Bank of Lanzhou Co., Ltd
Special announcement on investment risk of initial public offering (the third time)
Sponsor (lead underwriter): China Securities Co.Ltd(601066)
The application of Bank of Lanzhou Co., Ltd. (hereinafter referred to as "Bank of Lanzhou", "issuer" or "company") for initial public offering of no more than 569569717 RMB common shares (A shares) (hereinafter referred to as "this offering") has been approved by China Securities Regulatory Commission (hereinafter referred to as "CSRC") zjxk [2021] No. 3831.
After negotiation between the issuer and the recommendation institution (lead underwriter) China Securities Co.Ltd(601066) (hereinafter referred to as " China Securities Co.Ltd(601066) securities" or "recommendation institution (lead underwriter)"), the number of shares issued this time is 569569717, all of which are new shares issued to the public, and the shareholders of the issuer will not transfer their old shares. The shares issued this time are planned to be listed on the Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange").
The preliminary inquiry for this issuance was completed on December 9, 2021, and the determined issuance price is RMB 3.57/share, The corresponding diluted P / E ratio in 2020 is 22.97 times (earnings per share is calculated by dividing the net profit attributable to the owner of the parent company in 2020 before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total number of shares after this issuance), which is 8.02 times higher than the average static P / E ratio of comparable listed companies in the same industry in 2020 and higher than the "monetary and financial services" issued by China Securities Index Co., Ltd (classification code: j66) the average static P / E ratio of the last month is 6.10 times (as of December 9, 2021), so there is a risk that the issuer's valuation level will return to the industry average p / E ratio in the future, resulting in losses to new share investors.
According to the measures on strengthening the supervision of new share issuance (CSRC announcement [2014] No. 4) and other relevant provisions, the issuer and the recommendation institution (lead underwriter) shall continuously publish them in China Securities Journal, Shanghai Securities Journal, securities times and Securities Daily within three weeks before online and offline subscription The special announcement on investment risk of initial public offering of Bank of Lanzhou Co., Ltd. (hereinafter referred to as "special announcement on investment risk") will be announced on December 14, 2021, December 21, 2021 and December 28, 2021 respectively. The subsequent issuance schedule will be deferred and brought to the attention of investors.
The online roadshow originally scheduled for December 14, 2021 was postponed to January 4, 2022. The online and offline subscription originally scheduled for December 15, 2021 will be postponed to January 5, 2022, and the publication of the announcement on initial public offering of Bank of Lanzhou Co., Ltd. will be postponed.
The issuance will be implemented through the trading system of Shenzhen Stock Exchange and the offline issuance electronic platform on January 5, 2022 (t day). The issuer and the sponsor (lead underwriter) specially draw the attention of investors to the following contents: 1. Please pay attention to the issuance process, online and offline subscription, payment and suspension of issuance. The specific contents are as follows:
(1) According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors, and negotiate to determine that the issuance price is 3.57 yuan / share, and the offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on January 5, 2022 (t day). There is no need to pay subscription funds when applying for subscription. The subscription date of this offline offering is the same as that of online subscription on January 5, 2022 (t day), in which the offline subscription time is 9:30-15:00 and the online subscription time is 9:15-11:30 and 13:00-15:00.
(2) According to the inquiry results after excluding invalid quotations, the issuer and the recommendation institution (lead underwriter) shall quote the placing objects of all qualified offline investors from high to low according to the purchase price, from small to large according to the proposed purchase quantity of the placing objects at the same purchase price, and according to the application time for the same proposed purchase quantity at the same purchase price (the reporting time shall be subject to the records of the offline issuance electronic platform of Shenzhen Stock Exchange). The quotation of the placing object with the highest quotation shall be excluded in order from late to early, and the excluded subscription amount shall not be less than 10% of the total amount to be purchased by the offline investors. When the maximum reporting price is the same as the determined issuance price, the Declaration on the price shall not be excluded, and the exclusion proportion may be less than 10% Shall not participate in offline subscription.
(3) Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
(4) Offline investors shall, in accordance with the announcement on preliminary placement results of offline issuance of initial public offering of shares by Bank of Lanzhou Co., Ltd. (hereinafter referred to as "announcement on preliminary placement results of offline issuance"), on January 7, 2022 Before 16:00 on (T + 2 day), pay the subscription funds for new shares in full and on time according to the final issue price and allocated quantity, and ensure that the subscription funds arrive before 16:00.
If the same placing object is allocated multiple new shares on the same day, it is necessary to pay for each new share in full and fill in the remarks in accordance with the specifications. If the placing object has insufficient funds for a single new share, all the new shares allocated to the placing object on that day will be invalid, and the resulting consequences shall be borne by the investors themselves.
After online investors win the lottery for new shares, It shall fulfill the obligation of capital settlement in accordance with the announcement of online winning results of initial public offering of shares by Bank of Lanzhou Co., Ltd. (hereinafter referred to as "announcement of online winning results"), and ensure that its capital account will eventually have sufficient new share subscription funds on January 7 (T + 2) 2022. 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 to subscribe for shall be underwritten by the sponsor (lead underwriter).
(5) When the total number of shares paid and subscribed by offline and online investors is less than 70% of the number of public offerings, the sponsor (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
(6) If the offline investors with valid quotation fail to participate in the subscription or obtain the preliminary placement, and the offline investors fail to pay the subscription amount in time and in full, it will be deemed as a breach of contract and shall bear the liability for breach of contract, and the recommendation institution shall (the lead underwriter) shall report the breach of contract to the China Securities Association for the record. If the online investor fails to pay in full after winning the lot three times in a row within 12 months, it shall be 6 months from the next day after the settlement participant last reported that it had abandoned its subscription (calculated as 180 natural days, including the next day) shall not participate in the online subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds. The number of times of giving up subscription shall be calculated according to the number of times of investors actually giving up subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds.
2. 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.
3. Investors who intend to participate in this offering and subscription must carefully read the articles published in China Securities Journal and Shanghai Securities News on December 7, 2021 The full text of the summary of the letter of intent for the initial public offering of Bank of Lanzhou Co., Ltd. in the securities times and the Securities Daily and the letter of intent for the initial public offering of Bank of Lanzhou Co., Ltd. (hereinafter referred to as the "letter of intent") disclosed on cninfo (www.cn. Info. Com.. CN), especially the "Tips on major events" and "risk factors" chapters, fully understand the issuer's risk factors, judge its operation status and investment value, and make investment decisions prudently. The issuer's operating conditions may change due to the influence of politics, economy, industry and operation management level, and the possible investment risks shall be borne by the investors themselves. 4. The shares issued offline this time have no circulation restrictions and locking arrangements, and the circulation of the shares issued this time will begin from the date of listing and trading on the Shenzhen Stock Exchange. Investors must pay attention to the investment risk caused by the increase of stock circulation on the first day of listing.
For the limited sale period of shares before this offering, please refer to the prospectus for the relevant commitment and arrangement of the restricted sale period. The above share restriction arrangement is a voluntary commitment made by relevant shareholders in accordance with relevant laws and regulations based on the needs of corporate governance and the stability of operation and management.
5. Based on the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors, and negotiate to determine the issuance price of 3.57 yuan / share. The price earnings ratio corresponding to this price is:
(1) 22.97 times (earnings per share is calculated by dividing the net profit attributable to the owner of the parent company in 2020 before and after deducting non recurring profits and losses audited by an accounting firm by the total share capital after the issuance); (2) 20.68 times (earnings per share shall be calculated by dividing the net profit attributable to the owner of the parent company in 2020 before and after deducting non recurring profits and losses audited by an accounting firm by the total share capital before the issuance). According to the industry classification guidelines of listed companies (revised in 2012) of China Securities Regulatory Commission, the industry of the issuer is "monetary and financial services" (classification code: j66). As of December 9, 2021, the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 6.10 times.
Based on business similarity, the issuer has certain similarity with the following listed companies. Based on the earnings per share in 2020 and the average price of 20 trading days before December 9, 2021 (including the current day), the average static P / E ratio of comparable listed companies in 2020 is 8.02 times. The details are as follows:
December 9, 2021 earnings per share in 2020
Securities code securities abbreviation 20 trading profit (before or after deduction, whichever is lower) of 2020 static market daily average price (including the current day) (yuan / share)
(yuan / share)
601169 Bank Of Beijing Co.Ltd(601169) 4.431. one thousand six hundred and fourteen point three six
601009 Bank Of Nanjing Co.Ltd(601009) 9.281. thirty thousand four hundred and ninety-seven point one one
002142 Bank Of Ningbo Co.Ltd(002142) 38.342. two hundred and seventy thousand three hundred and sixteen point eight nine
601997 Bank Of Guiyang Co.Ltd(601997) 6.531. sixty-one thousand seven hundred and four point zero four
600919 Bank Of Jiangsu Co.Ltd(600919) 6.080. ninety-nine thousand five hundred and forty-six point one one
601229 Bank Of Shanghai Co.Ltd(601229) 7.211. forty-six thousand one hundred and seventy-four point nine three
600926 Bank Of Hangzhou Co.Ltd(600926) 14.141. two hundred and two thousand four hundred and eleven point seven six
601838 Bank Of Chengdu Co.Ltd(601838) 11.551. sixty-six thousand seven hundred and eighty-six point nine two
002948 Bank Of Qingdao Co.Ltd(002948) 4.760. fifty-two thousand eight hundred and fifty-nine point zero one
600928 Bank Of Xi'An Co.Ltd(600928) 4.290. sixty-one thousand nine hundred and thirty-six point nine two
601577 Bank Of Changsha Co.Ltd(601577) 7.861. thirty-two thousand six hundred and five point nine three
002936 Bank Of Zhengzhou Co.Ltd(002936) 3.370. forty-one thousand eight hundred and forty-eight point zero five
002966 Bank Of Suzhou Co.Ltd(002966) 6.760. seventy-six thousand two hundred and thirty-eight point eight seven
601187 Xiamen Bank Co.Ltd(601187) 6.880. six hundred and seventy-four thousand one hundred and ten point two one
601665 Qilu Bank Co.Ltd(601665) 5.600. five hundred and forty-three thousand nine hundred and ten point two nine
601963 Bank Of Chongqing Co.Ltd(601963) 8.751. twenty-five thousand eight hundred and eighty-six point nine five
Average 8.02
Note 1: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding.
Note 2: the data in the table are calculated based on the share capital of comparable companies on December 9, 2021. Earnings per share in 2020 = the lower of the net profit / total share capital attributable to shareholders of the parent company before and after deducting non recurring profits and losses audited by accounting firms in 2020 in accordance with Chinese accounting standards
Data source: wind, as of
