On April 17, the China Securities Regulatory Commission disclosed a filing notice regarding Top Numerical Control Technology (TOPNC)’s offshore offering and listing, as well as the full circulation of its domestically unlisted shares. This indicates that TOPNC has cleared a key prerequisite for a Hong Kong hearing, formally advancing its IPO into a new stage.
As a specialist supplier of five-axis CNC (computer numerical control) machine tools to China’s aerospace sector, TOPNC ranked first in market share in 2024, according to IPO Zaozhidao.
On the application side, TOPNC plays a significant role in several of China’s flagship national programs, including launch vehicles and the C919 and C909 large passenger jets. For example, the world’s first five-meter vertical dual five-axis mirror milling machine, developed independently by the company, is used to reduce the weight of rocket fuel tanks, effectively doubling payload capacity. The launch of China’s first horizontal dual five-axis mirror milling machine also contributed to a broader shift in aircraft skin processing, from traditional chemical milling to high-precision mechanical milling.
In terms of technology, TOPNC has a high-level R&D team of more than 130 people, with R&D staff accounting for 35.8% of its workforce. From 2022 through the first half of 2025, its cumulative R&D spending reached RMB 320 million (USD 46.8 million). Over time, TOPNC’s technologies have supported efforts to replace imported equipment in China’s high-end manufacturing sector, earning multiple domestic accolades.
China’s commercial space sector is at a critical juncture as it moves from a national capability toward becoming an economic pillar. Faced with a mismatch between the growing number of satellites and the limited supply of rockets, as well as a narrowing window for low Earth orbit constellations to secure spectrum and orbital positions, China must not only launch payloads but do so affordably and at high frequency. Large-scale launches across multiple rocket models are expected to drive significant capital expenditure, increasing order volumes for equipment suppliers such as TOPNC.
While supporting aerospace applications, TOPNC has also expanded into broader industrial markets, including automotive, energy, medical equipment, shipbuilding, machine tools, and mold manufacturing, extending aerospace-grade precision into general manufacturing.
TOPNC plans to roll out its Phantom series of high-speed carbon fiber gantry five-axis machine tools as part of an effort to strengthen its position in frontier areas and advance product performance in precision, efficiency, and capability.
TOPNC’s strategy also aligns with broader changes in global manufacturing. According to IPO Zaozhidao, citing industry data, the global smart manufacturing equipment market reached RMB 7.6 trillion (USD 1.1 trillion) in 2024 and is expected to grow to RMB 11.3 trillion (USD 1.7 trillion) by 2029, representing a compound annual growth rate (CAGR) of 8.4%.
At the same time, as China’s industrial structure continues to upgrade, five-axis CNC machine tools are gaining market share as core manufacturing equipment due to their precision, efficiency, and flexibility. They are expected to take share from non-five-axis CNC machines, with the market projected to reach RMB 27 billion (USD 4 billion) by 2029, implying a CAGR of 20.1%.
This article was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.83 = USD 1 based on estimates as of April 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.