Stock abbreviation: Ju Guang Technology Stock Code: 688167 Xi'an Ju Guang Technology Co., Ltd
Focuslight Technologies Inc.
(No. 56, Zhangba Road, hi tech Zone, Xi'an city)
Initial public offering of shares Kechuang board
Listing announcement
Sponsor (lead underwriter)
(Building 4, No. 66 Anli Road, Chaoyang District, Beijing)
December 23, 2021
hot tip
The shares of Xi'an Juguang Technology Co., Ltd. (hereinafter referred to as "Juguang technology", "issuer", "the company" or "the company") will be listed on the science and Innovation Board of Shanghai Stock Exchange on December 24, 2021.
The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, 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 that the information disclosed in the listing announcement is true, accurate and complete, 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 Shanghai 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 and publish on the website of Shanghai Stock Exchange（ http://www.sse.com..cn./ ）The contents of the "risk factors" chapter of the company's prospectus, 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.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same meanings as those in the prospectus of the company. 2、 Special tips on investment risk at the initial stage of IPO of science and Innovation Board
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) Relaxation of price limit
On the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange, the increase limit ratio on the first day of listing is 44%, the decrease limit ratio on the first day is 36%, and then the increase limit ratio is 10%. A wide range of price limits shall be set for the competitive trading of stocks on the science and innovation board. For the stocks listed in the initial public offering, there shall be no price limit within 5 trading days after listing; Five trading days after listing, the price limit ratio is 20%. There is a more severe risk of stock price fluctuation on the Kechuang board than that on the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange.
（2） The number of tradable shares is small
At the initial stage of listing, the share lock period of the original shareholders is 36 months, and the share lock period of the sponsor is
For 24 months, the restricted period of the shares allocated in the strategic placement asset management plan of Juguang technology is 12 months, with some lower limits
The lock up period for the sale of shares is 6 months. The company's non tradable shares listed this time are 19362 shares, accounting for the total shares after issuance
The proportion of this is 21.48%. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
（3） The P / E ratio is higher than the average level of the same industry
According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by the CSRC, the company's industry
Belonging to "computer, communication and other electronic equipment manufacturing" (C39) in "manufacturing (c)", as of
On December 10, 2021 (T-3), computer, communication and other electronic equipment issued by China Securities Index Co., Ltd
The average static P / E ratio of manufacturing industry (C39) in the latest month is 49.53 times. The P / E ratio of the company's current issuance is:
1. 152.26 times (earnings per share in 2020 audited by an accounting firm in accordance with Chinese accounting standards)
Net profit attributable to shareholders of the parent company before deducting non recurring profits and losses (calculated by dividing the total share capital before the issuance);
2. 271.74 times (earnings per share in 2020 audited by an accounting firm in accordance with Chinese accounting standards)
Net profit attributable to shareholders of the parent company after deducting non recurring profits and losses (calculated by dividing the total share capital before the issuance);
3. 203.01 times (earnings per share in 2020 audited by an accounting firm in accordance with Chinese accounting standards)
Net profit attributable to shareholders of the parent company before deducting non recurring profits and losses (calculated by dividing the total share capital after the issuance);
4. 362.33 times (earnings per share in 2020 audited by an accounting firm in accordance with Chinese accounting standards)
Net profit attributable to shareholders of the parent company after deducting non recurring profits and losses (calculated by dividing the total share capital after the issuance).
In addition, the P / E ratio of comparable listed companies whose main business is similar to that of the issuer is as follows:
In 2020, deduct the static corresponding static securities code corresponding to the T-3 day shares in 2020. The securities are referred to as non front EPS and non back EPS. The closing price P / E ratio (deducting P / E ratio (deducting (yuan / share) (yuan / share) (non front) and non back)
300747.SZ Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) 0.67910. 572262.6892. thirty thousand one hundred and nine point five four
688025.SH Shenzhen Jpt Opto-Electronics Co.Ltd(688025) 0.47710. 226366.50139. thirty-eight thousand two hundred and ninety-three point eight six
688518.SH Shenzhen United Winners Laser Co.Ltd(688518) 0.22380. 139049.95223. nineteen thousand three hundred and fifty-nine point three five
688127.SH Zhejiang Lante Optics Co.Ltd(688127) 0.45430. 397220.2944. six thousand six hundred and fifty-one point zero eight
002222.SZ Castech Inc(002222) 0.33610. 305117.9453. three thousand eight hundred and fifty-eight point eight zero
IIVI. OII-VI--66.82--
VLDR. OVELODYNELIDAR--5.26--
In 2020, deduct the static corresponding static securities code corresponding to the T-3 day shares in 2020. The securities are referred to as non front EPS and non back EPS. The closing price P / E ratio (deducting P / E ratio (deducting (yuan / share) (yuan / share) (non front) and non back)
COHR. OCOHERENT-1.4939265. 79-177.92
The mean value is 110.58175 09
Note 1: data source: wind information, data as of December 10, 2021 (T-3).
Note 1: calculation criteria of EPS before / after deduction of non recurring profit and loss in 2020: net profit attributable to the parent company before / after deduction of non recurring profit and loss in 2020 / T-3 day (2021)
(December 10) total share capital.
Note 2: EPS unit of II-VI, velodynelidar and coherent is USD / share, and closing price unit is USD / share.
The issue price of 78.69 yuan / share corresponds to the lower dilution of the issuer before and after deducting non recurring profits and losses in 2020
The future price earnings ratio was 362.33 times, which was higher than the average of the issuer's industry in the latest month published by China Securities Index Co., Ltd
The static P / E ratio is higher than the average static P / E ratio of comparable companies in the same industry, and there is a risk that the issuer's share price will fall in the future
Risk of loss to investors. The issuer and the lead underwriter remind investors to pay attention to investment risks and carefully study and judge the issuance
Reasonable pricing and rational investment.
（4） The stock can be used as the subject matter of margin trading on the first day of listing
According to the special provisions of Shanghai Stock Exchange on the stock trading of the science and innovation board, the shares of the science and innovation board can be traded from the first day of listing
As the subject matter of margin trading. The stock can be used as the subject matter of margin trading on the first day of listing, which may produce a certain price
Volatility risk, market risk, margin call risk and liquidity risk. Price fluctuation risk refers to margin trading
It 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 brought by the changes of the original stock price, but also the risks brought by the changes of the stock price of new investment
Risk and pay corresponding interest; Margin call risk means that investors need to monitor the whole process of trading
The level of guarantee ratio to ensure that it is not lower than the maintenance margin ratio required for margin trading; Liquidity risk means,
When the price of the underlying stock fluctuates violently, the margin purchase or sale of Securities for repayment, the sale of margin purchase or the purchase and repayment of securities may be affected
Resistance, resulting in greater liquidity risk. 3、 Special risk tips
The company specially reminds investors to carefully read the prospectus of the company before making investment decisions
All the contents of the section "section IV Risk Factors" in the specification, and pay special attention to the following important matters and risk factors:
(i) There is a risk of accumulated unrecovered losses
As of the end of the reporting period, the issuer's cumulative loss on the consolidated basis was RMB 42.5547 million, which was not recorded in the initial public offering
After listing on the science and innovation board, if the company cannot make profits and make up for accumulated losses in the short term or lacks the ability to pay cash dividends
There will be a risk that cash dividends will not be paid to shareholders in the short term.
If the issuer's income declines, costs rise, the growth of downstream industries continues to slow down, market competition intensifies, R & D investment fails or other situations occur in a certain period of time in the future, the company may still be at risk of not making profits in the future, which will lead to the issuer's inability to eliminate the accumulated outstanding losses in the short term, resulting in the issuer's capital status, business development Risk of restriction or influence on talent introduction, team stability, R & D investment, etc.
（2） Risks related to transnational operation and trade policy
The company has been adhering to the development concept of international operation. Its subsidiary limo is located in Dortmund, Germany. A large number of products are sold to Germany, Japan, South Korea, the United States and other regions. Overseas customers are an important source of income and profit for the company. During the reporting period, the overseas income of the company's main business income was 214.0048 million yuan, 180.7163 million yuan, 188.5515 million yuan and 91.6051 million yuan respectively, accounting for 61.38%, 54.88%, 53.19% and 42.51% of the main business income respectively. The transnational operation of companies is affected by the international political environment, inter state trade policies, laws and regulations, cultural ideas, management level and thinking habits at home and abroad. If there are major changes in the international political environment, economic environment and trade policies in the future, or the company's operation and management ability cannot match the needs of transnational operation, or the company's understanding of relevant laws and policies is not deep enough, the company's production, operation and profitability will be adversely affected in the future, which may lead to risks related to transnational operation and trade policies.
Meanwhile, some of the company's raw materials come from overseas suppliers. If the future trade policy changes, the company's production and operation may be adversely affected in the future. At present, the company is actively developing high-quality suppliers outside China, but it still needs some time for large-scale cooperation with relevant suppliers. In the future, if the relevant overseas suppliers stop providing major raw materials to Chinese enterprises due to the export restrictions imposed on China by the countries or regions where some overseas suppliers are located, it will have a certain impact on the company's operating performance in the short term.
（3） Framework agreement cooperation risk
During the reporting period, limo, a wholly-owned subsidiary of the company, signed the license and supply agreement with company a, authorizing it to use the specific patented technology owned by limo, and company a provided Lim with
