Han’s Laser: The GEM IPO project for its fundraising plan has been postponed twice and is still under construction. It canceled expansion plans for exposure-type products, then applied again for fundraising in Hong Kong-listed shares and rebuilt it again.

Why is AI and Hong Kong stock fundraising re-activating exposure-type products?

《Jinzhengyan》Southern Capital Center Xiuyuan/Author Xizhou Songlan Yingwei/Risk Control

On April 20, 2026, Shenzhen Dazhuo CNC Technology Co., Ltd. (hereinafter referred to as “Dazhuo CNC”) released its 2026 first-quarter report. Driven by strong demand for specialized processing equipment in the AI server PCB market and an increasing proportion of sales of high-value-added innovative equipment, from January to March 2026, Dazhuo CNC’s operating revenue increased by 103.69% year-on-year, and its net profit attributable to shareholders increased by 176.53% year-on-year.

Behind the sharp growth in performance, there may be issues “behind the scenes” of Dazhuo CNC worth paying attention to. Looking back, Dazhuo CNC’s projects raised through the ChiNext (GEM) IPO, which were part of its use of proceeds, were delayed twice before reaching the scheduled usable status date; that date was postponed to the end of June 2026. As of the end of 2025, the investment progress had not reached 80%. Moreover, after the construction content of the previous raised-proceeds projects was adjusted, Dazhuo CNC would no longer expand exposure-type products. However, the products proposed for production with funds raised for this Hong Kong listing include exposure-type products. On the other hand, Dazhuo CNC’s main production processes are assembly and fitting; some peers have stated that most of Dazhuo CNC’s products are standardized equipment, while some peers’ products have more customized features.

1. The ChiNext fundraising projects were delayed twice, are still under construction, and after adjustment will no longer expand exposure-type products; for this Hong Kong listing, the company plans to raise funds to produce exposure-type products

As of the end of 2025, more than 40% of the proceeds from Dazhuo CNC’s previous ChiNext fundraising were used for permanent “capital replenishment.” At the same time, Dazhuo CNC’s ChiNext fundraising projects experienced two delays, and after adjustment, the planned construction content no longer included exposure-type products. For this Hong Kong listing, Dazhuo CNC plans to expand products that include exposure-type products. In addition, after the adjustment of the ChiNext fundraising projects, the company plans to lease a factory as a new implementation site to produce; for this Hong Kong listing, Dazhuo CNC plans to lease a production facility as well.

1.1 Two delays for the ChiNext fundraising projects, and as of the end of 2025, investment progress had not reached 80%

First, let’s look at the fundraising projects that Dazhuo CNC previously used for its ChiNext listing.

According to the “Prospectus for Initial Public Offering of Shares and Listing on the ChiNext Market (Registration Draft)” signed by Dazhuo CNC on February 22, 2022 (hereinafter referred to as the “Dazhuo CNC ChiNext prospectus”), Dazhuo CNC planned to use RMB 1.707 billion of raised funds for the PCB-specific equipment production expansion and renovation project and the PCB-specific equipment technology R&D center construction project.

The total investment amounts and the planned use of raised funds for the PCB-specific equipment production expansion and renovation project were both RMB 1.524 billion; for the PCB-specific equipment technology R&D center construction project, the total investment amounts and the planned use of raised funds were both RMB 183 million. Both projects’ environmental impact assessment approvals were under Shenhuanbao Bei [2021] No. 429.

What is worth noting is that the above two raised-proceeds projects of Dazhuo CNC may have been delayed twice already.

According to the “Verification Opinions on the Adjustment of Construction Content, Addition of Implementation Entities and Implementation Locations, and Project Delays of Some Fundraising Investment Projects of Shenzhen Dazhuo CNC Technology Co., Ltd.” (hereinafter referred to as the “Verification Opinions”), in February 2022, the total amount of fundraising by Dazhuo CNC was 321,552 RMB ten-thousand yuan. After deducting relevant fees, the actual fundraising amount was 308,177.83 RMB ten-thousand yuan. The raised funds had been received on February 22, 2022.

According to the Verification Opinions, as of September 24, 2025, Dazhuo CNC had directly invested a total of 1.054 billion RMB into fundraising investment projects. Among them, the PCB-specific equipment production expansion and renovation project had invested 959 million RMB, with an investment progress of 62.91%; and the PCB-specific equipment technology R&D center construction project had invested 95 million RMB, with an investment progress of 52.24%.

At the same time, the “Delay of the Previous Fundraising Investment Projects” section shows that on October 18, 2024, Dazhuo CNC approved the resolution on “Extension of Fundraising Investment Project.” It agreed that, under the premise that the implementation entities, implementation methods, construction content, use of raised funds, and investment scale of the fundraising projects would not change, the “PCB-specific equipment production expansion and renovation project” and the “PCB-specific equipment technology R&D center construction project” would extend the time to reach the scheduled usable status from September 2025 to September 2025.

In addition, the content of “Relevant Circumstances Concerning This Adjustment of the Construction Content of the Fundraising Investment Projects, Adding Implementation Entities and Implementation Locations, and Extending the Implementation Period” indicates that the construction scale of the PCB-specific equipment production expansion and renovation project was adjusted from “after the project is fully built and reaches full production, it is expected to achieve annual production capacity of 2,120 units of PCB-specific equipment for drilling-type products, forming-type products, exposure-type products, test-type products, etc., with an annual output value of approximately RMB 196,500 million.” to “after the project is fully built and reaches full production, it is expected to achieve annual production capacity of 3,780 units of PCB-specific equipment for drilling-type products, test-type products, adhesion and automation products, etc., with an annual output value of approximately RMB 252,000 million.” The scheduled usable status date was extended from September 30, 2025 to June 30, 2026.

Meanwhile, the scheduled usable status date for the PCB-specific equipment technology R&D center construction project was also extended from September 30, 2025 to June 30, 2026.

It can be seen that, on the one hand, the production capacity after reaching full production of the PCB-specific equipment production expansion and renovation project will increase to 3,780 units. On the other hand, the dates for the two fundraising projects to reach the scheduled usable status were adjusted from September 30, 2025 to June 30, 2026.

It is also worth mentioning that, according to the “Announcement on Increasing Implementation Locations for Some Fundraising Projects” signed on January 20, 2026, as of December 31, 2025, Dazhuo CNC had directly invested a total of 1.267 billion RMB into fundraising investment projects. The investment progress of the fundraising projects for the PCB-specific equipment production expansion and renovation project and the PCB-specific equipment technology R&D center construction project were 75.63% and 62.44%, respectively.

It is not difficult to see that Dazhuo CNC’s fundraising projects in its ChiNext application experienced two delays before reaching the scheduled usable status date. Moreover, as of the end of 2025, the two fundraising projects were still under construction, and neither investment progress reached 80%.

Behind this, Dazhuo CNC has a situation where part of the raised funds is permanently used to replenish working capital.

1.2 As of the end of 2025, more than 40% of raised funds were used for permanent working capital replenishment; in March 2026, it announced its plan to use no more than RMB 200 million of idle raised funds for temporary working capital replenishment

According to the “Special Report on the Placement, Management and Use of the Company’s 2025 A-share Raised Funds” issued by Dazhuo CNC on March 30, 2026, as of December 31, 2025, Dazhuo CNC’s net amount of raised funds was 3.082 billion RMB. The amount directly invested into fundraising investment projects was 1.267 billion RMB, with 4.4 billion RMB used for temporary replenishment of working capital and 13.97 billion RMB used for permanent replenishment of working capital.

Based on calculations, as of the end of 2025, the proportion of the amount used for permanent working capital replenishment relative to the net amount of raised funds was 45.33%.

According to the “Announcement on the Company’s Use of Certain Idle A-share Raised Funds to Temporarily Supplement Working Capital” signed by Dazhuo CNC on March 30, 2026, on March 30, 2026, Dazhuo CNC deliberated and approved the use of no more than RMB 200 million of idle raised funds for temporary working capital replenishment.

It can be seen that as of the end of 2025, more than 40% of Dazhuo CNC’s net amount of raised funds was used for permanent working capital replenishment. In March 2026, Dazhuo CNC announced its plan to use no more than RMB 200 million of idle raised funds for temporary working capital replenishment.

Need to point out that by the time of this Hong Kong listing application, Dazhuo CNC’s fundraising investment projects may be worth looking at.

1.3 After adjustments to the ChiNext fundraising projects, exposure-type products will no longer be expanded; for this Hong Kong listing, the added capacity may include exposure equipment

According to the “Application Version of Shenzhen Dazhuo CNC Technology Co., Ltd.” with the final practical date of November 30, 2025 (hereinafter referred to as the “Dazhuo CNC Hong Kong prospectus”), based on China’s core position in the global PCB industry and China’s advantages in improving the electronic information industry chain, Dazhuo CNC plans to use the raised funds to enhance its R&D and operating capabilities, and to increase China’s production capacity of PCB-specific equipment.

Specifically, the raised funds will be used to improve the capacity of PCB-specific equipment. To capture the trend of China’s PCB industry toward high-end and high-precision development, and to meet the demand of domestic and international customers for high-tech PCB production equipment, Dazhuo CNC will increase capacity for PCB-specific equipment domestically.

At the same time, Dazhuo CNC will focus on the production and R&D of high-end PCB-specific equipment, planning an annual production capacity of approximately 260 units (sets) of PCB-specific equipment. This includes approximately 150 mechanical processing equipment, approximately 50 next-generation laser processing equipment, approximately 30 high-resolution laser direct imaging equipment and approximately 30 high-precision testing equipment.

In the Dazhuo CNC Hong Kong prospectus’ product introduction, the “Exposure Equipment and Solutions” section states that the exposure process involves transferring the designed circuit pattern graphics onto PCB substrates. Dazhuo CNC mainly provides LDI equipment for customers, including inner layer patterning, outer layer patterning, solder mask patterning, and so on.

According to the Dazhuo CNC ChiNext prospectus, in the exposure process, Dazhuo CNC provides laser direct imaging equipment for customers for inner layer patterns, outer layer patterns, solder mask patterns, etc., and has launched high-resolution laser direct imaging equipment to meet high-tech demands for fine-line processing in segmented fields. Exposure technology is mainly divided into laser direct imaging technology (LDI) and traditional film exposure technology.

That is to say, among the products planned for capacity expansion in this Hong Kong listing application, the “high-resolution laser direct imaging equipment” may fall under Dazhuo CNC’s main product category of exposure-type products.

Moreover, as mentioned above, Dazhuo CNC adjusted its fundraising projects for the ChiNext application. It changed the plan from achieving annual production for drilling-type products, forming-type products, exposure-type products and testing-type products and other PCB-specific equipment to “after the project is fully built and reaches full production, it is expected to achieve annual production for drilling-type products, testing-type products, adhesion and automation products.”

In other words, among the construction content of Dazhuo CNC’s previous ChiNext fundraising projects, it removes forming-type products and exposure-type products.

It is not difficult to see that, while the ChiNext fundraising projects have not yet been completed, for this Hong Kong listing, Dazhuo CNC is again planning to expand the production of PCB-specific equipment. Moreover, after the adjustment of the ChiNext fundraising projects, Dazhuo CNC may plan not to expand exposure-type products and forming-type products. But for this Hong Kong listing, Dazhuo CNC’s planned capacity expansion products for its fundraising projects include exposure-type products.

The “issues” with the fundraising projects are not over.

1.4 For this Hong Kong listing, it plans to lease one production facility; for the ChiNext fundraising projects, it planned to lease a factory as a new implementation location

According to Dazhuo CNC’s Hong Kong prospectus, to increase the capacity of PCB-specific equipment, Dazhuo CNC plans to lease a production facility with a total gross floor area that meets the planned operational requirements, and has conducted an analysis of the investment recovery period and breakeven point. The analysis is based on construction plans consistent with Chinese technical standards and tailored specifically to the specific production process volumes required for advanced PCB production equipment.

Coincidentally, after the adjustments to the ChiNext fundraising projects, Dazhuo CNC plans to lease the factory as an additional implementation site.

According to the Verification Opinions, Dazhuo CNC’s existing capacity has gradually begun to show delivery pressure; even with the additional capacity expected to be provided by the original fundraising projects, it is still difficult to effectively meet downstream customer demand. Therefore, Dazhuo CNC will make strategic adjustments to capacity needs, significantly increase production space and expand the capacity plan for the fundraising projects.

Based on the above, in addition to the site for the expansion and renovation project, Dazhuo CNC plans to lease an ultra-large single-building factory as a new implementation site for the “PCB-specific equipment production expansion and renovation project,” for centralized production of drilling-type equipment, which is beneficial for controlling product quality and assembly precision at the production site, to ensure consistency in equipment processing and stable quality.

In addition, according to the “Announcement on Increasing Implementation Locations for Some Fundraising Projects” signed on January 20, 2026, Dazhuo CNC intends, based on the original implementation location, to add as an implementation location “part of the premises of the factory building at Block 3, Dazhuo Laser Intelligent Manufacturing Center, No. 12 Chongqing Road, Heping Community, Fuhai Subdistrict, Bao’an District, Shenzhen.” After the addition, the implementation locations include: the area southeast of the intersection of Chongqing Road and Tongfu Road in Bao’an District, Shenzhen; No. 604 Fengtang Avenue, Bao’an District, Shenzhen; and part of the premises of the factory building at Block 3, Dazhuo Laser Intelligent Manufacturing Center, No. 12 Chongqing Road, Heping Community, Fuhai Subdistrict, Bao’an District, Shenzhen.

That is to say, in the fundraising projects reported twice, Dazhuo CNC both plans to lease buildings for production.

Taken together, both the previous ChiNext application and this Hong Kong application involve the content of expanding production of PCB-specific equipment. In addition, the ChiNext fundraising projects were delayed twice, and after the adjustments, the construction content no longer includes exposure-type PCB-specific equipment. Dazhuo CNC plans to lease a large-area factory as a new implementation location for the above fundraising projects. Meanwhile, for this Hong Kong listing, Dazhuo CNC also plans to lease a production facility with a total gross floor area that meets planned operational requirements. The fund-raising will add capacity including approximately 30 units of high-resolution laser direct imaging equipment annually. It should be clarified that high-resolution laser direct imaging equipment is exposure-type products. As of the end of 2025, more than 40% of the fundraising from Dazhuo CNC’s ChiNext application was used for permanent working capital replenishment.

2. Dazhuo CNC’s production processes mainly consist of assembly and fitting; peers say Dazhuo CNC’s main products are mostly standardized equipment

During the ChiNext listing period, Dazhuo CNC had “admitted” that its production model is the assembly and fitting of various components. Furthermore, Intelligent Technology Co., Ltd. (hereinafter referred to as “Intelligent”) also stated that Dazhuo CNC’s production processes mainly involve assembly and fitting, with basically no in-house processing of raw materials. In addition, during the ChiNext listing application, Dazhuo CNC disclosed that some key components relied on overseas brands. Moreover, as of the inquiry date of May 9, 2026, a PCB equipment of Dazhuo CNC may use a control system from an overseas brand.

It is worth noting that Shenzhen Tianhua Machinery Equipment Co., Ltd. (hereinafter referred to as “Tianhua Machinery”), a peer, said that its products are mainly customized equipment, and that most of the equipment produced and sold by Dazhuo CNC are standardized products. In addition, Intelligent disclosed that the products of peer Shenzhen Yanmiao Technology Co., Ltd. (hereinafter referred to as “Yanmiao Technology”) have features of customization.

2.1 Production mainly consists of assembly and fitting, with basically no in-house processing of raw materials

According to the Dazhuo CNC ChiNext prospectus, Dazhuo CNC mainly adopts a make-to-order approach. Its production mode is assembly and fitting of various components, and the required production factors mainly include raw materials, assembly personnel, and facilities. Product production can be adjusted relatively flexibly based on customer orders. The production lines are not traditional standardized production lines, and there is no concept of “capacity” in the traditional sense.

In addition, Dazhuo CNC’s production mainly involves assembly and fitting. It requires relatively less water and electricity. The proportion of water and electricity consumption in operating costs is low and basically remains stable.

According to the “Reply to the Inquiry Letter on the Review of the Application Documents for the Public Offering and Listing of Intelligent Technology Co., Ltd. on the Beijing Stock Exchange,” signed on October 20, 2025 (hereinafter referred to as the “Intelligent reply to inquiry letters signed on October 20, 2025”), Dazhuo CNC’s production processes mainly involve assembly and fitting, with basically no in-house processing of raw materials. The machinery and equipment mainly include R&D testing equipment and maintenance equipment.

Dazhuo CNC’s 2024 annual report also states that Dazhuo CNC’s production mainly involves design, assembly, and commissioning.

According to Dazhuo CNC’s 2024 annual report, the industry in which Dazhuo CNC operates is not a heavily polluting industry. Its production mainly involves component design, equipment assembly, and commissioning. Very few pollutants are generated during the production process, and there is no significant discharge of wastewater, exhaust gases, noise, or solid waste.

As can be seen, Dazhuo CNC’s production processes mainly consist of assembly and fitting, with basically no in-house processing of raw materials. The machinery and equipment mainly include R&D testing equipment and maintenance equipment.

Against this background, some of Dazhuo CNC’s important raw materials may have come from external suppliers.

2.2 Some key components were dependent on overseas brands; as of May 9, 2026, one PCB mechanical forming machine may use a control system from an overseas brand

According to the reply report to the “Implementation of the Feedback on the Issuance Registration Stage for Initial Public Offering of Shares and Listing on the ChiNext Market” signed by Dazhuo CNC on December 16, 2021 (hereinafter referred to as the “ChiNext feedback reply”), during the reporting period, Dazhuo CNC paid attention to the diversification of raw material sources, but some key components such as control systems, spindles and guide rails still relied separately on overseas brands including Germany’s SIEB&MEYER AG, the UK’s Novanta (NOVANTA), and Japan’s THK.

In addition, during the reporting period, the overseas supplier SIEB&MEYER AG was a single supplier for Dazhuo CNC’s procurement of control systems. Dazhuo CNC has established long-term and stable cooperation relationships with these overseas suppliers.

Looking further into it, the control systems that Dazhuo CNC purchases from Sieb&Meyer are mainly used in Dazhuo CNC’s mechanical drilling machines. In 2018-2020 and 2021 January to June, Dazhuo CNC’s sales revenue from mechanical drilling machines was 79,274.84 RMB ten-thousand yuan, 66,715.65 RMB ten-thousand yuan, 143,272.06 RMB ten-thousand yuan, and 114,893.01 RMB ten-thousand yuan, respectively; the sales contribution ratios were 50.37%, 61.66%, 74.63%, and 77.41%, respectively.

It should be noted that in 2025, Dazhuo CNC’s procurement from its largest supplier accounted for more than 10%.

According to the 2024-2025 annual reports, in 2024-2025, Dazhuo CNC’s procurement amounts from its largest supplier were 1.98 billion RMB and 5.81 billion RMB, accounting for 9.23% and 13.11% of the total annual procurement, respectively.

In addition, but according to research conducted by 《Jinzhengyan》Southern Capital Center, some of Dazhuo CNC’s main product models may still use parts from Sieb&Meyer.

According to information on Dazhuo CNC’s official website, as of the inquiry date May 9, 2026, the product of Dazhuo CNC, “HANS-R6MAU PCB mechanical forming machine,” has features and advantages including “high stability: SIEB&MEYER control system, strong anti-interference capability, powerful and stable functions.”

It is also worth mentioning that Dazhuo CNC also has another product that previously required the purchase of core components externally.

According to the Dazhuo CNC ChiNext prospectus, in 2019-2020 and 2021 January to June, Dazhuo CNC purchased products and accessories from Beijing Dazhuo Tiancheng Semiconductor Technology Co., Ltd. (hereinafter referred to as “Dazhuo Tiancheng”) with amounts of 3.3504 million RMB, 24.4515 million RMB, and 3,157.27 million RMB, respectively; the purchased items were mainly LDI lasers. LDI lasers are one of the core components of laser direct imaging equipment.

It should be clarified that Dazhuo Tiancheng is an affiliate of Dazhuo CNC.

The “issue” is not over, and Dazhuo CNC’s products may still belong to standardized products.

2.3 Peer Tianhua Machinery’s products are mainly customized equipment, and it says that most of the equipment manufactured and sold by Dazhuo CNC are standardized products

According to the reply to the “Inquiry Letter on the Review of the Application Documents for Public Transfer and Listing” issued by Shenzhen Tianhua Machinery Equipment Co., Ltd. (hereinafter referred to as “Tianhua Machinery”) in September 2024, at that time, Dazhuo CNC was a comparable company in the same industry as Tianhua Machinery.

When Tianhua Machinery disclosed “the changes in products of various categories in 2021, 2022 and 2023 compared with the comparable companies,” it stated that in 2022, there was a difference between the revenue change of Dazhuo CNC and that of Tianhua Machinery, mainly because “in 2021, the PCB market achieved the largest growth in recent years, and Tianhua Machinery’s orders grew significantly, due to the fact that Tianhua’s products are mainly customized equipment and need to assume obligations for installation and commissioning; therefore, the revenue realization cycle for orders is longer. Most of the orders Tianhua Machinery obtained in 2021 were recognized as revenue in 2022, leading to a sharp increase in revenue in 2022.”

Meanwhile, most of the equipment sold by Dazhuo CNC is standardized, with shorter revenue realization cycles, and most orders can realize revenue within the same year.

Obviously, by listing Tianhua Machinery, a peer, as comparable, it claims that most of Dazhuo CNC’s equipment is standardized.

It is also worth noting that the comparable company Yanmiao Technology recognized by Dazhuo CNC has products with a relatively high degree of customization.

2.4 Peer Yanmiao Technology mainly assembles and debugs, and its products have a high degree of customization, belonging to non-standard automation business

According to the Intelligent reply to inquiry letters signed on October 20, 2025, Yanmiao Technology’s products are mainly automated testing equipment, which is highly customized and belongs to non-standard automation business. Yanmiao Technology’s automated testing equipment features customization and order-based production; its products are designed and produced entirely according to customer needs. Therefore, Yanmiao Technology does not have a traditional concept of “capacity”; the production capacity cannot be truly reflected by the original value or book value of fixed assets, or by the number of production lines.

In addition, Yanmiao Technology’s production mainly focuses on assembly and commissioning, so it requires relatively fewer fixed assets and machinery and equipment. Changes in Yanmiao Technology’s output are not strictly directly and linearly related to changes in the original value of fixed assets and book value.

It should be noted that Yanmiao Technology is also a peer company recognized by Dazhuo CNC when it applied for listing on the ChiNext.

The above may suggest that Yanmiao Technology, which is comparable to Dazhuo CNC, has a production process similar to Dazhuo CNC’s—also mainly assembly and commissioning. However, Yanmiao Technology’s automated testing equipment is highly customized, belonging to non-standard automation business.

In summary, in 2025, Dazhuo CNC’s procurement from its largest supplier accounted for more than 13%. Dazhuo CNC’s production mode mainly involves assembly and fitting, with basically no in-house processing of raw materials. In addition, it relied on overseas brands for some key components. As of May 9, 2026, one of Dazhuo CNC’s PCB mechanical forming machine products may use a control system from an overseas brand. Dazhuo CNC’s products are mostly standardized equipment, while peers such as Tianhua Machinery mainly produce customized equipment. Yanmiao Technology’s products also have customized features.

3. Conclusion

In short, more than 40% of the raised funds in Dazhuo CNC’s previous ChiNext application were used for permanent “capital replenishment.” At the same time, the ChiNext fundraising projects were delayed twice, and after adjustment, Dazhuo CNC plans to lease a large-area factory as a new implementation site for production, and the construction content will no longer include exposure-type PCB-specific equipment. For this Hong Kong listing, Dazhuo CNC also plans to lease a production facility with a total gross floor area that meets planned operational requirements, and its planned annual capacity includes approximately 30 units of high-resolution laser direct imaging equipment. High-resolution laser direct imaging equipment may be exposure-type products.

On the other hand, Dazhuo CNC’s production process mainly consists of assembly and fitting, with basically no in-house processing of raw materials. Moreover, its comparable peer Tianhua Machinery mainly produces customized equipment, and it is claimed that Dazhuo CNC’s equipment is mostly standardized equipment. In addition, peer Yanmiao Technology’s products also have customization features. Furthermore, as of the inquiry date May 9, 2026, one of Dazhuo CNC’s PCB mechanical forming machine products may use a control system from an overseas brand.