On May 20, two new stocks commenced trading on the Hong Kong Stock Exchange: TOPNC (7688.HK), hailed as the "first commercial aerospace stock in Hong Kong," and UISEE TECH (1511.HK), termed the "first full-scenario L4 autonomous driving stock."

TOPNC priced its shares at HK$26.39 each. The global offering consisted of 65.33 million H shares, raising approximately HK$1.724 billion in total. The public offering portion was oversubscribed by more than 3,700 times. With no mandatory clawback clause, the joint sponsors for the listing are Guotai Junan International and CCB International.

The IPO attracted 14 cornerstone investors, including Goldman Sachs, RBC Global Asset Management, Hillhouse Capital, and Boyu Capital. Their aggregate subscription amounted to roughly HK$1.034 billion, representing 60% of the shares offered globally.

According to its prospectus, TOPNC ranked first in China's aerospace five-axis CNC machine tool market in 2025. The company's core product portfolio covers the entire rocket manufacturing process, including key equipment such as double five-axis mirror milling machines for tank bottoms, longitudinal seam welding systems for rocket fuel tank barrels, and circumferential seam welding systems.

UISEE TECH priced its shares at HK$59.8 each. The global offering involved 14.4612 million H shares, raising a total of about HK$865 million. CITIC Securities acted as the sole sponsor for the listing.

The IPO secured three cornerstone investors: Xiong'an Autonomous Driving, 58.com, and Xinghe Fortune. Their combined subscription totaled approximately HK$261.2 million, accounting for about 29.96% of the total shares offered globally.

UISEE TECH's business model primarily comprises four segments: autonomous driving solutions, autonomous driving kits, software solutions, and leasing services. In 2025, the company held a 90.5% market share in airport scenarios and a 31.7% share in industrial park scenarios, ranking first in both specific segments.