Topu CNC to conduct an IPO from May 12 to May 15, planning to issue 65.33 million shares globally

Topu CNC (07688) will conduct an IPO from May 12 to May 15, 2026.
The company plans to issue a total of 65.33 million shares globally, with 10% offered in Hong Kong and 90% internationally.
The offering price will be HKD 26.39 per share, with a lot size of 100 shares.
Trading is expected to commence on the Stock Exchange on May 20, 2026.

The company is a Chinese enterprise focused on the research, design, manufacturing, and sales of high-end intelligent manufacturing equipment (mainly five-axis computer numerical control (“CNC”) machine tools).

The company has entered into cornerstone investment agreements with RBC, 3W, Boyu, HHLRA, UBS Asset Management Singapore, CDH, Xinting Fund, Franklin Templeton, Franklin Templeton Hong Kong, Huaxia Fund, Shanghai Minhang, TT International, Future Asset, and Goldman Sachs Asset Management.
The cornerstone investors have agreed, under certain conditions, to subscribe for a total of US$110 million worth of shares at the offering price (rounded down to the nearest 100 H-shares).
Based on the offering price of HKD 26.39 per share, the total number of shares to be subscribed by cornerstone investors will be 32.67M shares, which is (i) approximately 8.0% of the total issued share capital immediately after the global offering (assuming the over-allotment option is not exercised), or (ii) approximately 7.8% of the total issued share capital immediately after the global offering (assuming the over-allotment option is fully exercised).

Assuming (i) the offering price is HKD 26.39 per H-share (the offering price); and (ii) the over-allotment option is not exercised, the company estimates that the net proceeds from the global offering (after deducting underwriting fees and expenses payable by the company) will be approximately HKD 1.61B.

According to the company’s strategy, the net proceeds from the global offering will be allocated as follows:

• About 61.8% for research and development advancement.
• About 10.3% for expanding sales and marketing networks.
• About 12.1% for potential acquisitions and investments in key component manufacturers (such as servo drives and direct drive torque motors).
• About 6.0% for repaying part of the group’s interest-bearing bank loans.
• About 9.9% for operating capital and general corporate purposes.

(Editors: Wang Zhiqiang HF013)

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