On June 22, Hans CNC fell 3.64% in regular trading, trading at HK$183.9/share, with turnover of HK$198 million. The decline follows a significant cumulative rally driven by a Citi research report and the PCB industry expansion wave, with high-level profit-taking pressure continuing to weigh on the stock.

On the news front, the stock had previously surged sharply, fueled by Citi's bullish call highlighting the company's ultra-fast laser drilling equipment supply to SLP enterprises for 1.6T co-packaged optics applications, replacing Mitsubishi Electric's CO2 solutions with 12-month lead times. Meanwhile, the PCB sector saw 13 manufacturers announce capacity expansions totaling over RMB 60 billion this year. However, Morgan Stanley and Schroders PLC consecutively reduced their positions, with combined divestment exceeding HK$47 million, sustaining institutional selling pressure. The current price-to-book ratio remains elevated at 1,104x, leaving minimal margin for error. Additionally, the company recently clarified it does not directly manufacture drill bits or milling cutters, partially correcting market expectations regarding its consumables business and contributing to the ongoing short-term pullback.

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