Zhejiang HENGWEI Battery Co., Ltd
Initial public offering and listing on GEM
Issuance announcement
Sponsor (lead underwriter): China Merchants Securities Co.Ltd(600999)
hot tip
Zhejiang HENGWEI Battery Co., Ltd. (hereinafter referred to as "Zhejiang HENGWEI", "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"), the measures for the administration of the registration of shares in the initial public offering of gem (for Trial Implementation) (CSRC order [No. 167]) Special provisions on the issuance and underwriting of initial public offerings on the gem ([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") Detailed rules for the implementation of offline issuance of initial public offering in Shenzhen market (revised in 2020) (SZS [2020] No. 483) (hereinafter referred to as "detailed rules for the implementation of offline issuance"), detailed rules for the implementation of online issuance of initial public offering in Shenzhen market (SZS [2018] No. 279) (hereinafter referred to as "detailed rules for the implementation of online issuance") Code for underwriting of initial public offerings under the registration system (zxsf [2021] No. 213), detailed rules for the administration of offline investors in initial public offerings (zxsf [2018] No. 142), rules for the administration of offline investors in initial public offerings under the registration system (zxsf [2021] No. 212) Relevant laws and regulations, regulatory provisions, self-discipline rules and other documents such as the detailed rules for the placement of initial public offering shares (Zhong Zheng Xie Fa [2018] No. 142) organized the implementation of initial public offering shares and listed on the gem.
China Merchants Securities Co.Ltd(600999) (hereinafter referred to as " China Merchants Securities Co.Ltd(600999) " or "sponsor (lead underwriter)") serves as the sponsor (lead underwriter) of this offering.
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").
Investors shall carefully read the regulations of Shenzhen Stock Exchange (hereinafter referred to as the "Shenzhen Stock Exchange") and the implementation rules of Shenzhen Stock Exchange under the issuance platform. This online issuance is carried out through the trading system of Shenzhen Stock Exchange and is carried out by means of subscription and pricing according to market value. Online investors are requested to carefully read this announcement and the detailed rules for the implementation of online issuance published by Shenzhen Stock Exchange. This offering is applicable to the special provisions on the issuance and underwriting of initial public offerings on GEM (CSRC announcement [2021] No. 21) issued by China Securities Regulatory Commission on September 18, 2021, and the implementation rules for the issuance and underwriting of initial public offerings on gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919) issued by Shenzhen Stock Exchange The code for underwriting initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 213) and the management rules for offline investors of initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 212) issued by the China Securities Association invite investors to pay attention to the changes of relevant regulations, pay attention to investment risks, and carefully study and judge the rationality of issuance pricing, Make investment decisions rationally.
Investors are kindly requested to pay attention to the pricing, issuing process, online and offline subscription and payment and the setting of the restricted period of this offering. The specific contents are as follows:
1. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules agreed in the announcement on preliminary inquiry and promotion of initial public offering of shares by Zhejiang HENGWEI Battery Co., Ltd. and listing on the gem (hereinafter referred to as the "announcement on preliminary inquiry and promotion"), after excluding the preliminary inquiry results of investors who do not meet the requirements, By consensus, all placing objects whose proposed purchase price is higher than 44.41 yuan / share (excluding) will be eliminated; The proposed subscription price is 44.41 yuan / share, and all placing objects with the proposed subscription quantity less than 8.5 million shares (excluding) are eliminated; The proposed subscription price is 44.41 yuan / share. Among the placing objects with the proposed subscription quantity of 8.5 million shares and the subscription time is 14:38:39:894 on February 23, 2022, 76 placing objects are eliminated from the back to the front according to the entrustment serial number automatically generated by the offline issuance electronic platform. A total of 89 placing objects were excluded in the above process, and the total number of shares to be purchased was 709.2 million, accounting for 1.0076% of the total number of 70383 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 elimination" in the "attached table: statistical table of investor quotation information" for the specific elimination.
2. Based on the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) negotiated and determined the offering price of 33.98 yuan / share by comprehensively considering the fundamentals of the issuer, the number of shares in this public offering, the industry of the issuer, the valuation level of comparable listed companies, market conditions, the demand for raised funds and underwriting risks, Offline issuance will no longer conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on February 28, 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 the same as February 28, 2022 (t day). Among them, 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 issue price determined through negotiation between the issuer and the recommendation institution (lead underwriter) is 33.98 yuan / share, which does not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation and the securities investment fund established through public offering after excluding the highest quotation (hereinafter referred to as "public fund") National Social Security Fund (hereinafter referred to as "social security fund"), basic endowment insurance fund (hereinafter referred to as "pension") 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. Relevant subsidiaries of the sponsor need not participate in this strategic placement.
This offering does not arrange the strategic placement to the senior management and core employees of the issuer, asset management plans and other external investors. The initial strategic allotment of this issuance was 1266670 shares, accounting for 5.00% of this issuance.
Finally, this issuance will not be targeted to strategic investors. The difference between the initial strategic placement and the final strategic placement of 1266670 shares will be transferred back to offline issuance.
Finally, this offering is conducted through 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. Independent expression of purchase intention: online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
6. Callback mechanism of this issuance: after the online and offline subscription, the issuer and the sponsor (lead underwriter) will determine whether to enable the callback mechanism on February 28, 2022 (t day) according to the online subscription, and adjust the number of online and offline issuance. The launch of the call back mechanism will be determined according to the initial effective subscription multiple of online investors.
7. Offline allocated investors shall, in accordance with the announcement on the preliminary placement results of offline issuance of shares by Zhejiang HENGWEI Battery Co., Ltd. in its initial public offering and listing on the gem (hereinafter referred to as the announcement on the preliminary placement results of offline issuance), Before 16:00 on March 2, 2022 (T + 2), the subscription funds for new shares shall be paid in full and on time according to the finally determined issuance price and allocated quantity.
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 subscription of new shares, online investors shall fulfill the obligation of capital settlement in accordance with the announcement on the results of online lottery of Zhejiang HENGWEI Battery Co., Ltd. in its initial public offering and listing on the gem (hereinafter referred to as the announcement on the results of online lottery), so as to ensure that their capital account has sufficient capital for subscription of new shares on March 2 (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.
The shares that offline and online investors give up their subscription shall be underwritten by the sponsor (lead underwriter).
8. Suspension of issuance: 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 sponsor (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
9. All the effective quotation placing objects announced in this announcement must participate in offline subscription. If the effective quotation offline investor fails to participate in offline subscription or fails to fully subscribe or the offline investor who obtains the preliminary placement fails to pay the subscription funds in time and in full according to the finally determined issuance price and allocated quantity, it will be deemed as a breach of contract and shall bear the liability for breach of contract, The recommendation institution (lead underwriter) shall report the breach of contract to the China Securities Association for the record. The number of violations of placing objects in various sectors of the stock market of Beijing stock exchange (hereinafter referred to as "Beijing stock exchange"), Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") and Shenzhen Stock Exchange 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 relevant projects in all sectors of the stock market of Beijing stock exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange.
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 the recommendation institution (lead underwriter) solemnly remind the majority of investors to pay attention to investment risks and invest rationally. They should carefully read this announcement and publish it in Shanghai Securities News, China Securities News and securities times on February 25, 2022 (t-1) The special announcement on the investment risk of Zhejiang HENGWEI Battery Co., Ltd. in its initial public offering and listing on the gem (hereinafter referred to as the "special announcement on investment risk") on the Securities Daily fully understands the market risk and prudently participates in this new share offering.
Valuation and investment risk tips
1. The issue price is 33.98 yuan / share. Investors are requested to judge the issue price according to the following conditions
Rationality of.
(1) According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by China Securities Regulatory Commission, the company
The industry is electrical machinery and equipment manufacturing (C38), as of February 23, 2022 (T-3),
The average static market of electrical machinery and equipment manufacturing industry (C38) released by China Securities Index Co., Ltd. in the latest month
The profit ratio is 44.47 times.
The issue price is 33.98 yuan / share, which is lower before and after deducting non recurring profits and losses of the issuer in 2020
The diluted P / E ratio of is 38.20 times, which is lower than that of China Securities Index Co., Ltd. on February 23, 2022 (T-3)
The average static P / E ratio of the industry in the latest month.
(2) Initial public offering of shares of Zhejiang HENGWEI Battery Co., Ltd. and listing on GEM
The valuation level of comparable listed companies disclosed in the letter of intent (hereinafter referred to as the "letter of intent") is as follows:
Below:
In 2020, deduct the static market corresponding to the T-3 day shares in 2020. The securities in the static market corresponding to the T-3 day shares in 2020 are abbreviated as securities code. Non front EPS and non back EPS. Closing price earnings ratio - non front earnings ratio - non back (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Zhejiang Mustang Battery Co.Ltd(605378) 605378. SH 0.8869 0.7634 26.14 29.47 34.24
Changhong energy 836239 BJ 1.9919 1.9447 101.68 51.05
