Jiangyin Biaobang Auto Parts Co., Ltd
Announcement on initial public offering and listing on GEM
Sponsor (co lead underwriter): China Securities Co.Ltd(601066)
Co lead underwriter: Gf Securities Co.Ltd(000776)
hot tip
Jiangyin Biao Auto Parts Co., Ltd. (hereinafter referred to as “Biao shares”, “issuer” or “company”) in accordance with the measures for the administration of securities issuance and underwriting (CSRC order [No. 144]) (hereinafter referred to as the “administrative measures”) and the measures for the administration of the registration of initial public offerings on the gem (Trial) (CSRC order [No. 167]) Special provisions on the issuance and underwriting of initial public offerings on the gem (CSRC announcement [2021] No. 21) (hereinafter referred to as the “special provisions”), detailed rules for the implementation of the issuance and underwriting of initial public offerings on the gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919, hereinafter referred to as the “detailed rules for the implementation of the business”) Detailed rules for the implementation of online issuance of initial public offerings in Shenzhen market (SZS [2018] No. 279, hereinafter referred to as “detailed rules for the implementation of online issuance”), detailed rules for the implementation of offline issuance of initial public offerings in Shenzhen market (revised in 2020) (SZS [2020] No. 483, hereinafter referred to as “detailed rules for the implementation of offline issuance”) The code for underwriting of initial public offerings under the registration system (zxsf [2021] No. 213), the rules for the administration of offline investors in initial public offerings under the registration system (zxsf [2021] No. 212, hereinafter referred to as the “rules for the administration of offline investors under the registration system”) The detailed rules for placement of initial public offering shares (zxsf [2018] No. 142) and the relevant provisions of Shenzhen Stock Exchange (hereinafter referred to as “Shenzhen Stock Exchange”) on stock issuance and listing rules and the latest operation guidelines shall organize the implementation of initial public offering shares and listing on GEM.
China Securities Co.Ltd(601066) (hereinafter referred to as ” China Securities Co.Ltd(601066) securities”) serves as the sponsor (joint lead underwriter) of this offering, and Gf Securities Co.Ltd(000776) (hereinafter referred to as ” Gf Securities Co.Ltd(000776) “) serves as the joint lead underwriter of this offering ( China Securities Co.Ltd(601066) securities and Gf Securities Co.Ltd(000776) hereinafter collectively referred to as “joint lead underwriters”). This offline issuance is conducted through the offline issuance electronic platform of Shenzhen Stock Exchange (hereinafter referred to as the “offline issuance electronic platform”). Offline investors are requested to carefully read this announcement and the detailed rules for the implementation of offline issuance and other relevant provisions. The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription and pricing according to market value. Online investors are requested to carefully read this announcement and the implementation rules for online issuance issued by Shenzhen Stock Exchange.
This offering is applicable to the special provisions on the issuance and underwriting of initial public offerings on the gem (CSRC announcement [2021] No. 21) issued by the CSRC on September 18, 2021, and the practical implementation rules for the issuance and underwriting of initial public offerings on the gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919) issued by the Shenzhen Stock Exchange The code for underwriting of initial public offerings under the registration system (zxsf [2021] No. 213) issued by the China Securities Association invites investors to pay attention to the changes of relevant regulations, pay attention to investment risks, carefully study and judge the rationality of issuance pricing and make investment decisions rationally.
Investors are kindly requested to pay attention to the pricing of this offering, the issuing process, online and offline subscription and payment, the setting of sales restriction period and the disposal of stock abandonment. The specific contents are as follows:
1. After the preliminary inquiry, the issuer and the co lead underwriters shall, in accordance with the exclusion rules stipulated in the announcement on initial public offering and listing on the gem of Jiangyin advertised Auto Parts Co., Ltd. (hereinafter referred to as the “announcement on preliminary inquiry and recommendation”), after excluding the preliminary inquiry results that do not meet the quotation requirements of investors, Eliminate all placing objects whose proposed purchase price is higher than 49.80 yuan / share (excluding 49.80 yuan / share); All placing objects with the proposed subscription price of 49.80 yuan / share and the subscription amount of less than 4.6 million shares (excluding 4.6 million shares) will be eliminated. A total of 122 placing objects were excluded in the above process, and the total number of shares to be purchased was 605.1 million, accounting for 1.0024% of the total number of 60364 million shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription. Please refer to the part marked “high price rejection” in the attached table “preliminary inquiry and quotation”.
2. According to the preliminary inquiry results, the issuer and the joint lead underwriters, taking into account the effective subscription multiple, the industry of the issuer, the fundamentals of the issuer, the valuation level of comparable listed companies, market conditions, the demand for raised funds and underwriting risks, negotiated and determined that the price of this issuance is 40.25 yuan / share, and the offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on February 9, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline issuance and Subscription Date and online subscription date are February 9, 2022 (t day), of which the offline subscription time is 9:30-15:00, and the online subscription time is 9:15-11:30 and 13:00-15:00. 3. The issuing price of this offering shall not exceed the median and weighted average of the quotations of offline investors after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as “public fund”), the National Social Security Fund (hereinafter referred to as “social security fund”), the basic old-age insurance fund (hereinafter referred to as “pension”) established through public offering after excluding the highest quotation The enterprise annuity fund (hereinafter referred to as “enterprise annuity fund”) established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund (hereinafter referred to as “insurance fund”) in accordance with the measures for the administration of the use of insurance funds, whichever is lower.
This offering does not arrange strategic placement to other external investors. According to the issuing price, the relevant subsidiaries of the sponsor will not participate in the strategic placement. Finally, this issuance will not be targeted to strategic investors. The difference between the initial strategic placement and the final strategic placement is 1125000 shares, which will be transferred back to offline issuance.
This issuance is finally carried out by a combination of offline inquiry and placement to qualified investors (hereinafter referred to as “offline issuance”) and online pricing issuance to social public investors holding non restricted A-share shares or non restricted depositary receipts in Shenzhen market (hereinafter referred to as “online issuance”).
4. Restricted period arrangement: among the stocks issued this time, the stocks issued online have no circulation restrictions and restricted period arrangement, and can be circulated from the date of listing of the stocks issued this time on the Shenzhen Stock Exchange.
The offline issuance part adopts the proportional sales restriction method, and the offline investors shall promise that the sales restriction period of 10% (rounded up) of the number of shares allocated to them is 6 months from the date of the issuer’s initial public offering and listing.
That is, among the shares allocated to each placing object, 90% of the shares are sold indefinitely and can be circulated from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange; The sales restriction period of 10% of the shares is 6 months, and the sales restriction period starts from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange.
When offline investors participate in the preliminary inquiry and quotation and offline purchase, they do not need to fill in the arrangement of the restricted sale period for the placing objects under their management. Once the quotation is made, it is deemed to accept the arrangement of the online restricted sale period disclosed in this announcement.
5. Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
6. After the completion of online and offline subscription, the issuer and co lead underwriters will decide whether to start the callback mechanism on February 9, 2022 (t day) according to the online subscription, so as to adjust the scale of offline and online issuance. The launch of the callback mechanism will be determined according to the initial effective subscription multiple of online investors.
7. Offline investors shall, in accordance with the announcement on offline preliminary placement results of Jiangyin advertised Auto Parts Co., Ltd. initial public offering and listing on the gem (hereinafter referred to as the announcement on offline preliminary placement results), according to the finally determined issuance price and preliminary placement quantity before 16:00 on February 11 (T + 2) 2022, Pay the subscription funds for new shares in full and on time.
The subscription funds shall be paid in full within the specified time. If the subscription funds are not paid in full within the specified time or as required, all the new shares allocated to the placing object shall be invalid. If the above-mentioned circumstances occur when multiple new shares are issued on the same day, all the placing objects are invalid. If different placing objects share bank accounts, if the subscription funds are insufficient, all the new shares allocated to the placing objects sharing bank accounts will be invalid. Offline investors are allocated multiple new shares on the same day. Please pay for each new share separately.
After winning the lot in the subscription of new shares, online investors shall, in accordance with the announcement on the results of online lottery of Jiangyin advertised Auto Parts Co., Ltd. in its initial public offering of shares and listing on the gem (hereinafter referred to as “online lottery”)
The announcement of results “) shall fulfill the obligation of capital settlement and ensure that its capital account will have sufficient new share subscription funds on February 11 (T + 2) 2022. The insufficient part shall be deemed as abandoning the subscription, and the resulting consequences and relevant legal liabilities shall be borne by the investors themselves. The transfer of investors’ funds shall comply with the relevant provisions of the securities company where the investors are located. Shares abandoned by offline and online investors are underwritten by China Securities Co.Ltd(601066) securities.
8. When the total number of shares paid and subscribed by offline and online investors is less than 70% of the number of this public offering, the issuer and the joint lead underwriter will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
9. If the offline investors who provide effective quotation fail to participate in the subscription or the offline investors who obtain the preliminary placement fail to pay the subscription amount in time and in full, it will be deemed as a breach of contract and shall bear the liability for breach of contract. The joint lead underwriters shall report the breach to the China Securities Association for the record. The number of violations of placing objects in the selected layers of gem, sci-tech innovation board, main board and national share transfer system shall be calculated together. During the period of being included in the restricted list, the relevant placing objects shall not participate in the offline inquiry and subscription of the initial stock projects on the gem, the science and innovation board, the main board and the shares of the national share transfer system to unspecified qualified investors and the projects listed on the selected layer.
If online investors fail to pay in full after winning the lottery for three times in a row within 12 months, they shall not participate in the online subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds within 6 months (calculated as 180 natural days, including the next day) from the next day of the settlement participant’s latest declaration of abandonment of subscription.
10. The issuer and co lead underwriters solemnly remind investors to pay attention to investment risks and invest rationally, Please carefully read the special announcement on the investment risk of Jiangyin advertised Auto Parts Co., Ltd. in its initial public offering and listing on the gem published in China Securities News, Shanghai Securities News, securities times and Securities Daily on February 8, 2022 (t-1), fully understand the market risk and prudently participate in this new share offering. Valuation and investment risk tips
1. The issue price is 40.25 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
(1) According to the industry classification guidelines of listed companies (revised in 2012) issued by China Securities Regulatory Commission (hereinafter referred to as “CSRC”), the industry in which the shares are advertised belongs to automobile manufacturing industry (C36). As of January 27, 2022 (T-4), the average static P / E ratio of automobile manufacturing industry (C36) released by China Securities Index Co., Ltd. in the latest month is 33.07 times. Please refer to it when making decisions.
As of January 27, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
In 2020, deduct the static securities corresponding to the static market corresponding to the T-4 day stock in 2020. The securities code is not before EPS, not after EPS. Closing price earnings ratio – price earnings ratio before deduction – after deduction (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Sichuan Chuanhuan Technology Co.Ltd(300547) 300547. SZ 0.52 0.48 13.90 26.73 29.19
Tianjin Pengling Group Co.Ltd(300375) 300375. SZ -0.10 -0.36 3.85 -39.83 -10.60
Changzhou Tenglong Auto Parts Co.Ltd(603158) 603158. SH 0.44 0.40 14.50 32.62 36.11
Anhui Zhongding Sealing Parts Co.Ltd(000887) 000887. SZ 0.41 0.24 21.01 51.67 86.37
Ningbo Tip Rubber Technology Co.Ltd(605255) 605255. SH 0.47 0.42 14.76 31.58 35.48
Average 35.65 46.79
Data source: wind information, data as of January 27, 2022 (T-4).
Note 1: if there is mantissa difference in the calculation of P / E ratio, it is caused by rounding;
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day;
Note 3: negative value is excluded when calculating the average value of P / E ratio;
Note 4: among the comparable companies disclosed in the letter of intent on offering, the Suolin shares have not been listed, so they are not included in the valuation comparison of comparable companies.
The issue price is 40
