Hangzhou Heshun Technology Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (lead underwriter): Dongxing Securities Corporation Limited(601198)
The application of Hangzhou Heshun Technology Co., Ltd. (hereinafter referred to as "Heshun technology", "issuer" or "company") for initial public offering of RMB common shares (A shares) (hereinafter referred to as "this offering") and listing on the gem has been examined and approved by the members of the GEM Listing Committee of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange"), It has been approved to register by the China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2022] No. 253).
After negotiation between the issuer and the sponsor (lead underwriter) Dongxing Securities Corporation Limited(601198) (hereinafter referred to as "sponsor (lead underwriter)", " Dongxing Securities Corporation Limited(601198) " or "lead underwriter"), this public offering of 20 million shares is a public offering of new shares, and the issuer's shareholders will not transfer their old shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
This offering is subject to the special provisions on the issuance and underwriting of initial public offerings on GEM (CSRC announcement [2021] No. 21) issued by China Securities Regulatory Commission on September 18, 2021, and the implementation rules for the issuance and underwriting of initial public offerings on gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919) issued by Shenzhen Stock Exchange The China Securities Association issued the code for underwriting initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 213) and the detailed rules for the administration of offline investors of initial public offerings under the registration system (Zhong Zheng Xie Fa [2021] No. 212), asking investors to pay attention to the changes of relevant regulations, pay attention to investment risks, and carefully study and judge the rationality of issue pricing, Make investment decisions rationally.
The issuer and the recommendation institution (lead underwriter) specially draw the attention of investors to the following contents:
1. The offering price is 56.69 yuan / share, and the corresponding diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020 is 62.39 times, which is higher than the average static P / E ratio of the industry in the latest month published by China Securities Index Co., Ltd. and higher than the average static P / E ratio of comparable companies before and after deducting non recurring profits and losses in 2020, There is a risk that the issuer's future share price decline will bring losses to investors. 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.
2. After the preliminary inquiry, the issuer and the recommendation institution (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 Hangzhou Heshun Technology Co., Ltd. and listing on the gem (hereinafter referred to as the "announcement on preliminary inquiry and promotion"), after excluding the preliminary inquiry results that do not meet the quotation requirements of investors, Eliminate all placing objects whose proposed purchase price is higher than 71.00 yuan / share (excluding 71.00 yuan / share); The proposed subscription price is 71.00 yuan / share, and all placing objects whose subscription quantity is less than 6 million shares are eliminated; The proposed subscription price is 71.00 yuan / share, and the subscription amount is equal to 6 million shares. Among the placing objects whose subscription time is 14:50:40:210 on March 9, 2022, they are sorted from the back to the front according to the order of placing objects automatically generated by the offline issuance electronic platform of Shenzhen Stock Exchange, Remove all the placing objects before "YONGYING growth pilot hybrid securities investment fund" (excluding). A total of 119 placing objects were excluded in the above process, and the total number of shares to be purchased was 488.8 million, accounting for 1.0063% of the total number of shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
3. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's industry, market conditions, the valuation level of Listed Companies in the same industry, the demand for raised funds, underwriting risks and other factors, and negotiate to determine that the price of this issuance is 56.69 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 March 14, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline issuance and Subscription Date and online subscription date are the same as March 14, 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.
4. The issue price determined through negotiation between the issuer and the recommendation institution (lead underwriter) is 56.69 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 and the securities investment fund established through public offering after excluding the highest quotation (hereinafter referred to as "public fund") National Social Security Fund (hereinafter referred to as "social security fund"), basic endowment insurance fund (hereinafter referred to as "pension") The enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") established in accordance with the measures for the administration of 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, whichever is lower, so the relevant subsidiaries of the recommendation institution do not participate in the strategic placement.
There is no strategic placement to other external investors in this offering. 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 1 million shares will be transferred back to offline issuance.
5. 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 or non restricted depositary receipts in Shenzhen market (hereinafter referred to as "online issuance").
This offline issuance is conducted through the offline issuance electronic platform of Shenzhen Stock Exchange and the registration and settlement platform of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as "China Securities Depository and clearing Shenzhen Branch"); The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription and pricing according to market value.
6. The issue price is 56.69 yuan / share, and the corresponding P / E ratio is:
(1) 46.79 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) 45.86 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) 62.39 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 this issuance);
(4) 61.14 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).
7. The issue price is 56.69 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 China Securities Regulatory Commission, the industry of Heshun technology is "rubber and plastic products industry (C29)". The static average p / E ratio of "rubber and plastic products industry (C29)" released by China Securities Index Co., Ltd. in the latest month is 25.20 times (as of March 9, 2022). Please refer to it when investors make decisions. The issuance price of 56.69 yuan / share corresponds to the lower audited net profit after deducting non recurring profits and losses in 2020. The diluted P / E ratio is 62.39 times, higher than
"Rubber and plastic products industry (C29)" issued by China Securities Index Co., Ltd. on March 9, 2022
One month static average p / E ratio. The main reasons are as follows: first, the businesses of Companies in the industry are different
Resulting in reduced comparability. According to the industry classification guidelines of listed companies issued by China Securities Regulatory Commission and China Securities Index Co., Ltd
According to the industry P / E ratio classification statistics of listed companies released by the company, there are 105 listed companies in C29 industry, and each company
The main businesses of the company are quite different. According to the statistical analysis, the higher the degree of product differentiation in the industry, the lower the level
The higher the average p / E ratio. Second, the issuer's comprehensive gross profit margin in 2020 is 35.34%, 105% in C29 industry
The average gross profit margin of the company in 2020 was 27.40%, and the profitability of the issuer was significantly higher than that of the same industry
Company. The issuer is mainly engaged in the research and development of differentiated and functional biaxially oriented polyester film (BOPET film)
Development, production and sales, the company's products have strong market competitiveness, in electronics, electrical non-ferrous polyester film
The market share of segments is in a leading position in the Chinese market. After years of industry accumulation, the company has mastered
The manufacturing technology of biaxially stretched colored film, the formulation technology of colored film, the manufacturing technology of multifunctional window film base film and
Core technology systems such as flame retardant polyester film manufacturing technology. The company has a strong ability of equipment renewal and transformation, and master
A number of advanced processes and unique formulas of polyester film materials have been developed, and they can be customized according to their own production conditions and processes
Point and customer demand and other factors to customize a variety of functional membrane products to meet the differentiated needs of customers at the same time
Step by step to improve product quality and production efficiency, realize small batch production of high value-added products and maximize
Operating efficiency and revenue. The issuer's product structure, product positioning, customer characteristics, business model and business strategy
Slightly and other aspects are unique, and the profitability is significantly higher than the industry average. Third, the issuer's business in 2021
The performance growth rate is high, significantly higher than the industry average. According to the "Tian Jian Shen [2022] No. 27" review report issued by Tianjian certified public accountants, the growth rate of the company's operating revenue and net profit in 2021 was 69.66% and 66.76%. As of February 28, 2022, 20 of the 105 listed companies in the C29 industry have disclosed the industry
According to the performance express, according to the statistical data, the average year-on-year growth rate of the operating revenue of the above companies in the same industry is 26.24%,
The average year-on-year growth rate of net profit was -3.97%. With the gradual operation of the company's production lines under construction and projects invested with raised funds, the public
The company's production capacity will be greatly improved and its profitability will be further improved.
As of March 9, 2022 (T-3), the valuation levels of comparable listed companies are as follows:
In 2020, deduct the static P / E corresponding to the T-3 day shares deducted in 2020. The static P / E securities corresponding to the T-3 day shares deducted in 2020 are referred to as stock code. The closing price rate of non front EPS and non back EPS tickets (Times) - the rate before deduction (Times) - the rate after deduction (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Jiangsu Yuxing Film Technology Co.Ltd(300305) Jiangsu Yuxing Film Technology Co.Ltd(300305) . SZ 0.5409 0.4392 14.77 27.31 33.63
Sichuan Em Technology Co.Ltd(601208) Sichuan Em Technology Co.Ltd(601208) . SH 0.1954 0.1619 13.10 67.04 80.91
Ningbo Solartron Technology Co.Ltd(688299) Ningbo Solartron Technology Co.Ltd(688299) . SH 0.6206 0.5508 21.23 34.21 38.54
Aerospace Ch Uav Co.Ltd(002389) Aerospace Ch Uav Co.Ltd(002389) . SZ 0.2748 0.2042 19.15 69.69 93.78
Average 49.56 61.72
Data source: wind information, data as of March 9, 2022
Note 1: if there is mantissa difference in the calculation of P / E ratio, it is caused by rounding;
Note 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-3 day; The issuance price of 56.69 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 62.39 times higher than the average static P / E ratio of the industry in the latest month published by China Securities Index Co., Ltd. and higher than the average static P / E ratio of comparable companies before and after deducting non recurring profits and losses in 2020, There is a risk that the issuer's future share price decline will bring losses to investors. 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.
(2) After the price of this offering is determined, the number of investors who have submitted valid quotations for this offline offering is 341, and the number of placement objects managed is 7095, accounting for 72.36% of the total number of placement objects after excluding invalid quotations; The total number of effective proposed subscriptions is 3330.1 million shares, accounting for 68.56% of the total number of subscriptions after excluding invalid quotations, which is 232874 times of the initial offline issuance after the strategic placement callback and before the online and offline callback mechanism is started.
(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 China Securities Journal, Shanghai Securities News, securities times, securities daily and cninfo (www.cn. Info. Com. CN) published on the same day Hangzhou heshunke
