Hefu (China) Medical Technology Co., Ltd
Initial inquiry results of initial public offering and announcement of delayed issuance sponsor (lead underwriter): Haitong Securities Company Limited(600837)
hot tip
Hefu (China) Medical Technology Co., Ltd. (hereinafter referred to as "Hefu China", "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 "measures") of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") Measures for the administration of initial public offering and listing (CSRC order [No. 173]) and other relevant regulations, China Securities Association (hereinafter referred to as the "association"), specifications for underwriting business of initial public offering of shares (zsxf [2018] No. 142), rules for allotment of initial public offering of shares (zsxf [2018] No. 142) Detailed rules for the administration of offline investors in initial public offering (zsxf [2018] No. 142) and other relevant provisions, as well as detailed rules for the implementation of online issuance of initial public offering in Shanghai market (SZF [2018] No. 40) of Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") Detailed rules for the implementation of offline issuance of initial public offering in Shanghai market (SZF [2018] No. 41), the relevant business rules of China Securities Depository and Clearing Co., Ltd. Shanghai Branch (hereinafter referred to as "CSDCC Shanghai Branch") organize the implementation of initial public offering.
The preliminary inquiry and offline issuance of the issued shares are carried out through the offline electronic subscription platform of Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") and the registration and settlement platform of China Clearing Shanghai Branch. Please read this announcement carefully. Please refer to the website of Shanghai Stock Exchange (www.sse. Com.. CN.) for details of electronic offline issuance The detailed rules for the implementation of offline IPO in Shanghai market and other relevant provisions.
Please pay attention to the issuance process, online and offline subscription, payment, suspension of issuance and other links of this issuance. The main contents are as follows:
According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) Haitong Securities Company Limited(600837) (hereinafter referred to as " Haitong Securities Company Limited(600837) " and "lead underwriter") have negotiated and determined that the offering price is 4.19 yuan / share by comprehensively considering the issuer's fundamentals, market conditions, valuation level of comparable companies, valuation level of Listed Companies in the same industry, demand for raised funds and underwriting risk, Cumulative bid inquiry will not be conducted for offline issuance.
The issue price is 4.19 yuan / share, and the corresponding P / E ratio is:
(1) 17.24 times (earnings per share shall be calculated by dividing the lower of 2020 net profit before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total share capital before this issuance);
(2) 22.99 times (earnings per share shall be calculated by dividing the lower of 2020 net profit before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total share capital after this issuance).
According to the guidance on industry classification of listed companies issued by CSRC, the industry of the issuer is "F51 wholesale industry". As of January 5, 2022, the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 18.74 times.
Since the diluted P / E ratio of 2020 corresponding to the issue price is higher than the average p / E ratio of the secondary market of Listed Companies in the same industry issued by China Securities Index Co., Ltd., there is a risk that the issuer's valuation level will return to the industry average p / E ratio in the future, and the decline of share price will bring loss to new share investors. According to the measures on strengthening the supervision over the issuance of new shares (CSRC announcement [2014] No. 4) and other relevant provisions, the issuer and the lead underwriter will continuously issue special announcements on investment risk in China Securities Journal, Shanghai Securities News, securities times and securities daily three weeks before online subscription, which will be announced on January 7, 2022 On January 14, 2022 and January 21, 2022, the timing of subsequent issuance will be deferred and brought to the attention of investors.
The online roadshow originally scheduled to be held on January 7, 2022 will be postponed to January 28, 2022. The online and offline subscription originally scheduled to be held on January 10, 2022 will be postponed to February 7, 2022, and the publication of the issuance announcement will be postponed. The adjusted schedule is as follows:
Date of issue
Publish relevant announcements and documents on December 30, 2021 (Thursday), such as announcement of issuance arrangement and preliminary inquiry, summary of prospectus, etc
Offline investors submit verification documents
Deadline for offline investors to submit verification documents (before 12:00 on the same day)
On Friday, December 31, 2021, the deadline for offline investors to complete registration with China Securities Association (12:00 on the same day)
(front)
On Tuesday, January 4, 2022, we made a preliminary inquiry (through the subscription platform), and the preliminary inquiry period is 9:30-15:00
Preliminary inquiry deadline
Correlation verification on Wednesday, January 5, 2022
The issue price will be determined on Thursday, January 6, 2022
Determine the effective quotation investors and the number of shares they can apply for
Publish the preliminary inquiry results and announcement on postponement of initial public offering of shares by Hefu (China) Medical Technology Co., Ltd. on Friday, January 7, 2022 and the special announcement on investment risk of initial public offering of shares by Hefu (China) Medical Technology Co., Ltd
On Friday, January 14, 2022, the special announcement on investment risk of initial public offering (second time) of Hefu (China) Medical Technology Co., Ltd. was published
On Friday, January 21, 2022, the special announcement on investment risk of initial public offering (third time) of Hefu (China) Medical Technology Co., Ltd. was published
Online roadshow announcement published on T-2
Thursday, January 27, 2022
Issue announcement published on T-1
Online roadshow on Friday, January 28, 2022
Offline issuance and Subscription Date (9:30-15:00, ending at 15:00 on the same day)
T-day online issuance and Subscription Date (9:30-11:30, 13:00-15:00)
On Monday, February 7, 2022, determine whether to start the callback mechanism and the final issuance quantity online and offline
Online subscription allotment No
Announcement on online subscription and winning rate published on T + 1
On Tuesday, February 8, 2022, the lottery was issued online
Determine the preliminary offline placement results
The announcement of offline preliminary placement results and online winning results was published on T + 2
On Wednesday, February 9, 2022, the offline issuance was paid by the allocated investors, and the subscription funds arrived at 16:00
Online winning investors pay subscription funds
On T + 3, the lead underwriter shall determine the final placement result and the sales amount of the package on Thursday, February 10, 2022 according to the arrival of funds online and offline
Publish the announcement of issuance results on T + 4
February 11, 2022 (Friday)
Note: 1. T day is the date of online and offline issuance and subscription;
2. The above date is the trading day. In case of major emergencies affecting the issuance, the lead underwriter will timely announce and modify the issuance schedule.
3. The P / E ratio corresponding to the pricing of this offering is higher than the average p / E ratio of the secondary market of Listed Companies in the same industry. The issuer and the sponsor (lead underwriter) continuously issue special announcements on investment risk within three weeks before online subscription, at least once a week, and the Subscription Date of this offering will be postponed for three weeks.
4. If offline investors cannot normally use their electronic platform for preliminary inquiry or offline subscription due to system failure or uncontrollable factors of the offline subscription electronic platform of Shanghai Stock Exchange, please contact the lead underwriter in time.
Important tips
1. The application of Hefu (China) Medical Technology Co., Ltd. for the initial public offering of 99.5132 million RMB common shares (A shares) (hereinafter referred to as "the offering") has been approved by the China Securities Regulatory Commission in document zjxk [2021] No. 4074. The sponsor (lead underwriter) of this offering is Haitong Securities Company Limited(600837) Co., Ltd. The stock of Hefu (China) Medical Technology Co., Ltd. is abbreviated as "Hefu China", and the stock code is "603122", which is also used for the preliminary inquiry and offline subscription of this offering; Online subscription is referred to as "Hefu subscription" for short, and the online subscription code is "732122".
2. This offering is conducted through the combination of offline inquiry and placement to qualified investors (hereinafter referred to as "offline offering") and online pricing issuance to social public investors holding non restricted A-Shares or non restricted depositary receipts in Shanghai market (hereinafter referred to as "online offering"). The issuer and the lead underwriter directly determine the issuance price through offline preliminary inquiry, and offline issuance will not conduct cumulative bidding inquiry.
The website of the subscription platform of Shanghai Stock Exchange is: https://ipo.uap.sse.com..cn./ipo 。 Qualified offline investors are invited to participate in the preliminary inquiry and offline subscription of this offering through the above website. The time of quotation and inquiry through the subscription platform is 9:30-15:00 on each trading day during the preliminary inquiry and offline subscription. Please refer to the website of Shanghai stock exchange for relevant operating measures of the subscription platform http://www.sse.com..cn. Relevant provisions such as the detailed rules for the implementation of offline issuance, offline IPO system user manual, subscription trader volume and so on in the service IPO business column.
3. The issuer negotiated with the lead underwriter to determine the number of shares to be issued this time, 99.5132 million shares, all of which are new shares to be issued to the public. The issuer's shares held by shareholders before this issuance will not be offered to investors at the time of this issuance. Before the callback mechanism was launched, the initial number of offline shares was 59.7082 million, accounting for 60% of the total issued this time; The initial number of shares issued online was 39.805 million, accounting for 40% of the total issued this time. The final offline and online distribution quantity will be determined according to the online and offline callback. The shares issued this time have no circulation restrictions and locking arrangements. 4. The preliminary inquiry for this offering was completed on January 4, 2022. The issuer and the lead underwriter negotiated and determined the offering price of 4.19 yuan / share according to the quotation of offline investors and comprehensively considering the issuer's fundamentals, market conditions, valuation level of comparable companies, valuation level of Listed Companies in the same industry, demand for raised funds and underwriting risk.
5. The offline and online subscription date of this offering is t day (February 7, 2022), and any placing object can only choose one of offline or online subscription methods.
(1) Offline subscription
The offline subscription time of this offering is 9:30-15:00 on February 7, 2022 (t day).
The placing objects managed by offline investors who submit valid quotations during the preliminary inquiry can and must participate in offline subscription. For the list of placing objects submitting valid quotation, see the placing objects marked as "valid quotation" in the attached table. Placing objects that fail to submit valid quotations shall not participate in offline subscription. During the subscription time, offline investors can fill in a subscription quantity for each placement object under their management according to the issue price of 4.19 yuan / share. The subscription quantity shall be the "proposed subscription quantity" corresponding to the effective quotation provided in the preliminary inquiry, and shall not exceed 14.3 million shares.
At the time of subscription, investors are not required to pay subscription funds.
Offline investors shall submit all the subscription records at one time after entering the subscription records for all the placing objects participating in the subscription under their management. During the offline subscription period, offline investors can submit subscription records for many times, but all subscription records submitted last time shall prevail. Any placing object participating in the preliminary inquiry and quotation, whether it is a "valid quotation" or not, shall not participate in this online subscription. If it participates in offline and online subscription at the same time, the online subscription part is invalid. The placing object shall abide by relevant laws and regulations and relevant provisions of the CSRC in terms of subscription and shareholding, and bear corresponding legal liabilities by itself. The relevant information of the placing object managed by offline investors (including the full name of the placing object, the name of the securities account (Shanghai), the bank collection and payment account / account number, etc.) shall be subject to the filing information registered with the China Securities Association. The offline investors shall bear the consequences caused by the inconsistency between the information of the placing object and the filing information.
The lead underwriter will provide effective quotation investors and their management before placing
