Stock abbreviation: Chunli medical Stock Code: 688236 Beijing chunlizhengda medical instruments Co., Ltd. (No. 10, Xinmi West 2nd Road, South District, Tongzhou Economic Development Zone, Tongzhou District, Beijing) sponsor of IPO announcement on science and Innovation Board (main underwriter)
(401, building B7, Qianhai Shenzhen Hong Kong fund Town, 128 guiwan fifth road, Nanshan street, Qianhai Shenzhen Hong Kong cooperation zone, Shenzhen) December 29, 2021
hot tip
The shares of Beijing Chunli Zhengda Medical Devices Co., Ltd. (hereinafter referred to as "Chunli medical", "the company", "the issuer" or "the company") will be listed on the science and Innovation Board of Shanghai Stock Exchange on December 30, 2021. The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, and avoid blindly following the trend at the initial stage of IPO "Speculation" should be prudent decision-making 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's initial public offering of shares and listing on the science and innovation board.
There may be slight difference between the total number of individual data in some tables of this listing announcement and the total number of tables, which is caused by rounding in the calculation process.
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:
1. 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 is 36%, and then the increase limit ratio is 10%.
Within the first five trading days after the listing of enterprises on the science and innovation board, there is no limit on the rise and fall of the stock trading price; 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, because the lock up period of the original shareholders is 36 months or 12 months, the lock up period of the sponsor's follow-up investment shares is 24 months, the lock up period of the special asset management plan for senior executives and core employees is 12 months, and the lock up period of the online lower limit share sale is 6 months, after this issuance, the company's A-share tradable shares with unlimited sale conditions are 31845500 shares, accounting for 8.29% of the total share capital after issuance, 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 lower than the average level of the same industry
The preliminary inquiry of this offering was completed on December 16, 2021 (T-3). After excluding the invalid quotation and the highest quotation, the issuer and the sponsor (lead underwriter) according to the inquiry and quotation of offline issuance, comprehensively evaluate the reasonable investment value of the company, the secondary market valuation level of comparable companies and the secondary market valuation level of the industry, fully consider the effective subscription multiple, market conditions, fund-raising demand and underwriting risk of offline investors, and negotiate to determine the issuance price of 29.81 yuan / share, which is not applicable offline Then conduct cumulative bidding. The price earnings ratio corresponding to this price is:
(1) 37.27 times (earnings per share is calculated by dividing the net profit attributable to 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 share capital before the issuance);
(2) 36.38 times (earnings per share is calculated by dividing the net profit attributable to 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 share capital before this issuance);
(3) 41.41 times (earnings per share is calculated by dividing the net profit attributable to 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 share capital after the issuance);
(4) 40.43 times (earnings per share is calculated by dividing the net profit attributable to 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 share capital after this issuance).
The company's industry is special equipment manufacturing (C35). As of December 16, 2021 (T-3), the average static P / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month is 43.38 times.
The P / E ratio of comparable listed companies whose main business is similar to that of the company is as follows:
Before deduction in 2020 and after deduction in 2020, the static corresponding static securities code securities corresponding to the stock receipt on T-3 days are referred to as EPS (yuan / share, EPS (yuan / share, offer price (yuan / share, P / E ratio (deducting P / E ratio (RMB) RMB) not before) not after)
002901.SZ Double Medical Technology Inc(002901) 1.49501. 364948.1332. one thousand nine hundred and thirty-five point two six
688085.SH Shanghai Sanyou Medical Co.Ltd(688085) 0.57740. 460829.8551. seven thousand and sixty-four point seven eight
300326.SZ Shanghai Kinetic Medical Co.Ltd(300326) -0.1757-0.225510. 16--
688161.SH Shandong Weigao Orthopaedic Device Co.Ltd(688161) 1.39601. 347564.9546. five thousand three hundred and forty-eight point two zero
1789. HK Aikang medical 0.28140 27685.1018. one thousand one hundred and eighteen point four one
Mean value -- 37.1341 sixty-six
Data source: wind information, data as of December 16, 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
(December 16, 2021) total share capital.
Note 2: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding. The average price earnings ratio does not include Shanghai Kinetic Medical Co.Ltd(300326) with negative EPS.
Note 3: the RMB closing price of Aikang medical is calculated by the closing price of Hong Kong dollar * exchange rate, and the central parity of RMB exchange rate on December 16, 2021 is 1 Hong Kong dollar
RMB to RMB 0.81553.
The issuing price of the company is 29.81 yuan / share, which corresponds to the issuer before and after deducting non recurring profits and losses in 2020
The low diluted P / E ratio is 41.41 times, which is lower than the industry's highest price of the issuer issued by China Securities Index Co., Ltd
The average static P / E ratio in the past month is lower than the average static P / E ratio of comparable companies in the same industry, but it still exists
In the future, the decline of the issuer's share price will bring the risk of loss to investors.
4. Margin trading risk
The stock can be used as the subject matter 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 refers to the increase of margin trading
The price fluctuation of the underlying stock; Market risk means that investors are financing with stocks as collateral
Not only need to bear the risk brought by the change of the original stock price, but also have to bear the new investment stock price
Risks caused by changes and pay corresponding interest; Margin call risk refers to the risk that investors have
It is necessary to monitor the guarantee ratio level throughout the process to ensure that it is not lower than the maintenance margin required for margin trading
proportion; Liquidity risk refers to that when the price of the underlying 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.
2、 Special risk tips
(i) Technical risk
1. New product development and registration risks
Implantable Department of orthopedics medical devices belong to the technology intensive industry with high technical barriers. In order to maintain competitive advantage, companies need to continuously develop innovative differentiated products and maintain the advanced technology. Orthopaedic medical device products obtain new product license with large investment, long cycle and high risk. The company may face the risk of deviation in R & D direction, high R & D investment cost of new products, and failure to obtain market recognition after successful R & D of new products, so as to achieve the expected economic benefits. The State implements a classified registration system for medical devices, and strictly monitors the R & D, production and circulation of implantable orthopedic medical devices. The cycle for new products to obtain product registration certificate is long, which may lead to the company's new product listing time later than expected or unable to obtain registration certificate, which will have an adverse impact on the company's future production and operation.
2. Risk of technical brain drain
The company belongs to a talent intensive industry, which is a comprehensive industry involving multi-disciplinary and cross field. The development of mature medical high-value consumables often requires the cooperation of high-level professional and technical talents in medicine, materials science, electronics, biomechanics, machinery manufacturing and other disciplines. The above technicians play a vital role in new product design and development, product cost control and providing stable and high-quality technical services. The smooth progress of this raised investment project also needs to be guaranteed by a continuously strengthened technical talent team. At present, the competition for talents among major medical device enterprises is becoming more and more fierce. If the company fails to provide competitive treatment and incentive mechanism in terms of development prospect, salary and R & D conditions in the future, resulting in a large loss of technical personnel, which may have an adverse impact on the company's technological innovation ability. Therefore, the company has the risk of technical brain drain.
3. Risk that the R & D Progress of new materials is less than expected
Orthopaedic implanted medical devices stay in the human body for a long time, with high safety requirements and need to meet the bone structure of the human body. Ideal orthopaedic implant materials need to have good biocompatibility, bioactivity, corrosion resistance and other biological properties on the one hand, and good mechanical properties such as fatigue strength, mechanical stability, friction and wear properties on the other hand. In recent years, new materials such as PEEK, degradable magnesium alloy and bioceramics have also appeared in clinical applications. The issuer has made corresponding layout for the R & D of new materials such as porous tantalum, magnesium alloy and peek, but there is still a certain gap compared with foreign giants. In the process of R & D, on the one hand, the company may face risks such as deviation in its R & D direction, lagging R & D progress and failure of R & D results, resulting in increased R & D cost and time investment and even suspension or failure of R & D projects; On the other hand, if the company's R & D fails to achieve the expected material results and convert them into products, or the new materials cannot be effectively industrialized due to factors such as production process and production cost, or the new materials cannot be successfully recognized by customers and the market, the company's early R & D investment may not bring revenue to the company or enhance its competitive advantage as expected, This will have an adverse impact on the company's sustainable operation ability. （2） Operational risk
1. Risk of price decline of end products caused by "volume procurement"
In July 2019, the general office of the State Council issued the notice on printing and distributing the reform plan for the treatment of high-value medical consumables to explore "volume procurement" in the field of high-value medical consumables. So far, Anhui, Zhejiang, Jiangsu, Fujian, Shandong and other provinces have issued and implemented the policy plan for "volume procurement" and implemented the bidding procedures involving joint products. Except that the company failed to win the bid for "belt procurement" of hip joint in Jiangsu Province in 2019, the "belt procurement" of other provinces and related joint products won the bid. According to the current bid winning situation, the bid winning price of relevant products has decreased by a certain proportion compared with the sunshine network price before "volume procurement", and further led to a certain degree of decline in the ex factory price of the company in some provinces.
The joint procurement office of national organizations for high-value consumables issued the announcement of national centralized procurement of artificial joints in June 2021, the announcement of national organizations for centralized procurement of artificial joints (No. 1), and the document of national organizations for centralized procurement of artificial joints in August 2021 , carry out volume procurement bidding at the national level for primary replacement total hip and primary replacement total knee. In September 2021, the state organized the joint procurement office of high-value medical consumables to publicize the results of the proposed national volume procurement. According to the public information, the average price of the proposed hip terminal decreased by 80% and the average price of the knee terminal decreased by 84%. The company is engaged in "ceramic ceramic hip product system", "ceramic polyethylene hip product system" and "alloy polyethylene hip product system"
