Initial public offering and listing on the science and Innovation Board
Special announcement on investment risk
Sponsor (lead underwriter): Haitong Securities Company Limited(600837)
The application of Maiwei (Shanghai) Biotechnology Co., Ltd. (hereinafter referred to as "Maiwei biotechnology", "issuer" or "company") for initial public offering of RMB common shares (A shares) (hereinafter referred to as "this offering") has been examined and approved by the stock listing committee of the science and Innovation Board of Shanghai Stock Exchange, It has been approved to register by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2021] No. 3859).
Haitong Securities Company Limited(600837) (hereinafter referred to as " Haitong Securities Company Limited(600837) " or "sponsor (lead underwriter)") serves as the sponsor (lead underwriter) of this offering.
In this offering, the online pricing issuance to the social public investors holding the market value of non restricted A-Shares and non restricted depositary receipts in Shanghai market and the offline inquiry and placement to qualified offline investors will be implemented through the trading system of Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") and the offline subscription electronic platform on January 4 (T) 2022.
The issuer and the recommendation institution (lead underwriter) specially draw investors' attention to the following contents:
1. The issuance adopts directional placement to strategic investors (hereinafter referred to as "strategic placement") Offline inquiry placement to qualified offline 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 in Shanghai market (hereinafter referred to as "online issuance").
The sponsor (lead underwriter) is responsible for organizing and implementing the strategic placement, preliminary inquiry and offline issuance of this offering. The strategic placement is made at Haitong Securities Company Limited(600837) ; The preliminary inquiry and offline issuance are through the offline subscription electronic platform of Shanghai Stock Exchange（ https://ipo.uap.sse.com..cn./ipo ）Implementation; Online issuance is implemented through the trading system of Shanghai Stock Exchange.
In this offering, the strategic placement investor is comprehensively determined as the follow-up investment of the relevant subsidiary of the sponsor (the follow-up investment institution is Haitong innovation Securities Investment Co., Ltd.) after considering the investor qualification and market conditions The issuer's senior managers and core employees are composed of a special asset management plan (i.e. Fucheng Haifutong Maiwei biological employees participate in the collective asset management plan for strategic placement on the science and Innovation Board).
2. The issuer and the recommendation institution (lead underwriter) directly determine the issuance price through preliminary inquiry from qualified offline investors, and offline bidding will not be conducted accumulatively.
3. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) reach an agreement through consultation in accordance with the exclusion rules agreed in the announcement on the issuance arrangement and preliminary inquiry of Maiwei (Shanghai) Biotechnology Co., Ltd. for initial public offering and listing on the science and Innovation Board (hereinafter referred to as the "announcement on the issuance arrangement and preliminary inquiry"), All the placing objects with the proposed purchase price higher than 69.9 yuan / share (including 69.9 yuan / share) are eliminated. A total of 146 placing objects are eliminated, and the corresponding total amount of proposed purchase is 1675.4 million shares, accounting for 1.0156% of the total amount of 1649679.9 million shares declared after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
4. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) have negotiated and determined the offering price of 34.80 yuan / share by comprehensively considering the issuer's fundamentals, the number of shares in this public offering, the issuer's industry, the valuation level of comparable listed companies, market conditions, the demand for raised funds and underwriting risks, Cumulative bid inquiry will not be conducted for offline issuance.
Investors are requested to make online and offline subscription at this price on January 4, 2022 (t day), and there is no need to pay the subscription fund. The offline issuance and Subscription Date and the online subscription date are the same as January 4, 2022 (t day), in which the offline subscription time is 9:30-15:00, and the online subscription time is 9:30-11:30 and 13:00-15:00.
5. The issue price is 34.80 yuan / share, and the corresponding market research rate is:
(1) 17.94 times (the R & D cost per share is calculated by dividing the R & D cost audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issuance);
(2) 23.92 times (the R & D cost per share is calculated by dividing the R & D cost audited by an accounting firm in 2020 in accordance with Chinese accounting standards by the total share capital after the issuance).
6. The issue price is 34.80 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
(1) The offering price is 34.80 yuan / share, which is higher than the median and weighted average of the remaining quotations of offline investors after excluding the highest quotation, as well as securities investment funds and other partial share asset management products established by public offering (hereinafter referred to as "public offering products") The lower of the median and weighted average (hereinafter referred to as "four numbers") of the remaining quotations of the social security fund (hereinafter referred to as "social security fund") and the basic endowment insurance fund (hereinafter referred to as "pension") managed by the social security fund investment manager is 34.0766 yuan, with an excess of 2.12%.
Investors are reminded to pay attention to the difference between the offering price and the quotation of offline investors. See the quotation of offline investors published on the website of Shanghai Stock Exchange on the same day (www.sse. Com.. CN.) Announcement on initial public offering and listing of Maiwei (Shanghai) Biotechnology Co., Ltd. on the science and Innovation Board (hereinafter referred to as the "issuance announcement").
(2) According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is pharmaceutical manufacturing (Industry Code "C27"). As of December 29, 2021 (T-3), the average static P / E ratio of pharmaceutical manufacturing industry (Industry Code "C27") released by China Securities Index Co., Ltd. in the latest month is 38.73 times.
As of December 29, 2021 (T-3), the market research rate of listed companies whose main business is similar to that of the issuer is as follows:
T-3 stock T-3 stock the closing price (yuan / market value (100 million yuan) and issuance fee (100 million research rate shares) of the securities with the city securities code corresponding to the company's 2020 Research)
688266.SH Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) 55.73133.753.1442.60
688177.SH Bio-Thera Solutions Ltd(688177) 24.92103.195.6318.33
688180.SH Shanghai Junshi Biosciences Co.Ltd(688180) 57.58524.4117.7829.49
688520.SH Sinocelltech Group Limited(688520) 57.42249.976.1040.98
688185.SH Cansino Biologics Inc(688185) 302.80749.284.28175.07
688221.SH Frontier Biotechnologies Inc(688221) 17.5363.071.3845.70
688578.SH Shanghai Allist Pharmaceuticals Co.Ltd(688578) 29.02130.591.7873.37
688319.SH Chengdu Olymvax Biopharmaceuticals Inc(688319) 32.50131.710.43306.30
688091.SH Shanghai Yizhong Pharmaceutical Co.Ltd(688091) 44.4547.030.18261.27
688670.SH Jiangsu Gdk Biological Technology Co.Ltd(688670) 73.5464.720.29223.16
1167. HK gakos - B12 4878.691.8642.31
1477. HK oconvidia-b16 8091.551.8050.86
1875. HK Dongyao pharmaceutical-b3 9519.422.358.26
1952. HK Yunding xinyao-b33 2581.093.7721.51
2126. HK Yao Ming Ju nuo-b12 7042.212.2518.76
2142. HK and platinum medicine-b7 6147.763.6013.27
2181. HK Maibo pharmaceutical - B0 9130.671.2025.56
2552. HK Hualing pharmaceutical-b3 8433.112.2114.98
2616. HK cornerstone pharmaceutical-b7 7575.1014.055.34
3681. HK Chinese antibody-b2 8723.601.0322.92
6998. HK Jiahe biology-b7 2029.566.974.24
9926. HK kangfang biology-b32 10214.367.6927.87
9966. HK Corning Jerry pharmaceutical-b13 20101.093.3130.54
9969.hk nuocheng jianhua-b14 80181.404.0345.01
9995. HK Rongchang biology-b71 15284.844.6661.13
Mean 64.35
Note 1: data source: wind information, data as of December 29, 2021 (T-3).
Note 2: the conversion rate is the middle rate of the exchange rate between Hong Kong dollar and RMB published by the people's Bank of China on December 29, 2021, and Hong Kong dollar to RMB 0.8173; The unequal tail difference of the mean is caused by rounding.
The offering price of 34.80 yuan / share corresponds to the market research rate of the issuer after dilution in 2020, which is 23.92 times lower than the average market research rate of comparable companies in the same industry, but there is still a risk of loss to investors due to the decline of the issuer's share price in the future. The issuer and the lead underwriter remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment rationally.
(3) Investors are reminded that after the issuance price is determined, 198 investors have submitted effective quotations for the offline issuance, 4710 placing objects are managed, and the total number of effective proposed subscriptions is 8633970 million shares, 1270.97 times the initial offline issuance scale before call back.
(4) The fund-raising demand amount disclosed in the letter of intent for the initial public offering of Maiwei (Shanghai) Biotechnology Co., Ltd. and listing on the science and innovation board is RMB 2980 million. The offering price is RMB 34.80/share, and the corresponding financing scale is RMB 3476.52 million, which is higher than the above fund-raising demand amount, The remaining funds after the actual net raised funds meet the needs of the raised investment project will be used for the working capital related to the company's main business or used in accordance with the relevant provisions of the regulatory authority.
(5) The pricing of this offering follows the market-oriented pricing principle. In the preliminary inquiry stage, offline investors quote based on the real subscription intention. The issuer and the sponsor (lead underwriter) negotiate and determine the offering price according to the preliminary inquiry results and comprehensively considering the issuer's fundamentals, the issuer's industry, market conditions, demand for raised funds, underwriting risk and other factors. Any investor who participates in the subscription shall be deemed to have 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.
(6) Investors should pay full attention to the risk factors contained in the marketization of pricing, understand that the stock may fall below the issue price after listing, effectively improve the risk awareness, strengthen the value investment concept and avoid blind speculation. Regulators, issuers and sponsors (lead underwriters) cannot guarantee that the shares will not fall below the issue price after listing. 7. The issuer expects to use the raised capital of RMB 2980 million for this raised investment project. Based on the issuance price of 34.80 yuan / share and the number of new shares issued of 99.9 million shares, the total amount of funds raised by the issuer is expected to be
