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Shanghai Top Numerical Control Technology (1726745D CH)

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Analysis
Industrials • China
Shanghai Top Numerical Control Technology is looking to raise about US$100m in its upcoming Hong Kong IPO. Shanghai Top Numerical Control Technology (STNCT) is a leading enterprise in China specializing in the research, design, production, and sales of high-end intelligent manufacturing equipment, with a primary focus on five-axis CNC machine tools, and it mainly serves the aviation industry. STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and steadily improving financial performance. However, several risks temper the upside - Decline in unit sales in its core aviation product, negative cash flow and a highly fragmented market, limiting clear market leadership. In this note, we look at the company’s past performance.
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bullish•Shanghai Top Numerical Control Technology
•28 Aug 2025 10:00

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...

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Hong Jie Seow
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bullish•Nissan Motor
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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.

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