Initial public offering and listing on the science and Innovation Board
Special announcement on investment risk
Sponsor (lead underwriter): China Securities Co.Ltd(601066)
The application of Shaanxi Huaqin Technology Industry Co., Ltd. (hereinafter referred to as the "issuer" and "Huaqin technology") for the initial public offering of RMB common shares (A shares) (hereinafter referred to as the "issuance") has been examined and approved by the stock listing committee of the science and Innovation Board of Shanghai Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange"), It has been approved for registration by the China Securities Regulatory Commission (hereinafter referred to as "CSRC") in document zjxk [2022] No. 63.
After negotiation between the issuer and the sponsor (lead underwriter) China Securities Co.Ltd(601066) (hereinafter referred to as " China Securities Co.Ltd(601066) " securities "," sponsor (lead underwriter) "or" lead underwriter ") of this issuance, the number of shares issued this time is 166666800, all of which are new shares issued to the public. The issuance will be implemented through the trading system of Shanghai Stock Exchange and the offline subscription electronic platform on February 24, 2022 (t day). The issuer and the lead underwriter specially draw investors' attention to the following contents:
1. This offering adopts directional placement to strategic investors (hereinafter referred to as "strategic placement") and offline inquiry placement to qualified investors (hereinafter referred to as "offline issuance") Online pricing issuance (hereinafter referred to as "online issuance") to social public investors holding non restricted A-Shares and the market value of non restricted depositary receipts in Shanghai market.
Strategic placement, preliminary inquiry and online and offline issuance shall be organized by the sponsor (lead underwriter); The preliminary inquiry and offline issuance are implemented through the offline subscription electronic platform of Shanghai Stock Exchange; Online issuance is carried out through the trading system of Shanghai Stock Exchange.
2. The issuer and the recommendation institution (lead underwriter) will directly determine the issuance price through offline preliminary inquiry, and offline cumulative bidding will not be conducted.
3. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules stipulated in the announcement on the issuance arrangement and preliminary inquiry of Shaanxi Huaqin Technology Industry Co., Ltd. for initial public offering and listing on the science and Innovation Board (hereinafter referred to as the "announcement on issuance arrangement and preliminary inquiry"), After excluding the preliminary inquiry results of investors who do not meet the requirements, all placing objects whose proposed purchase price is higher than 256.00 yuan / share (excluding 256.00 yuan / share) will be eliminated; Among the placing objects with the proposed purchase price of 256.00 yuan / share, all placing objects with the purchase quantity of less than 5.5 million shares are eliminated; The proposed subscription price is 256.00 yuan / share, the number of subscription is equal to 5.5 million shares, and the subscription time is 13:20:59.627 on February 21, 2022. For the placement objects, 34 placement objects will be removed from the bottom to the top according to the placement objects automatically generated by the offline subscription platform of Shanghai stock exchange. A total of 87 placing objects are excluded, and the total number of shares to be purchased is 339.5 million, accounting for 1.0162% of the total number of 33408.2 million shares declared after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
4. Based on the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively evaluated the issuer's reasonable investment value, the number of shares in this public offering, the secondary market valuation level of comparable companies, the secondary market valuation level of their industry, market conditions, the demand for raised funds and underwriting risks, and negotiated and determined that the offering price is 189.50 yuan / share, Offline issuance will no longer conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on February 24, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. Among them, the offline subscription time is 9:30-15:00, and the online subscription time is 9:30-11:30 and 13:00-15:00.
5. The issue price is 189.50 yuan / share, and the corresponding P / E ratio is:
(1) 61.20 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before this issuance);
(2) 57.89 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issuance);
(3) 81.60 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance);
(4) 77.18 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance).
6. Investors are kindly requested to pay attention to the following situations and judge the rationality of the pricing of this offering.
(1) The price of this offering is 189.50 yuan / share, which is not higher than that of offline investors, excluding the highest quotation
The median and weighted average of the remaining quotations, as well as the securities investment funds and
Other partial equity asset management products (hereinafter referred to as "public offering products") and social security fund investment manager management
Social Security Fund (hereinafter referred to as "social security fund") and basic endowment insurance fund (hereinafter referred to as "pension fund")
The lower of the median price and the weighted average (hereinafter referred to as "four numbers") of Laojin is 189.5000 yuan
/Shares.
Investors are reminded to pay attention to the difference between the offering price and the quotation of offline investors
Details of the bidder's quotation are published on the website of Shanghai Stock Exchange on the same day (www.sse. Com. CN.) Shaanxi Huaqin science and Technology Co., Ltd
Announcement on the initial public offering of shares and listing on the science and Innovation Board (hereinafter referred to as "the announcement")
Bank announcement ").
(2) The issue price is 189.50 yuan / share, corresponding to the issuer before deducting non recurring profits and losses in 2020
The lower one is the diluted P / E ratio of 81.60 times, which is higher than the latest one of the industry released by China Securities Index Co., Ltd
The monthly average static P / E ratio is lower than that of comparable companies in the same industry, but there are still future issuers
The risk of loss to investors caused by the decline of share price. The issuer and the recommendation institution (lead underwriter) propose to the investors
Pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment rationally.
According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by the CSRC, the industry of the company is
Other manufacturing industries (C41) in manufacturing industry (c), as of February 21, 2022 (T-3), CSI refers to
The average static P / E ratio of other manufacturing industries (C41) released by several Co., Ltd. in the latest month was 29.91 times.
As of February 21, 2022 (T-3), the valuation level of comparable A-share listed companies is as follows:
T-3 day stock 2020 deduction 2020 deduction 2020 static City 2020 static City securities code securities abbreviation closing price (yuan / non front EPS non back EPS earnings ratio (after deduction of non earnings ratio (deduction of non shares) (yuan / share) (before yuan / share))
688122.SH Western Superconducting Technologies Co.Ltd(688122) 76.80 0.80 0.63 96.12 121.47
300777.SZ Sinofibers Technology Co.Ltd(300777) 48.07 0.58 0.54 82.76 88.66
002625.SZ Kuang-Chi Technologies Co.Ltd(002625) 20.14 0.08 0.06 265.94 331.57
300699.SZ Weihai Guangwei Composites Co.Ltd(300699) 70.50 1.24 1.09 56.95 64.60
600862.SH Avic Aviation High-Technology Co.Ltd(600862) 25.18 0.31 0.26 81.40 95.27
300034.SZ Gaona Aero Material Co.Ltd(300034) 40.40 0.42 0.38 96.40 107.31
Average 113.26 134.81
Data source: wind information, data as of February 21, 2022 (T-3).
Note 1: if there is any difference in the calculation of the above figures, it is caused by rounding and retaining two decimal places.
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-3 day.
(3) After the price of this offering is determined, the number of investors who have submitted effective quotations for this offline offering is
215, with 5273 managed placing objects, and the total number of effective proposed subscriptions is 17560 million
Shares, 1584.36 times the initial offline issuance scale before call back.
(4) According to the letter of intent for initial public offering of Shaanxi Huaqin Technology Industry Co., Ltd. and listing on the science and innovation board, the amount of funds raised is 1280 million yuan. The issue price is 189.50 yuan / share, and the corresponding financing scale is 315833600 yuan, which is higher than the above-mentioned amount of funds raised. (5) Any investor who participates in the subscription shall be deemed to have accepted the issue price; If there is any objection to the pricing method and price of the offering, it is recommended not to participate in this offering.
(6) Investors should pay full attention to the risk factors contained in the marketization of pricing, understand the risk that the stock price may fall below the issue price after the stock is listed, effectively improve the risk awareness, strengthen the concept of value investment, and avoid blind speculation. Regulators, issuers and sponsors (lead underwriters) cannot guarantee that the share price will not fall below the issue price after the stock is listed.
7. Based on the issuance price of 189.50 yuan / share and the number of new shares issued of 16666668 shares, the total amount of funds raised by the issuer is expected to be 315833600 yuan. After deducting the issuance expenses of about 200.1339 million yuan (excluding tax), the net amount of funds raised is expected to be 295819700 yuan.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders.
8. The shares issued online this time have no circulation restrictions and the arrangement of the restricted sale period, and can be circulated from the date when the shares issued to the public are listed on the science and Innovation Board of Shanghai Stock Exchange.
For the offline issuance part, since the date of the issuer's initial public offering and listing, public offering products, pensions, social security funds, enterprise annuity funds established in accordance with the measures for the administration of enterprise annuity funds (hereinafter referred to as "enterprise annuity funds") 10% of the accounts of the placement objects such as insurance funds (hereinafter referred to as "insurance funds") and qualified foreign institutional investor funds that comply with the Interim Measures for the administration of the use of insurance funds and other relevant provisions shall promise to obtain the shares for this placement. The holding period of the shares shall be 6 months from the date of the issuer's initial public development and listing, The aforesaid placing target account is determined by lottery.
In terms of strategic placement, the restricted period of shares allocated to relevant subsidiaries of the recommendation institution is 24 months, which shall be calculated from the date of listing of the shares publicly issued on the Shanghai Stock Exchange.
9. Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
10. For this issuance and subscription, investors can only choose offline issuance or online issuance for subscription. All investors participating in offline quotation, subscription and placement shall no longer participate in online subscription; If investors participate in offline and online subscription at the same time, the online subscription part is invalid.
11. After the issuance, the shares can only be publicly listed and traded on the Shanghai Stock Exchange after being approved by the Shanghai Stock Exchange. If the approval is not obtained, the shares issued this time will not be listed, and the issuer will return them to the investors participating in the subscription according to the issue price plus the bank deposit interest in the same period.
12. Investors must pay attention to investment risks. In case of the following circumstances, the issuer and the recommendation institution (lead underwriter) will negotiate to take measures to suspend the issuance:
(1) The total amount of offline subscription is less than the initial number of offline issuance;
(2) If the online subscription is insufficient, the offline investors fail to subscribe in full after the insufficient part is dialed back to the offline;
(3) After deducting the final strategic placement, the total number of shares paid and subscribed by offline and online investors is less than 70% of the number of this public offering;
(4) The issuer's major post meeting events in the issuance process affect the issuance;
(5) According to Article 36 of the measures for the administration of securities issuance and underwriting and Article 27 of the measures for the implementation of the issuance and underwriting of shares on the science and Innovation Board of Shanghai Stock Exchange: if the CSRC and the Shanghai Stock Exchange find that there are suspected violations or abnormalities in the process of securities issuance and underwriting, they may order the issuer and the recommendation institution (lead underwriter) to suspend or suspend the issuance, Investigate and deal with relevant matters.
In case of the above circumstances, the issuer and the recommendation institution (lead underwriter) will timely announce the reasons for suspension of issuance, resumption of issuance arrangements and other matters. After the suspension of issuance, within the validity period of the registration decision agreed by the CSRC and meeting the regulatory requirements for post meeting matters, after filing with the Shanghai Stock Exchange,
