Xiamen Weike Jiangnan Mould & Plastic Technology Co.Ltd(000700) Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (lead underwriter): Sinolink Securities Co.Ltd(600109)
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of Weike technology is "C29 rubber and plastic products industry". As of December 24, 2021 (T-4), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. is 27.87 times. The issuance price of 64.08 yuan / share corresponds to the issuer's diluted P / E ratio of net profit attributable to shareholders of the parent company before and after deducting non recurring profits and losses in 2020, which is 58.79 times higher than that of China Securities Index Co., Ltd. on December 24, 2021 The static average p / E ratio of the industry in the latest month released on (T-4) exceeded 110.94% (the lead underwriter) reminds investors to 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, avoid blind speculation, carefully study and judge the rationality of the issue pricing, and make rational investment decisions.
Xiamen Weike Jiangnan Mould & Plastic Technology Co.Ltd(000700) Co., Ltd. (hereinafter referred to as "Weike technology", "issuer" or "company") has applied for the initial public offering of 31.2 million RMB common shares (A shares) (hereinafter referred to as "this offering") and has been approved by Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") ）The GEM Listing Committee deliberated and approved it, and the registration has been approved by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2021] No. 3798).
After negotiation between the issuer and the recommendation institution (lead underwriter) Sinolink Securities Co.Ltd(600109) (hereinafter referred to as " Sinolink Securities Co.Ltd(600109) " or "recommendation institution (lead underwriter)"), it is determined that the number of shares issued this time is 31.2 million, all of which are new shares issued publicly, and the issuer's shareholders do not transfer their old shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
The issuer and the recommendation institution (lead underwriter) specially draw investors' attention to the following contents:
1. 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-Shares and non restricted depositary receipts market value in Shenzhen market (hereinafter referred to as "online issuance").
The sponsor (lead underwriter) shall be responsible for organizing and implementing the preliminary inquiry and online and offline issuance of this offering. The preliminary inquiry and offline issuance shall be conducted through the offline issuance electronic platform of Shenzhen Stock Exchange（ https://eipo.szse.cn. ）And the registration and settlement platform of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as "CSDCC Shenzhen Branch"); online issuance is carried out through the trading system of Shenzhen Stock Exchange.
2. The issuer and the recommendation institution (lead underwriter) directly determine the issuance price through offline preliminary inquiry, and offline cumulative bidding inquiry is no longer conducted.
3. After the preliminary inquiry, The issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules specified in the announcement on preliminary inquiry and promotion of initial public offering of shares by Xiamen Weike Jiangnan Mould & Plastic Technology Co.Ltd(000700) Co., Ltd. and listing on the gem, after excluding the preliminary inquiry results of investors who do not meet the requirements, the proposed subscription price shall be higher than 85.00 yuan / share All placing objects (excluding 85.00 yuan / share) shall be eliminated; all placing objects with the proposed subscription price of 85.00 yuan / share and the subscription quantity of less than or equal to 2.8 million shares shall be eliminated.
In the above process, a total of 150 placing objects are excluded, and the total number of proposed subscriptions is 703.8 million shares, accounting for 1.0037% of the total number of proposed subscriptions after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
4、 Issuer and sponsor (lead underwriter) according to the preliminary inquiry results, after excluding the part with the highest quotation in the total amount of proposed subscription, and comprehensively considering the factors such as effective subscription multiple, issuer fundamentals, industry, market conditions, valuation level of comparable listed companies in the same industry, demand for raised funds and underwriting risk, the issue price is determined to be 64.08 yuan / share. Offline issuance will not be accumulated Calculate bid inquiry.
Investors are requested to make online and offline subscription at this price on December 30, 2021 (t day). There is no need to pay subscription funds during subscription. The subscription date of this offline offering is the same as that of online subscription on December 30, 2021 (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.
5、 The issue price determined through negotiation between the issuer and the recommendation institution (lead underwriter) is 64.08 yuan / share. The issue price of this issue shall not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation, as well as the securities investment fund established through public offering after excluding the highest quotation (hereinafter referred to as "public fund") and the national social security fund (hereinafter referred to as "social security fund"), basic endowment insurance fund (hereinafter referred to as "pension"), enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") and insurance funds in accordance with the measures for the Administration of the use of insurance funds (hereinafter referred to as "insurance funds") ）The lower of the median or weighted average of the quotation. Relevant subsidiaries of the sponsor need not participate in follow-up investment. This issuance does not arrange strategic placement to other external investors. Finally, this issuance does not make directional placement to strategic investors. The difference between the initial strategic placement and the final strategic placement of 1.56 million shares will be transferred back to offline issuance.
Finally, the issuance is finally carried out by the combination of offline inquiry and placement to qualified investors and online pricing issuance to social public investors holding non restricted A-shares and the market value of non restricted depositary receipts in Shenzhen market.
6. The issue price is 64.08 yuan / share, and the corresponding P / E ratio is:
(1) 37.31 times (earnings per share is calculated by dividing the net profit attributable to the shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total number of shares before this issuance);
(2) 49.75 times (earnings per share is calculated by dividing the net profit attributable to the shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total number of shares after this issuance);
(3) 44.09 times (earnings per share is calculated by dividing the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total number of shares before this issuance);
(4) 58.79 times (earnings per share is calculated by dividing the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total number of shares after this issuance).
7. The issue price is 64.08 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
(1) According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of Weike technology is "C29 rubber and plastic products industry". As of December 24, 2021 (T-4), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. is 27.87 times. The issuance price of 64.08 yuan / share corresponds to the issuer's diluted P / E ratio of net profit attributable to shareholders of the parent company before and after deducting non recurring profits and losses in 2020, which is 58.79 times higher than that of China Securities Index Co., Ltd. on December 24, 2021 The static average p / E ratio of the industry in the latest month released on (T-4) exceeded 110.94%. There are three reasons: first, the company focuses on the R & D, design, manufacturing and sales of precision injection molds and downstream products, and has grown into a large-scale molding integrated high-tech enterprise. The company is recognized by China mold industry association "One of the key backbone enterprises of China's precision injection mold" is the "provincial industrial design center", "provincial enterprise technology center" of Fujian Province and the "national enterprise technology center" recognized by the national development and Reform Commission. The company has been widely recognized by downstream customers and won recommended suppliers, excellent suppliers, innovation awards, special contribution awards to the supply chain and other awards issued by Danaher group, fudiwei group, Xiamen Intretech Inc(002925) , Goldsmith group and other world top 500 or well-known enterprises in the industry. Second, the company has always maintained a high level of R & D investment, and the overall technical level of the company's injection mold has approached or reached the international advanced level. As of the prospectus On the signing date of (Registration draft), the company has 338 authorized patents, including 20 invention patents. Compared with the overall technical level of injection molds in China, the company has outstanding technical advantages. The precision of the company's injection molds can reach 0.002mm, the surface roughness is 0.03um, the minimum R angle is 0.015mm, the service life is 1 million times, and the technical level is close to or reaches the international advanced level 3、 Relying on the technology and experience accumulation of core business, the company gradually expanded its business to the production and sales of injection molded parts and health household appliances. The revenue of health products increased from 73 million yuan in 2017 to 266 million yuan in 2020, with an annual compound growth rate of 54%. The company's health products include air purifiers, glass cleaners, etc. on this basis, the company actively expands the categories of health products, and plans to develop instant water dispensers, coffee machines and other kitchen electric products in 2020. At present, the orders on hand are good. In addition, many of the company's products have won "China Design Red Star Award" and other awards, among which the air purifier produced by ODM for customers has become a popular product on Amazon and other websites.
(2) As of December 24, 2021 (T-4), the valuation levels of comparable listed companies are as follows:
T-4 day shares 2020 deduction non 2020 deduction non 2020 deduction non 2020 deduction non 2020 deduction non securities abbreviation: EPS (yuan / post EPS (yuan / pre static P / E and post static P / E (yuan / share) shares) ratio (Times) ratio (Times) before closing price of securities code ticket)
Ningbo Henghe Precision Industry Co.Ltd(300539) 300539. SZ7. 600.06530. 0516116.33147. thirty-eight
Shanghai Yahong Moulding Co.Ltd(603159) 603159. SH15. 840.28740. 260755.1260. seventy-six
Ningbo Tianlong Electronics Co.Ltd(603266) 603266. SH13. 770.46640. 414429.5233. twenty-three
Shenzhen Changhong Technology Co.Ltd(300151) 300151. SZ42. 410.33610. 3032126.20139. eighty-six
Shanghai Hajime Advanced Material Technology Co.Ltd(301000) 301000. SZ63. 141.95671. 837332.2734. thirty-seven
The average value is 60.7867 05
Note: 1. The closing price data of day T-4 comes from wind;
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-4 day;
3. Static P / E ratio before (after) deduction in 2020 = T-4 closing price / EPS before (after) deduction in 2020;
4. Ningbo Henghe Precision Industry Co.Ltd(300539) because the volume of net profit is small and the corresponding valuation is high, it is excluded when calculating the average value of P / E ratio.
The issuance price of 64.08 yuan / share corresponds to the issuer's diluted P / E ratio of net profit attributable to shareholders of the parent company before and after deducting non recurring profits and losses in 2020, which is 58.79 times, which is lower than the average static P / E ratio of comparable companies after deducting non recurring profits and losses in 2020. However, there is still a risk that the decline of the issuer's share price will bring losses to investors 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.
(3) Investors are reminded to pay attention to the difference between the issue price and the quotation of offline investors. For the quotation of offline investors, please refer to Xiamen Vico Jiangnan Mould & Plastic Technology Co.Ltd(000700) published in China Securities Journal, Shanghai Securities News, securities times, securities daily and http://www.cn.info.com.. CN on the same day Announcement on the initial public offering of shares and listing on the gem (hereinafter referred to as the "issuance announcement"). (4) this issuance follows the market-oriented pricing principle. In the preliminary inquiry stage, offline institutional investors quote based on the real subscription intention, and the issuer and the sponsor (the lead underwriter) according to the preliminary inquiry results, comprehensively consider the effective subscription multiple, the issuer's fundamentals, the industry, market conditions, the valuation level of comparable listed companies in the same industry, the demand for raised funds and underwriting risks, and determine the issuance price through negotiation. The issuance price shall not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation And the lower of the median and weighted average quotation of public funds, social security funds, pensions, enterprise annuity funds and insurance funds after excluding the highest quotation. If any investor participates in the subscription, it shall be deemed that it has accepted the issue price. If there is any objection to the issue pricing method and issue price, it is recommended not to participate in this issue.
(5) 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. Regulators, issuers and sponsors (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 8
