, and RMB 578.0 million respectively. In fiscal years 2023, 2024, and 2025, the company recorded gross profits of RMB 115.8 million, RMB 199.9 million, and RMB 204.4 million, with gross profit margins of 34.6%, 37.6%, and 35.4% respectively. In fiscal years 2023, 2024, and 2025, the company incurred R&D expenses of RMB 89.9 million, RMB 85.9 million, and RMB 106.8 million respectively.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Topu CNC expects the net proceeds from the global offering to be approximately HK$1.606 billion (based on an issue price of HK$26.39 per share). According to the prospectus, Topu CNC intends to allocate the funds raised from the global offering for the following purposes:
Approximately 61.8% will be allocated to research and development advancements; 10.3% will be used to expand the sales and marketing network; around 12.1% will be allocated for potential acquisitions and investments in key component manufacturers (such as servo drives and direct-drive torque motors), which are essential for the company's precision machining capabilities and future product development; about 6% will be used to repay part of the group’s interest-bearing bank loans to improve the company’s financial position and liquidity; approximately 9.9% will be allocated for working capital and general corporate purposes.
The golden season for new stock subscriptions has arrived! Use Futu for new stock subscriptions—zero interest, zero handling fees, and zero cash subscription. Participants now have the chance to have their new stock subscription fees waived for a year.Come and experience it now >>
Futu News, May 20:$TOPNC (07688.HK)$The allocation results have been announced: priced at HK$26.39 per share, with a total of 65.33 million shares issued, board lot size of 100 shares, officially listed today. On the previous trading day, Topu CNC's dark pool closed up over 50% at HK$39.78 per share. With a board lot of 100 shares and excluding fees, each lot yielded a profit of HK$1,339. During the public offering stage, Topu CNC received 3,764.63 times subscription. The final number of shares allocated to the public offering was 6.533 million shares, accounting for approximately 10% of the total offering. Approximately 344,000 valid applications were received in total, with about 56,482 applications processed. The approximate percentage of applicants who applied for one lot and were allocated shares relative to total applied shares was 8%. Additionally, during the international placement stage, Topu CNC received 30.46 times subscription. The final number of shares allocated to the international offering was 58.797 million shares, representing 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview Topu CNC is a Chinese company specializing in the research and development, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis CNC machine tools. The company focuses on developing five-axis CNC machine tools to meet the advanced manufacturing needs of China's aerospace sector. During the historical reporting period, the company expanded its market presence into general industries, including automotive, energy, medical devices, shipbuilding, machine tool equipment, and...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
Thumbs Up
5
Lol
1
Sob
2
Emm
1
265K Views
Report
Comments (3)
Write a Comment...
3
9
23