HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> has filed its S-1 prospectus, with the IPO targeting to be on 12 Jun. There are several Hong Kong and mainland Chinese listed companies that may benefit. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-top-numerical-control-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45697:1" rel="noopener">Shanghai Top Numerical Control (7688 HK)</a>, <a href="https://www.smartkarma.com/entities/tongyu-communication-inc" target="_blank" data-smartkarma-citation="entities:25352:1" rel="noopener">Tongyu Communication (002792 CH)</a>, <a href="https://www.smartkarma.com/entities/shenzhen-sunway-communicatin-co-ltd" target="_blank" data-smartkarma-citation="entities:13458:1" rel="noopener">Shenzhen Sunway (300136 CH)</a>, and <a href="https://www.smartkarma.com/entities/chongqing-zaisheng-technology" target="_blank" data-smartkarma-citation="entities:25126:1" rel="noopener">Chongqing Zaisheng Technology (603601 CH)</a> are more direct.</li>
<li>
<a href="https://www.smartkarma.com/entities/avichina-industry-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology (2357 HK)</a> and <a href="https://www.smartkarma.com/entities/apt-satellite-holdings-limited" target="_blank" data-smartkarma-citation="entities:12240:1" rel="noopener">APT Satellite (1045 HK)</a> may gain from the spillover effects of the SpaceX IPO.</li>
</ul>



SpaceX (SPCX US) has filed its S-1 prospectus, with the IPO targeting to be on 12 Jun. There are several Hong Kong and mainland Chinese listed companies that may benefit. 

Shanghai Top Numerical Control (7688 HK), Tongyu Communication (002792 CH), Shenzhen Sunway (300136 CH), and Chongqing Zaisheng Technology (603601 CH) are more direct.

AviChina Industry &amp; Technology (2357 HK) and APT Satellite (1045 HK) may gain from the spillover effects of the SpaceX IPO.


China Strategy: Some Main Beneficiaries of SpaceX Listing

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Shanghai Top Numerical Control Technology / Equity Bottom-Up

Shanghai Top Numerical Control Technology (7688 HK)

Shanghai Top Numerical Control Technology

<ul>
  <li>
<a href="https://smartkarma.com/entities/shanghai-top-numerical-control-technology">Shanghai Top Numerical Control Technology</a> (TOPNC) is a leading domestic manufacturer of high-end five-axis Computer Numerical Control (CNC) machine tools, with a strategic focus on the aerospace industry in China.</li>
  <li>The company is capitalizing on the strong tailwind of domestic substitution, as China seeks to reduce its reliance on foreign suppliers for critical high-precision manufacturing equipment. This is supported by growing demand from downstream industries like aerospace, new energy vehicles, and robotics.</li>
  <li>After a period of significant investment in R&amp;D and market expansion, TOPNC has recently achieved profitability, reporting a net profit in 2023. However, the company faces challenges related to high financial leverage and intense competition from established global players.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Shanghai Top Numerical Control Technology (TOPNC) is a leading domestic manufacturer of high-end five-axis Computer Numerical Control (CNC) machine tools, with a strategic focus on the aerospace industry in China.
  The company is capitalizing on the strong tailwind of domestic substitution, as China seeks to reduce its reliance on foreign suppliers for critical high-precision manufacturing equipment. This is supported by growing demand from downstream industries like aerospace, new energy vehicles, and robotics.
  After a period of significant investment in R&amp;D and market expansion, TOPNC has recently achieved profitability, reporting a net profit in 2023. However, the company faces challenges related to high financial leverage and intense competition from established global players.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Shanghai Top Numerical Control Technology (1726745D CH) - Apr 2026

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shanghai Top Numerical Control Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-top-numerical-control-technology" target="_blank" data-smartkarma-citation="entities:45697:1" rel="noopener">Shanghai Top Numerical Control Technology (1726745D CH)</a> is looking to raise about US$100m in its upcoming Hong Kong IPO.</li>
<li>STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
In this note, we look at the company’s past performance.


Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at the probable US$10-15bn ADR issuance by <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> </li>
<li>There were a number of placements over the past week and we also had a look at some of the planned GDR offerings. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the probable US$10-15bn ADR issuance by SK Hynix (000660 KS) 
There were a number of placements over the past week and we also had a look at some of the planned GDR offerings. 


Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

China

Shanghai Top Numerical Control Technology Co., Ltd. provides intelligent manufacturing and process solutions in aerospace field. The Company researches, manufactures, and distributes five axis computer numerical control machine tools, drilling and riveting robots, intelligent production line system, and more. Shanghai Top Numerical Control Technology serves clients in China.

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Shanghai Top Numerical Control Technology (7688 HK)

China Strategy: Some Main Beneficiaries of SpaceX Listing

SpaceX filed its IPO prospectus, benefiting HK and China-listed companies like Shanghai Top Numerical Control, Tongyu, Shenzhen Sunway, and...

Osbert Tang, CFA

Primer: Shanghai Top Numerical Control Technology (1726745D CH) - Apr 2026

Shanghai Top Numerical Control Technology (TOPNC) is a leading domestic manufacturer of high-end five-axis Computer Numerical Control (CNC)...

αSK

Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

Shanghai Top Numerical Control Technology plans to raise $100m in Hong Kong IPO. It shows strong growth potential in aviation sector but facing...

Hong Jie Seow

Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Strategy: Some Main Beneficiaries of SpaceX Listing

​SpaceX filed its IPO prospectus, benefiting HK and China-listed companies like Shanghai Top Numerical Control, Tongyu, Shenzhen Sunway, and...

Osbert Tang, CFA

Primer: Shanghai Top Numerical Control Technology (1726745D CH) - Apr 2026

Shanghai Top Numerical Control Technology (TOPNC) is a leading domestic manufacturer of high-end five-axis Computer Numerical Control (CNC)...

αSK

Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

​Shanghai Top Numerical Control Technology plans to raise $100m in Hong Kong IPO. It shows strong growth potential in aviation sector but facing...

Hong Jie Seow

Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

SpaceX filed its IPO prospectus, benefiting HK and China-listed companies like Shanghai Top Numerical Control, Tongyu, Shenzhen Sunway, and...

Shanghai Top Numerical Control Technology plans to raise $100m in Hong Kong IPO. It shows strong growth potential in aviation sector but facing...