HK Stock Market Move | TOPNC (07688) rose more than 13% in the afternoono. The value of new contracts signed in the first half of the year increased significantly to approximately 470 million RMB.

TOPNC (07688) surged more than 13% in the afternoon, as of the time of writing, it rose by 8.67% to 22.8 Hong Kong dollars, with a turnover of 213.39 million Hong Kong dollars. On the news front, TOPNC recently announced that the group has secured new contract value of about 470 million RMB in the first half of the year, significantly higher than the 218 million RMB in the same period last year. The significant increase in the value of new contracts signed is mainly attributed to the contribution of approximately 403.5 million RMB from aerospace-related projects during the period, significantly higher than the 188 million RMB in the same period last year. In addition, at the end of June, the company announced its intention to repurchase up to 10% of H shares. Public information shows that TOPNC focuses on the development of five-axis CNC machine tools to meet the demand for advanced manufacturing in the Chinese aerospace sector. According to the Zosy Consulting report, by 2025, the company is ranked first in the Chinese aerospace five-axis CNC machine tool market with a market share of 10.0%, ranking fifth among all suppliers in the Chinese five-axis CNC machine tool market and second among domestic suppliers, with a market share of 3.9%.