Chengdu Lihang Technology Co., Ltd
Special announcement on investment risk of initial public offering
Sponsor (lead underwriter): Huaxi Securities Co.Ltd(002926)
The application of Chengdu Lihang Technology Co., Ltd. (hereinafter referred to as "Lihang technology" or "the issuer") for the initial public offering of no more than 19.25 million common shares (A shares) (hereinafter referred to as "this offering") has been approved by the China Securities Regulatory Commission (hereinafter referred to as "CSRC") "CSRC license [2022] No. 380". This issuance is conducted by online subscription based on market value and direct pricing issuance to public investors (hereinafter referred to as "online issuance"), without offline inquiry and placement. This offering will be implemented through the trading system of Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") on March 3, 2022 (T).
The issuer and Huaxi Securities Co.Ltd(002926) (hereinafter referred to as "sponsor (lead underwriter)") specially draw the attention of investors to the following contents:
1. The issue price is 19.70 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
According to the industry classification guidelines for listed companies (revised in 2012) of the CSRC, the industry of the issuer is "C37 railway, ship, aerospace and other transportation equipment manufacturing industry". As of February 28, 2022 (T-3), the static average p / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 40.37 times.
The price earnings ratio of the issuer's comparable listed companies is as follows:
February 28, 2022 (T-3 2020 earnings per share, 2020 static P / E ratio, securities code, securities abbreviation date) (including) the first 20 transactions (yuan / share) (Times)
Daily average price (yuan / share)
Chengdu Ald Aviation Manufacturing Corporation(300696) .SZ Chengdu Ald Aviation Manufacturing Corporation(300696) 47.24 0.5439 86.85
Guanglian Aviation Industry Co.Ltd(300900) .SZ Guanglian Aviation Industry Co.Ltd(300900) 30.99 0.4384 70.69
Xi'An Triangle Defense Co.Ltd(300775) .SZ Xi'An Triangle Defense Co.Ltd(300775) 45.01 0.3691 121.94
Arithmetic average p / E ratio 93.16
Note: 1. Data source: wind information, as of February 28, 2022;
2. In the above table, the earnings per share of comparable companies in 2020 shall be calculated according to the year 2020 before and after deducting non recurring profits and losses, whichever is lower
The issuance price of 19.70 yuan / share corresponds to the lower of the issuer's net profit attributable to the shareholders of the parent company before and after deducting non recurring profits and losses in 2020. The diluted P / E ratio is 22.59 times, which is 93.16 times lower than the static average p / E ratio of comparable listed companies in 2020, And it is lower than the static average p / E ratio of "C37 railway, shipbuilding, aerospace and other transportation equipment manufacturing industry" released by China Securities Index Co., Ltd. in the latest month of 40.37 times (as of February 28, T-3, 2022), but there is still a risk of loss to investors caused by the decline of the issuer's share price in the future. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
2. In 2020, the issuer achieved an operating income of 2930315 million yuan, a year-on-year increase of 23.37%; The net profit was 693298 million yuan, a year-on-year increase of 1.70%; After deducting non recurring profits and losses, the net profit attributable to the owner of the parent company was 671207 million yuan, a year-on-year increase of 1.79%.
From January to June 2021, the issuer realized an operating revenue of 872441 million yuan, a year-on-year increase of 24.74%; The net profit was 129161 million yuan, a year-on-year increase of 3.18%; After deducting non recurring profits and losses, the net profit attributable to the shareholders of the parent company was 128566 million yuan, a year-on-year increase of 3.25%.
According to the review report (xyzh / 2022bjag10016) issued by ShineWing Certified Public Accountants (special general partnership), the issuer achieved an operating revenue of 309817700 yuan in 2021, an increase of 5.73% year-on-year; The net profit attributable to the owners of the parent company was 738202 million yuan, a year-on-year increase of 6.48%; After deducting non recurring profits and losses, the net profit attributable to the owner of the parent company was 704688 million yuan, a year-on-year increase of 4.99%.
According to the actual operation of the company's current business, the company expects the operating revenue in the first quarter of 2022 to be 301937 million yuan to 312637 million yuan, with a change range of 148.71% to 157.53% compared with the same period of the previous year; The net profit attributable to the owners of the parent company ranged from 2.3022 million yuan to 2.8292 million yuan, turning losses into profits year-on-year; After deducting non recurring profits and losses, the net profit attributable to the owners of the parent company was 2.3022 million yuan to 2.8292 million yuan, turning losses into profits year-on-year. The relevant financial data in the above performance forecast for the first quarter of 2022 are the preliminary calculation results of the company, and the estimated number does not represent the final achievable operating revenue and net profit of the company, nor is it the profit forecast of the company.
Investors are hereby reminded to pay attention to the risk of performance fluctuation of the issuer, quote cautiously and participate in decision-making rationally. 3. Please pay attention to the key contents of the issuance process, subscription, payment and suspension of issuance:
(1) This offering adopts the direct pricing method, and all shares are issued online to the social public investors holding a certain market value of non restricted A-Shares and non restricted depositary receipts in Shanghai market, without offline inquiry and placement.
(2) The issue price is 19.70 yuan / share. At this price, investors apply for the purchase through the trading system of Shanghai Stock Exchange on March 3, 2022 (t day) and online by market value. The online purchase time is 9:30-11:30 and 13:00-15:00. There is no need to pay the subscription fund at the time of subscription.
(3) Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares.
(4) After the online investors win the lottery in the subscription of new shares, they shall fulfill their payment obligations in accordance with the announcement on the lottery results of online pricing issuance of initial public offering of shares by Chengdu Lihang Technology Co., Ltd. announced on March 7 (T + 2) 2022, so as to ensure that their capital account will eventually have sufficient subscription funds for new shares on March 7 (T + 2) 2022, and the insufficient part shall be deemed to have given up the subscription, 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 the winning investors give up to subscribe for shall be underwritten by the sponsor (lead underwriter).
(5) When the number of shares subscribed by online investors is less than 70% of the number of this public offering, the sponsor (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
(6) If an online investor has won the lottery for 3 times but failed to pay in full within 12 consecutive months, it 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.
4. Any decision or opinion made by the CSRC and other government departments on this issuance does not indicate that they have made substantive judgment or guarantee on the investment value of the issuer's shares or the income of investors. Any statement to the contrary is a false statement. Investors are invited to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
5. Investors who intend to participate in this offering and subscription must carefully read the summary of the prospectus for the initial public offering of Chengdu Lihang Technology Co., Ltd. published in China Securities Journal, Shanghai Securities News, securities times and Securities Daily on March 1, 2022 (T-2) and posted on the website of Shanghai Stock Exchange（ http://www.sse.com.cn. ）The full text of the prospectus, especially the chapters of "tips on major matters" and "risk factors", fully understand the risk factors of the issuer, judge its operation status and investment value by itself, and make investment decisions prudently. The issuer's operating conditions may change due to the influence of politics, economy, industry and operation and management level, and the possible investment risks shall be borne by the investors themselves.
6. The shares issued this time have no circulation restrictions and restricted sales arrangements, and will be circulated from the date when the shares issued this time are listed and traded on the Shanghai Stock Exchange. Investors should pay attention to the investment risk caused by the increase of stock circulation on the first day of listing.
7. This offering may have the risk of falling below the offering price after listing. Investors should pay full attention to the risk factors contained in the pricing marketization, know that the stock may fall below the issue price after listing, effectively improve the risk awareness, strengthen the value investment concept, and avoid blind speculation. Regulators, issuers and recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing.
8. The number of shares in this public offering is 19.25 million. All shares in this offering are new shares without transfer of old shares. The issuer plans to invest 3347213 million yuan in the raised funds of the project. The total amount of the raised funds calculated according to the issuance price of 19.70 yuan / share and the number of 19.25 million shares is expected to be 3792250 million yuan. After deducting the issuance cost of 445037 million yuan (excluding value-added tax), the net amount of the raised funds is expected to be 3347213 million yuan, No more than 3347213 million yuan of raised funds expected to be used by the issuer for this raised investment project. 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.
9. After the completion of this offering, it can only be publicly listed 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 online subscription according to the issue price plus the bank deposit interest for the same period.
10. All shares of the issuer are tradable shares. For the limited sale period of shares before this offering, see the prospectus for the relevant commitment and arrangement of the limited sale period. The above arrangement of limited sale of shares is a voluntary commitment made by relevant shareholders in accordance with relevant laws and regulations based on the governance needs of the issuer and the stability of operation and management.
11. Investors are requested to pay attention to 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 number of shares subscribed by online investors is less than 70% of the number of this public offering; (2) The issuer's major post meeting events in the issuance process affect the issuance;
(3) If the CSRC supervises the process of securities issuance and underwriting during and after the event and finds that there are suspected violations of laws and regulations or abnormal circumstances, it may order the issuer and the recommendation institution (lead underwriter) to suspend or suspend the issuance and investigate and deal with relevant matters.
In case of the above circumstances, the issuer and the recommendation institution (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements. After the suspension of issuance, within the validity period of the approval document for this issuance, the issuer and the recommendation institution (lead underwriter) may choose the opportunity to restart the issuance after filing with the CSRC.
12. The issuer and the sponsor (lead underwriter) solemnly remind investors that investors should adhere to the concept of value investment and participate in the subscription of this issuance. We hope that investors who recognize the investment value of the issuer and hope to share the growth achievements of the issuer will participate in the subscription.
13. This special announcement on investment risk does not guarantee to reveal all the investment risks of this issuance. It prompts and recommends investors to fully understand the characteristics and risks of the securities market, rationally evaluate their own risk tolerance, and independently make a decision on whether to participate in this issuance and subscription according to their own economic strength and investment experience.
Issuer: sponsor (lead underwriter) of Chengdu Lihang Technology Co., Ltd.: Huaxi Securities Co.Ltd(002926) March 2, 2022 (this page has no text and is the seal page of special announcement on investment risk of initial public offering of shares by Chengdu Lihang Technology Co., Ltd.)
Issuer: Chengdu Lihang Technology Co., Ltd. March 2, 2022 (there is no text on this page, which is the seal page of the special announcement on investment risk of initial public offering of shares by Chengdu Lihang Technology Co., Ltd.)
Sponsor (lead underwriter): Huaxi Securities Co.Ltd(002926) March 2, 2022
