Stock abbreviation: Shanshui Technology Stock Code: 301190 Jiujiang Shanshui Technology Co., Ltd
Jiujiang Shanshui Technology Co.,Ltd.
(Jishan Industrial Park, Pengze County, Jiujiang City, Jiangxi Province)
Listing announcement of initial public offering and listing on GEM
Sponsor (lead underwriter)
(Zhongyuan Guangfa finance building, No. 10, business outer ring road, Zhengdong New District, Zhengzhou)
December, 2001
hot tip
The shares of Jiujiang Shanshui Technology Co., Ltd. (hereinafter referred to as "the company", "the issuer" or "the company") will be listed on Shenzhen Stock Exchange on December 24, 2021. Unless otherwise specified, the definitions of abbreviations or terms in this listing announcement are the same as those in the prospectus of the company's initial public offering.
The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, rationally participate in the trading of new shares, avoid blindly following the trend "speculation" in the initial stage of new shares listing, and make prudent decision and rational investment.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shenzhen Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read the "risk factors" of the company's prospectus published on cninfo (www.cn. Info. Com.. CN.), China Securities Network (www.cn. Stock. Com.), China Securities Network (www.cs. Com.. CN.), securities times (www.stcn. Com.), Securities Daily (www.zqrb. CN.) and economic reference network (www.jjckb. CN.) The content of this chapter is to pay attention to risks, make prudent decisions and make rational investment. The company reminds the majority of investors that investors are invited to refer to the full text of the company's prospectus for relevant contents not involved in this listing announcement. 2、 Special tips on investment risk at the initial stage of IPO
The company reminds investors to pay attention to the investment risk at the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risk and rationally participate in the trading of new shares.
Specifically, the risks at the initial stage of listing include but are not limited to the following: (I) the restrictions on rise and fall are relaxed
The competitive trading of GEM stocks is subject to a wide range of rise and fall restrictions. For stocks that are IPO and listed on the gem, there are no rise and fall restrictions in the first five trading days after listing, and then the rise and fall restrictions are 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit proportion is 44%, the decrease limit proportion is 36%, and then the increase and decrease limit proportion is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk. （2） The number of tradable shares is small
At the initial stage of listing, the lock period of the original shareholders is 36 months or 12 months, and the lock period of the online lower limit share sale is 6 months. After this issuance, the total share capital of the company is 214636500 shares, of which 50891587 shares are tradable shares with unlimited sales conditions, accounting for 23.71% of the total share capital after this issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. （3） Risk that P / E ratio is higher than the average level of the same industry
The issue price of this offering is 27.85 yuan / share, which does not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation, as well as the securities investment fund, national social security fund, basic old-age insurance fund established through public offering after excluding the highest quotation The enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund quotation median and weighted average in accordance with the measures for the administration of the use of insurance funds, whichever is lower, is 27.8564 yuan / share.
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the issuer is "C26 chemical raw materials and chemical products manufacturing industry". As of December 10, 2021 (T-3), the average static P / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month was 44.71 times.
As of December 10, 2021 (T-3), the P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
In 2020, deduct the corresponding static code corresponding to the stock on day T-3 in 2020. Company name non front EPS non rear EPS closing price static P / E ratio (yuan / share) (yuan / share) (yuan / share) ratio - deduction non - deduction non front
600352.SH Zhejiang Longsheng Group Co.Ltd(600352) 1.280. 7512.819. nine thousand eight hundred and seventeen point zero seven
603188.SH Jiangsu Yabang Dyestuff Co.Ltd(603188) -1.06-1.075. 35-5.03-5.00
603968.SH Nantong Acetic Acid Chemical Co.Ltd(603968) 1.211. 0017.8814. seven thousand seven hundred and seventeen point eight nine
300107.SH Hebei Jianxin Chemical Co.Ltd(300107) 0.080. 096.0673. six thousand three hundred and sixty-nine point one zero
The average static P / E ratio of comparable listed companies is 32.7934 sixty-nine
Data source: wind consulting, data as of December 10, 2021. (T-3 days)
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-3 day;
Note 3: since EPS before and after Jiangsu Yabang Dyestuff Co.Ltd(603188) deduction is negative, it shall be excluded when calculating the average value of static P / E ratio before and after deduction.
The issuance price of 27.85 yuan / share corresponds to the lower net profit attributable to the parent company after deducting non recurring profits and losses in 2020, and the diluted P / E ratio is 58.47 times, Higher than China Securities Index Co., Ltd. December 10, 2021 The average static P / E ratio of the industry in the latest month released on (T-3) is higher than the average static P / E ratio of comparable companies after deducting non profits in 2020. There is a risk that the decline of the issuer's share price will cause losses to investors in the future. This issuance has a significant increase in the scale of net assets due to the acquisition of raised funds, resulting in a decline in the rate of return on net assets, which will affect the issuer's production and operation mode and operation management And risks that have an important impact on risk control ability, financial status, profitability and long-term interests of shareholders. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issue pricing, and make rational investment decisions. (4) there may be a risk of falling below the issue price after listing
Investors should pay full attention to the risk factors contained in the marketization of pricing, know that the stock may fall below the issue price after listing, effectively improve risk awareness, strengthen the concept of value investment, and avoid blind speculation Neither the issuer nor the recommendation institution (lead underwriter) can guarantee that the shares will not fall below the issue price after listing. (5) the shares can be used as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call risk and liquidity risk. Price fluctuation risk means that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, and pay corresponding interest; Margin increase risk means that investors need to monitor the guarantee ratio level throughout the transaction process to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk is that when the index stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of "section IV Risk Factors" in the prospectus of the company, and pay special attention to the following risks: (I) product price fluctuation risk
The selling price of dye intermediates, pesticides and pharmaceutical intermediates of the company is affected by many factors, such as raw material purchase price, market competition factors, environmental protection factors and enterprise pricing strategy. During the reporting period, from 2018 to 2019, affected by downstream industries and national environmental protection policies, the company's product prices showed an upward trend and the company's profitability increased significantly; In 2020, affected by covid-19 epidemic, the price of the company's products fell somewhat; In the first half of 2021, the company's product demand gradually recovered and the price gradually increased. If the company's product price changes adversely in the future, it will have a great impact on the company's operating revenue.
（2） Risk of decline in gross profit margin of main products
During the reporting period, the gross profit margin of 6-nitrate, the company's main product, was 49.66%, 54.68%, 47.76% and 43.76% respectively, which generally maintained a high level. The future operation of the company is affected by downstream market demand, market competition and other factors. In terms of downstream market demand, since 2020, the epidemic of covid-19 pneumonia has spread all over the world, and countries such as India have entered a "isolation" state, resulting in suspension and production reduction of their dye manufacturers, Issuer's trading customers (export) the downstream sales target is generally Indian dye manufacturers. Therefore, the decline of Indian market demand leads to the risk of falling sales prices of main products. In terms of market competition, the gross profit margin of the company's main products is high, which may attract new entrants to enter the industry through industrial transformation, direct investment, mergers and acquisitions and the establishment of new companies. If the company The company can not give full play to its advantages in technology R & D, product process, product quality and market share, and can not continue to maintain the leading position of advantageous products. The company will face increased market competition and the sales price of its main products will face the risk of decline. At the same time, the company may be affected by the rising price of raw materials, the strengthening of environmental protection supervision, the increase of environmental protection costs and other factors, resulting in the rise of production costs. Based on the above factors, there is a risk of decline in the gross profit margin of the company's main products in the future. （3） Risk of limited market capacity and future growth space of main product 6-nitrate
During the reporting period, the company's main product 6-nitrate was mainly used to produce acid black dyes. Public information shows that the global market demand for acid black dyes is about 100000 tons, and 35000 tons of 6-nitrate need to be consumed; According to the statistics of the issuer and the data provided by the company's customers, the market demand of China's 6-nitrate in 2018 and 2025 is 12500 tons and 16800 tons respectively. It is estimated that the global 6-nitrate market demand will increase to 39300 tons in 2025. In 2019, the company's 6-nitrate output was 10607.05 tons, with a high market share of 30.31%.
Although the issuer has increased the income growth point by developing new products, the ratio of 6-nitrate to the main business income decreased from 79.44% in 2018 to 62.95% in January June 2021. The proportion of other products to the main business income increased from 20.56% to 37.05% in the same period, and the demand of downstream acid black dye market showed a slight growth trend, However, due to the high market share of the main product 6-nitrate, the issuer has the risk of relatively limited market capacity and future growth space. （4） Environmental protection risk
The company belongs to the fine chemical industry. Because the product development takes chemicals as production raw materials, certain waste gas, waste water and solid waste will be produced in the production process. Since its establishment, the company has been paying attention to environmental protection and treatment, reducing pollutant emission through process improvement, controlling the whole process of production according to the requirements of green environmental protection, and promoting cleaner production. Up to now, the environmental protection facilities of the issuer and relevant subsidiaries are in good operation, and all pollution factors and pollutants can be discharged and disposed up to standard; The issuer actively responds to the requirements of environmental protection policies and takes timely and effective countermeasures. At present, there is no upgrading of environmental protection requirements or environmental production restriction for the issuer and its subsidiaries; During the reporting period, the issuer and its subsidiaries were not subject to administrative punishment by the environmental protection department for violating relevant laws and regulations on environmental protection.
Although the company has strictly implemented the national laws and regulations on environmental protection and equipped with corresponding environmental protection facilities to treat the three wastes generated in the production process, so as to prevent the company from environmental pollution accidents, the risk of environmental pollution accidents caused by various reasons can not be ruled out. At the same time, with the continuous improvement of national and local requirements for environmental protection and the continuous enhancement of social awareness of environmental protection, the government may issue new laws and regulations and improve environmental protection standards, the company's environmental protection investment may further increase, and the environmental protection cost may increase accordingly, which may have a certain impact on the company's performance; If the company's environmental protection facilities and pollutant discharge cannot continuously meet relevant national and local requirements in the future, it may have an adverse impact on the company's normal production and operation. （5） Safety production risk
The company's main business is the R & D, production and sales of dye intermediates, pesticides and pharmaceutical intermediates. Some raw materials used in the production process of the company's products are flammable, explosive and toxic hazardous chemicals, which have high requirements for equipment safety and manual operation appropriateness, so the company faces production safety risks. The company has paid attention to production safety for a long time, equipped with perfect safety production facilities and formulated a strict management system. Since its establishment, there has been no major safety production accident. However, if the safety production facilities are operated improperly or the safety management system is not strictly implemented, it may cause explosion
