Source: Laserfair.com  22^nd Dec 2025

Recently, a number of leading Chinese laser enterprises have simultaneously turned their attention to Hong Kong, intensively advancing their HKEX listing plans with the aim of building an "A+H dual-capital platform."

On December 2, 2025, Han's CNC officially submitted its H-share listing application to HKEX. Prior to that, Yuanjie Technology launched H-share preparations on November 19, and HGTECH approved the proposal for HKEX listing on October 23. These three laser giants have collectively sounded the "horn" for global capital, marking the entry of the laser equipment industry's "A+H camp" into a new phase of expansion.

By listing on Hong Kong's capital market, these leading Chinese laser enterprises are primarily targeting to enhance their global brand influence, optimize their investor structure, and lay a solid capital foundation for cross-border operations, overseas production capacity layout, and technological mergers and acquisitions.

Han's CNC: Leading PCB Equipment Manufacturer Embarks on Dual-Capital Journey

On December 2, 2025, the listing application submitted by Shenzhen Han's CNC Technology Co., Ltd. (referred to as "Han's CNC") to the Hong Kong Exchanges and Clearing Limited (HKEX) was officially accepted, marking the dominant player in China's specialized PCB equipment market formally embarking on its "A+H" dual-capital platform journey.

As a leading manufacturer of specialized PCB (Printed Circuit Board) equipment already listed on the ChiNext Board in 2022, Han's CNC's intention behind its HKEX fundraising is clearly to strengthen its core business advantages and accelerate internationalization. According to the prospectus, the funds raised will be primarily used to enhance R&D and operational capabilities, expand overseas sales networks, increase production capacity of specialized PCB equipment, and supplement working capital.

Prior to this, Han's CNC's initial listing application submitted on November 30 had expired. This second attempt underscores its firm determination. China International Capital Corporation (CICC) acts as the sole sponsor, with the raised funds earmarked for four key areas: R&D upgrading, overseas channel expansion, production capacity expansion, and working capital supplementation.

As a core subsidiary of Han's Laser, Han's CNC has focused on the PCB equipment track since its establishment in 2002, emerging as China's leading provider of specialized production equipment and solutions for PCBs.

Financial reports show that in the first three quarters of 2025, Han's CNC recorded revenue of RMB 3.903 billion, a year-on-year surge of 66.53%; its net profit attributable to shareholders reached RMB 492 million, a year-on-year increase of 142.19%. The explosive performance is driven by the dual impetus of the AI computing power revolution and the intelligence of new energy vehicles, particularly forming technological barriers in the field of high-end PCB drilling equipment.

The establishment of the "A+H" dual-capital platform holds profound strategic significance for Han's CNC. It not only provides the company with an equal capital status to engage with global PCB industry giants but also helps further standardize corporate governance by introducing international investors, paving the way for future overseas mergers and acquisitions or technological cooperation.

Yuanjie Technology: The "Little Giant" of Optical Chips Breaks Through and Forges Ahead

Unlike equipment manufacturers, Yuanjie Technology represents the strength of optical chips—a core link in the upstream of the laser industry chain.

On November 19, 2025, the company's board of directors approved a proposal authorizing the management to launch preliminary preparations for an H-share listing, with an authorization period of up to 12 months. This optical chip IDM (Integrated Device Manufacturing) enterprise, already listed on the Science and Technology Innovation Board (STAR Market), aims to tackle technological challenges and break through market barriers through its "A+H" dual-listing drive.

As a national-level specialized, refined, characteristic, and innovative "little giant" focusing on the optical chip sector, Yuanjie Technology is attempting to address "bottleneck challenges" through cross-border capital operations. The company's main business covers three major markets—telecommunications, data centers, and automotive lidar—and has built a fully independent and controllable IDM production line.

Financial data shows that in the first three quarters of 2025, the company achieved operating revenue of RMB 383 million, a year-on-year surge of 115.09%; net profit attributable to shareholders reached RMB 106 million, successfully turning around from loss to profit. Among them, the single-quarter revenue in Q3 reached RMB 178 million, a sequential growth of 47.90%, mainly driven by the volume shipment of CW silicon photonics light source products for data centers. Notably, the company secured three major orders within the year, with a total amount of RMB 266 million, confirming that its technical strength has been recognized by leading customers.

HGTECH : "China's First Laser Stock" Embarks on a New Journey

As "China's first laser stock" in the capital market, HGTECH 's moves have long been regarded as an industry bellwether.

On the evening of October 23, 2025, HGTECH issued an announcement stating that its board of directors had approved the proposal to plan the issuance of H-shares and list on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX). This decision marks the start of a new chapter for the established leading enterprise to connect with the global capital market.

HGTECH 's current plan is closely aligned with the profound transformation of its business structure. In the past, the market primarily recognized it for laser equipment manufacturing. However, the financial report for the first three quarters of 2025 reveals a new reality: the company achieved operating revenue of RMB 11.038 billion, with the optical module business emerging as its largest revenue stream.

Driven by surging AI computing power demand, in particular, the company has achieved volume deliveries of 400G and 800G high-speed optical modules to overseas customers. Today, HGTECH has evolved into a comprehensive optoelectronic enterprise group spanning three core businesses: "laser intelligent manufacturing, optical connectivity, and sensors."

The HKEX listing aims to match this new, globalized development identity. The objectives outlined in the announcement—"deepening global strategic layout, enhancing international visibility, and building diversified financing channels"—are highly consistent with its business progress. In recent years, the company has established production bases in Thailand and Vietnam, set up R&D centers in North America and Europe, and the proportion of overseas revenue has been steadily increasing. These international initiatives require the support and empowerment of a matching global capital platform.

Analysts believe that the establishment of the "A+H" dual-listing platform will bring multiple strategic values to HGTECH. First, it will facilitate cross-border financing to support overseas capacity expansion (such as the construction of Thai factories) and technological acquisitions. Second, the introduction of international investors will further enhance the transparency and standardization of corporate governance. Third, it will enable flexible use of valuation differences and capital environments between the two markets to optimize the capital structure. Fourth, it will provide a more convenient tool for implementing equity incentive plans covering core global talents.

Wave Surges in Hong Kong: "A+H" Dual Listing Becomes Strategic Priority for Laser Leaders

In fact, the wave of laser enterprises seeking HKEX listings at the end of 2025 is driven by the dual impetus of policy support and market mechanisms.

As introduced, China Securities Regulatory Commission (CSRC) issued measures for capital market cooperation with Hong Kong in April 2024, explicitly supporting leading enterprises to list in Hong Kong; meanwhile, Hong Kong Exchanges and Clearing Limited (HKEX) established a "fast track" for compliant enterprises with a market value exceeding HK$10 billion, significantly shortening the inquiry cycle.

For China's laser industry, the ultimate goal of this capital feast is to propel the entire industry up the value chain. With the support of the capital market, these enterprises will be better positioned to make breakthroughs in "bottleneck areas" such as ultrafast lasers, semiconductor wafer dicing, and high-end optical chips, while building a true global ecosystem encompassing overseas R&D centers, production bases, and sales networks.

As enterprises including Han's CNC, Yuanjie Technology, and HGTECH advance their H-share listings, the "A-share + H-share" camp in the laser processing equipment industry is expected to further expand. The funds raised by these laser giants will be primarily invested in R&D, overseas capacity building, and channel expansion, driving the industry's transformation from "domestic leaders" to "global participants."

In the future, driven by the surging demand for AI computing power, the intelligence of new energy vehicles, and Industry 4.0, laser enterprises with core technologies and global layouts will be more competitive. As a bridge connecting Chinese innovation and international capital, Hong Kong's capital market will continue to inject momentum into the high-quality development of the industry, helping China's laser industry sail toward a broader global horizon.