Liaoning Heshi Ophthalmic Hospital Group Co., Ltd
Announcement on initial public offering and listing on GEM
Sponsor (lead underwriter): Central China Securities Co.Ltd(601375)
hot tip
Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. (hereinafter referred to as "Heshi ophthalmology", "issuer" or "company") in accordance with the measures for the administration of securities issuance and underwriting (CSRC order [No. 144], hereinafter referred to as the "administrative measures") issued by China Securities Regulatory Commission (hereinafter referred to as "CSRC") Special provisions on the issuance and underwriting of initial public offerings on the gem (CSRC announcement [2021] No. 21, hereinafter referred to as the "special provisions"), measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation) (CSRC order [No. 167], hereinafter referred to as the "Registration Measures"), Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") "detailed rules for the implementation of the issuance and underwriting business of initial public offering of securities on the gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919, hereinafter referred to as" detailed rules ") Detailed rules for the implementation of online issuance of initial public offerings in Shenzhen market (SZS [2018] No. 279, hereinafter referred to as "detailed rules for the implementation of online issuance"), detailed rules for the implementation of offline issuance of initial public offerings in Shenzhen market (revised in 2020) (SZS [2020] No. 483, hereinafter referred to as "detailed rules for the implementation of offline issuance"), The China Securities Association (hereinafter referred to as the "association"), the code for underwriting initial public offerings under the registration system (zxsf [2021] No. 213, hereinafter referred to as the "underwriting code"), the detailed rules for the administration of offline investors in initial public offerings (zxsf [2018] No. 142) The rules for the administration of offline investors in initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 212, hereinafter referred to as the "rules for the administration of offline investors under the registration system") and other relevant provisions organize the implementation of initial public offerings and listing on the gem.
Central China Securities Co.Ltd(601375) (hereinafter referred to as " Central China Securities Co.Ltd(601375) " or "sponsor (lead underwriter)") serves as the sponsor (lead underwriter) of this offering.
The initial inquiry and offline subscription of this offering are conducted through the offline issuance electronic platform of Shenzhen Stock Exchange (hereinafter referred to as "offline issuance electronic platform") and the registration and settlement platform of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as "China Clearing Shenzhen Branch"). For details of preliminary inquiry and offline subscription, please refer to the website of Shenzhen Stock Exchange（ http://www.szse.cn. ）The detailed rules for the implementation of offline issuance and other relevant provisions. Investors shall carefully read the online announcement of Shenzhen Stock Exchange and the implementation rules of Shenzhen stock exchange through the online issuance system of Shenzhen Stock Exchange. This offering is applicable to the special provisions on the issuance and underwriting of initial public offerings on the gem (CSRC announcement [2021] No. 21) issued by the CSRC on September 18, 2021, and the practical implementation rules for the issuance and underwriting of initial public offerings on the gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919) issued by the Shenzhen Stock Exchange The rules for the administration of offline investors in initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 212) and the code for underwriting initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 213) issued by the China Securities Association invite investors to pay attention to the changes of relevant regulations, pay attention to investment risks, carefully study and judge the rationality of issuance pricing and make investment decisions rationally.
Investors are kindly requested to pay attention to the pricing, issuing process, online and offline subscription and payment, suspension of issuance, disposal of share abandonment, etc. the specific contents are as follows:
1. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules stipulated in the announcement on preliminary inquiry and promotion of initial public offering of shares by Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. and listing on the gem (hereinafter referred to as the "announcement on preliminary inquiry and promotion"), after excluding the preliminary inquiry results of investors who do not meet the requirements, Eliminate all placing objects whose proposed subscription price is higher than 50 yuan / share (excluding 50 yuan / share); All placing objects with a proposed subscription price of 50 yuan / share and a subscription quantity of less than 10.1 million shares (excluding) shall be eliminated; The proposed subscription price is 50 yuan / share, the subscription quantity is equal to 10.1 million shares, and the subscription time is later than 14:23:05:178 (excluding) on March 7, 2022. A total of 132 placing objects were excluded in the above process, and the total number of shares to be purchased was 798.6 million, accounting for 1.0005% of the total number of 798192 million shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription. Please refer to the part marked "high price rejection" in the attached table "preliminary inquiry and quotation".
2. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's fundamentals, industry, valuation level of comparable companies, market conditions, demand for raised funds, underwriting risk and other factors, and negotiate to determine the issuance price of 42.50 yuan / share. The offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on March 10, 2022 (t day), without paying subscription funds. The offline issuance and Subscription Date and online subscription date are the same as March 10, 2022 (t day). Among them, the offline subscription time is 09:30-15:00, and the online subscription time is 09:15-11:30, 13:00-15:00.
3. The price of this offering shall not exceed the median and weighted average of the remaining quotations of offline investors after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund") and the National Social Security Fund (hereinafter referred to as "social security fund") established through public offering after excluding the highest quotation The lower of the median quotation and weighted average of the basic endowment insurance fund (hereinafter referred to as "pension"), the enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") and the insurance fund (hereinafter referred to as "insurance fund") in accordance with the measures for the administration of the use of insurance funds.
This offering does not arrange strategic placement to other investors. According to the issuing price, the relevant subsidiaries of the sponsor will not participate in the strategic placement. Finally, this issuance will not be targeted to strategic investors. The difference between the initial strategic placement and the final strategic placement of 1525000 shares will be transferred back to offline issuance.
4. 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-share shares in Shenzhen market and the market value of non restricted Depositary Receipts (hereinafter referred to as "online issuance").
This offline issuance is conducted through the offline issuance electronic platform of Shenzhen Stock Exchange; The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription and pricing according to market value.
5. Restricted period arrangement: among the stocks issued this time, the stocks issued online have no circulation restrictions and restricted period arrangement, and can be circulated from the date of listing of the stocks issued this time on the Shenzhen Stock Exchange.
The offline issuance part adopts the proportional sales restriction method, and the offline investors shall promise that the sales restriction period of 10% (rounded up) of the number of shares allocated to them is 6 months from the date of the issuer's initial public offering and listing. That is, among the shares allocated to each placing object, 90% of the shares are sold indefinitely and can be circulated from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange; The sales restriction period of 10% of the shares is 6 months, and the sales restriction period starts from the date when the issued shares are listed and traded on the Shenzhen Stock Exchange.
When offline investors participate in the preliminary inquiry and quotation and offline purchase, they do not need to fill in the arrangement of the restricted sale period for the placing objects under their management. Once the quotation is made, it is deemed to accept the arrangement of the online restricted sale period disclosed in this announcement.
6. Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf. 7. After the completion of online and offline subscription, the issuer and the sponsor (lead underwriter) will decide whether to start the callback mechanism on March 10, 2022 (t day) according to the online subscription, so as to adjust the scale of offline and online issuance. The launch of the callback mechanism will be determined according to the initial effective subscription multiple of online investors.
8. Offline investors shall, according to the announcement on the initial public offering of shares by Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. and the preliminary placement results of offline issuance listed on the gem (hereinafter referred to as the announcement on the preliminary placement results of offline issuance), according to the finally determined issuance price and preliminary placement quantity before 16:00 on March 14 (T + 2) 2022, Pay the subscription funds for new shares in full and on time.
The subscription funds shall be paid in full within the specified time. If the subscription funds are not paid in full within the specified time or as required, all the new shares allocated to the placing object shall be invalid. If the above circumstances occur when multiple new shares are issued on the same day, all the new shares allocated to the placing object on that day shall be invalid. If different placing objects share bank accounts, if the subscription funds are insufficient, all the new shares allocated to the placing objects sharing bank accounts will be invalid. Offline investors are allocated multiple new shares on the same day. Please pay for each new share separately. After winning the lottery of new shares, online investors shall fulfill the obligation of capital settlement in accordance with the announcement on the results of online lottery of Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. in its initial public offering and listing on the gem (hereinafter referred to as the announcement on the results of online lottery), Ensure that its capital account has sufficient subscription funds for new shares on March 14, 2022 (T + 2), and the insufficient part shall be deemed as abandoning the subscription, and the resulting consequences and relevant legal liabilities shall be borne by the investors themselves. The transfer of investors' funds shall comply with the relevant provisions of the securities company where the investors are located.
The shares abandoned by offline and online investors shall be underwritten by the sponsor (lead underwriter).
9. 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 issuer and the sponsor (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
10. Offline investors and their managed placing objects shall strictly comply with the industrial regulatory requirements of China Securities Association, and the subscription amount shall not exceed the corresponding asset scale or capital scale. If the offline investor who provides effective quotation fails to participate in the subscription or the offline investor who obtains the preliminary placement fails 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. The recommendation institution (lead underwriter) shall report the breach of contract to the China Securities Association for the record. The number of violations of placing objects in various sectors of the stock market of Beijing stock exchange (hereinafter referred to as "Beijing stock exchange"), Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") and Shenzhen Stock Exchange shall be calculated together. During the period of being included in the restricted list, the placing object shall not participate in the offline inquiry and placement of relevant projects in all sectors of the stock market of Beijing stock exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange.
If an online investor has won the lottery for 3 times but failed to pay in full within 12 consecutive months, it shall not participate in the online subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds within 6 months (calculated as 180 natural days, including the next day) from the next day of the settlement participant's latest declaration of abandonment of subscription.
11. The issuer and the recommendation institution (lead underwriter) solemnly remind the majority of investors to pay attention to investment risks and invest rationally, and carefully read the articles published in China Securities News, Shanghai Securities News and securities times on March 9, 2022 (t-1) The special announcement on the investment risk of Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. in its initial public offering and listing on the gem (hereinafter referred to as the "special announcement on investment risk") published on Securities Daily and the economic reference website fully understands the market risk and prudently participates in this new share offering.
Valuation and investment risk tips
New share investment has great market risks. Investors need to fully understand the risks of new share investment and gem market, carefully study the risks disclosed in the issuer's prospectus, fully consider the following risk factors, and prudently participate in this new share issuance.
1. The issue price is 42.50 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions. (1) According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of the issuer is "Q83 health". The static average p / E ratio of Q83 health released by China Securities Index Co., Ltd. in the latest month is 67.50 times (as of March 7, T-3, 2022). Please refer to it when making decisions.
The issuance price of 42.50 yuan / share corresponds to the issuer's diluted P / E ratio of net profit before and after deducting extraordinary profits and losses in 2020, which is 57.91 times, which is lower than the static average p / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on March 7 (T-3) 2022; It is lower than the average p / E ratio of comparable listed companies after deducting non profits in 2020.
(2) As of March 7, 2022 (T-3), the P / E ratio of comparable listed companies with main business and business model similar to that of the issuer is as follows:
T-3 day stock 2020 deduction 2020 deduction non corresponding static City securities code securities abbreviation closing price non front EPS post EPS earnings ratio deduction non front earnings ratio deduction non rear
(yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Aier Eye Hospital Group Co.Ltd(300015) .SZ Aier Eye Hospital Group Co.Ltd(300015) 32.65 0.3189 0.3942 1023832 828260
3309. HK Xima ophthalmology 3.68 -0.0041 -0.0122 -8975610 -3016393
1846.hk deshijia 5.77 0.1598 0.1516361076380607
average
