Shanghai Top Numerical Control Technology Co., Ltd. (TOPNC) priced its Hong Kong initial public offering at HK$26.39 per H share, issuing 65.33 million shares and generating gross proceeds of HK$1.72 billion. After estimated listing expenses of HK$117.60 million, net proceeds stand at HK$1.61 billion. Trading is scheduled to start on 20 May 2026 under stock code 7688.

Offer structure • Hong Kong Public Offering: 6.53 million shares (10% of total) drew 344,049 valid applications and was 3,764.63 times oversubscribed. • International Offering: 58.80 million shares (90% of total) was 30.46 times covered by 104 placees. • An over-allocation of 9.80 million shares has been recorded; the stabilising manager may cover this through the 15% over-allotment option or secondary-market purchases.

Shareholder mix and concentration • Cornerstone investors subscribed 32.67 million shares, representing 50.0% of the base deal and 7.98% of post-listing share capital. Largest cornerstone allocations went to RBC Global Asset Management (10.00% of the offer), 3W Fund Management (9.09%) and Boyu Capital (6.82%). • Within the international tranche, the top 10 placees took 79.64% of the allocation; the single largest took 17.78%. • Post-listing, the top 10 shareholders will control 70.59% of the company’s total issued shares, and 70.24% of the H-share class.

Lock-up commitments • Controlling shareholder Dr. Wang Yuhan and related parties are locked up for 12 months until 19 May 2027, covering 120.60 million H shares and 12.66 million domestic shares (32.56% of issued capital). • Cornerstone investors are subject to a six-month lock-up expiring 19 November 2026. • Three institutional placees have given additional six-month voluntary lock-ups covering 3.27 million shares.

Free float and public holdings Following completion—and assuming no exercise of the over-allotment option—224.91 million H shares, or 54.95% of the company’s enlarged capital, will be in public hands, comfortably exceeding the 15% minimum free-float requirement.

Regulatory notes The Stock Exchange highlighted a high concentration of shareholding; price volatility is possible if small volumes trade. The stabilisation period runs until 19 June 2026 (30 days after the end of the public subscription period).