HK Recently Listed Stocks Watch | TOPNC (07688.HK): New Orders in 1H Up 115.6% YoY, 32.665 Million Cornerstone Lock-up Shares to Be Unlocked on November 20
- TOPNC (07688.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 20, 2026 at an offer price of HKD 26.39, with a global offering of 65.33 million H shares.
- The company's newly signed contracts in the same period were worth approximately RMB 470 million, up 115.6% year on year.
- Founded in 2007, TOPNC (07688.HK) focuses on the research, development, design, production and sales of high-end five-axis CNC machine tools.
NewTimeSpace News: On October 9, 2026, TOPNC (07688.HK) rose strongly, quoting HKD 19.40 intraday as of 14:43, up 9.42%.
On the news front, according to previous disclosures, 14 cornerstone investors collectively hold 32.665 million H shares, with lock-up periods all ending on November 19, 2026 and official unlocking from November 20, 2026, corresponding to a market value of approximately HKD 862 million based on the offer price. The cornerstone lineup involves Mirae Asset Securities (Hong Kong), Goldman Sachs Asset Management (Hong Kong), Boyu Capital Management (Singapore) Pte. Ltd., HHLR Advisors, Ltd. and others.
According to public information, TOPNC (07688.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 20, 2026 at an offer price of HKD 26.39, with a global offering of 65.33 million H shares, of which the Hong Kong public offering accounted for 10%; net proceeds were approximately HKD 1.606 billion; the Hong Kong public offering was 3,764.63 times subscribed and the international offering 30.46 times subscribed.
In terms of performance, the company disclosed its first interim results after listing on August 28, 2026, posting revenue of RMB 166 million for the first half of 2026, down 62.58% year on year. The company's newly signed contracts in the same period were worth approximately RMB 470 million, up 115.6% year on year.
Capital Securities noted that with aerospace intelligent manufacturing equipment as its base, the company has deep technical barriers, and its average product prices and gross margins are both higher than those of peers; compact general-purpose five-axis machine tools and large-size carbon fiber composite five-axis machine tools remain in the cultivation stage and are expected to become a new growth curve.
Founded in 2007, TOPNC (07688.HK) focuses on the research, development, design, production and sales of high-end five-axis CNC machine tools, with products covering aerospace intelligent manufacturing equipment, compact general-purpose market five-axis machine tools and large-size carbon fiber composite five-axis machine tools, widely applied in major national projects such as domestically built large aircraft and the Long March series of carrier rockets.
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