Hong Kong is expected to welcome its first commercial aerospace stock as Shanghai Top Numerical Control Technology (TopNC) launched its initial public offering on Tuesday.

The company plans to raise HK$1.72 billion ($219.7 million) by selling 65.33 million shares at HK$26.39 each, according to its prospectus.

TopNC, a Shanghai-based supplier of high-end intelligent manufacturing equipment used mostly in the aviation and aerospace industries, ranked first in China’s aerospace five-axis Computer Numerical Control machine tool market in 2025, accounting for 10 percent of the market share, according to the listing document.

The company’s technological breakthroughs have been applied in the production of national carrier rockets and C919 jets.

The company has strategically been shifting its focus toward private company clients instead of State-owned companies, with the revenue contribution from private enterprises increasing from only 13.5 percent in 2023 to almost two-thirds in financial year 2025, driving annual revenue up by over 70 percent to 577 million yuan ($84.92 million) over the past two years.

The offer period runs from Tuesday to noon on Friday, and the shares are expected to be listed on the main board of the Hong Kong stock exchange on May 20.

The company’s offering has attracted top-tier cornerstone investors, including RBC, UBS, Shanghai Minhang, Goldman Sachs Asset Management and others, covering long-term insurance funds, public funds, international assets management institutions, and local government funds.

Contact the writer at rayjia@chinadailyhk.com