Stock abbreviation: he ophthalmology Stock Code: 301103 Liaoning He Eye Hospital Group Co., Ltd
(No. 5-1, Tianci street, Hunnan District, Shenyang City, Liaoning Province (607))
Listing announcement of initial public offering and listing on GEM
Sponsor (lead underwriter)
(Zhongyuan Guangfa finance building, No. 10, business outer ring road, Zhengdong New District, Zhengzhou)
March, 2002
hot tip
The shares of Liaoning Heshi Ophthalmic Hospital Group Co., Ltd. (hereinafter referred to as "the company", "the issuer" or "the company") will be listed on Shenzhen Stock Exchange on March 22, 2022. Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company's initial public offering of shares.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, rationally participate in the trading of new shares, avoid blindly following the trend "speculation" in the initial stage of new shares listing, and make prudent decisions and rational investment.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, 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 Shenzhen 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 the information published on cninfo (www.cn. Info. Com. CN.) The contents of the "risk factors" chapter of the company's prospectus should pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company's prospectus. 2、 Special tips on investment risks at the initial stage of IPO
The issuing price of this offering is 42.50 yuan / share, which does not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation, as well as the securities investment fund, national social security fund, basic old-age insurance fund established through public offering after excluding the highest quotation The enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund quotation median and weighted average in accordance with the measures for the administration of the use of insurance funds, whichever is lower. 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, 2022, T-3). The diluted average p / E ratio of parent net profit after deducting non recurring profits and losses of comparable companies in the same industry in 2020 is 60.44 times. The valuation levels of comparable companies in the same industry are as follows:
T-3 day stock 2020 deduction 2020 deduction non corresponding static City corresponding static City securities code securities abbreviation closing price non front EPS post EPS earnings ratio deduction non front earnings ratio deduction non back (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
Mean value (excluding outliers - Xima Ophthalmology) 692454604433
Source: wind data as of February 2023
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; Note 3: since EPS before / after deduction of "Xima ophthalmology" is negative, it shall be excluded when calculating the average value of static P / E ratio before / after deduction; Note 4: the closing price of "Xima ophthalmology" and "deshijia" on T-3 and EPS before / after deduction in 2020 are measured in RMB, and the exchange rate adopts the central parity rate of the people's Bank of China on March 7, 2022 (T-3).
The diluted P / E ratio of the net profit attributable to the parent company before and after deducting non recurring profits and losses in 2020 corresponding to this issuance is 57.91 times, which is lower than the static average p / E ratio of the industry in the latest month published by China Securities Index Co., Ltd. on March 7, 2022 (T-3), and lower than the average p / E ratio of comparable listed companies after deducting non recurring profits and losses in 2020. However, there is still a risk that the decline of the issuer's share price will bring losses to investors in the future. There is a risk in this issuance that the net asset scale will increase significantly due to the acquisition of the raised funds, resulting in the decline of the return on net assets, and will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders. 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. The company reminds investors to pay attention to the investment risks in the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risks 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: (I) the restrictions on rise and fall are relaxed
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit proportion is 44%, the decrease limit proportion is 36%, and then the increase and decrease limit proportion is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the initial stage of listing, and increased the trading risk. (II) a small number of tradable shares
At the initial stage of listing, the lock up period of the original shareholders is 36 months or 12 months, and the lock up period of the online lower limit is 6 months.
After this issuance, the total share capital of the company is 121558824 shares, of which the number of tradable shares with unlimited sales conditions is 28926307 shares, accounting for 23.80% of the total share capital after this issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. (III) the shares can be used as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject 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 that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risk caused by the change of original stock price, but also the risk caused by the change of new investment stock price, and pay corresponding interest; Margin increase risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk is that when the index stock fluctuates violently, the financing purchase of securities or the repayment of securities sale, the sale of securities lending or the repayment of securities purchase may be blocked, resulting in greater liquidity risk. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of "section IV Risk Factors" in the prospectus of the company, and pay special attention to the following risks: (I) market competition risk
With the improvement of Chinese residents' living standards, the popularization of eye health knowledge, the continuous enhancement of public eye health awareness, and the continuous increase in the demand for ophthalmic medical services, the ophthalmic medical industry is facing good development opportunities. At the same time, with the expansion of market scale and the continuous implementation of the state's encouraging policies to support private capital to participate in the development of medical and health undertakings, the number and proportion of private ophthalmic hospitals are increasing year by year, and the competition in ophthalmic medical service industry will continue to intensify.
At present, the company has gradually expanded its business to Beijing Tianjin Hebei region centered on Beijing, Yangtze River Delta region centered on Shanghai, Dawan District centered on Shenzhen and western region centered on Chengdu and Chongqing; The company has established a good brand image of he's ophthalmology by providing high-level diagnosis and treatment services and optometry services and actively participating in social public welfare activities. However, for the increasingly competitive ophthalmic medical service market, if the company cannot maintain and strengthen its competitive advantage and continuously improve the quality of medical service, it will face greater competitive pressure in the future business process. (II) risk of changes in national medical insurance policies
The company's main business is to provide ophthalmic specialist diagnosis and treatment services and optometry services for patients with eye diseases. Among them, the diagnosis and treatment expenses of some eye diseases such as cataract and glaucoma belong to the settlement scope of medical insurance. Therefore, the change of national medical insurance policy has a significant impact on the development of the above businesses. By the end of the reporting period, the main medical institutions under the company had obtained the qualification of designated institutions of medical insurance. If the company's existing medical institutions cannot continue to maintain the qualification of designated institutions of medical insurance, or the newly established medical institutions cannot obtain the qualification of designated institutions of medical insurance in time, or the national medical insurance policy for ophthalmic diseases changes in the future, adjusting the settlement standard, payment proportion or narrowing the settlement scope of medical insurance will reduce the payment ability of patients and reduce the number of patients, which will have an adverse impact on the company's business performance.
(III) risk of changes in industrial regulatory policies
The company's industry is a medical service industry. It is strictly supervised by the National Health Commission, the State Administration of market supervision and administration, the state medical insurance administration, the national development and Reform Commission and other government agencies in terms of market access, business qualification, drugs and medical consumables, medical personnel and medical technology management, medical charges, medical insurance settlement policies, etc. If the regulatory policies of the industry change in the future, such as raising the threshold of market access, limiting private capital investment in medical institutions, reducing the coverage and payment scale of medical insurance, and limiting the price of drugs and medical services of private medical institutions, it will have a negative impact on the future business development of the company. (IV) medical accident or dispute
Subject to the limitations of the development of medical science, the complexity of disease types and disease degrees, the differences in the personal physique of patients and the professional level of medical personnel, the particularity that the failure of medical devices can not be completely avoided in the use process, and the irreversible implementation results of some diagnosis and treatment measures, medical services inevitably have certain risks. As an important branch of medicine, ophthalmic medical services also have certain medical risks.
Most of the diagnosis and treatment activities of ophthalmic diseases are carried out around the eyes, and most of the operations of ophthalmic surgery are completed under the microscope. The eye structure of human body is fine and complex, and the operation is difficult. The operation effect is closely related to many factors, such as the quality of doctors, diagnosis and treatment equipment, patients' personal physique and postoperative nursing. If there are unexpected situations such as doctor's operation error and equipment failure in the process of diagnosis and treatment, or the postoperative situation is inconsistent with the patient's pre-operative expectations, it may lead to medical disputes. The company strictly implements the national and industrial diagnosis and treatment guidelines and operation specifications, and ensures the medical quality through perfect doctor training system and advanced diagnosis and treatment equipment.
As an ophthalmic medical institution, the company faces certain risks of medical disputes or accidents. Medical disputes and accidents will cause the company to face complaints, legal proceedings or economic compensation, which may have an adverse impact on the company's reputation and brand, thus adversely affecting the company's operating performance and financial status. (V) risk of brain drain and talent shortage
The quality of medical service largely depends on the professional level of doctors and the soundness of hospital medical service system. Therefore, excellent doctors and management team are very important for the development of medical institutions. A mature and stable talent team is one of the important factors for the continuous development and growth of the company's business.
After years of development, the company has a number of high-level ophthalmologist teams and high-quality management teams, and has established a perfect doctor training system, effective performance reward system and humanized management mechanism to ensure the stability of core business backbone and management personnel. However, in the context of increasingly fierce industry competition, if the company's human resources policy in the future can not meet the needs of the company's development, it will be difficult to attract and stabilize core personnel, resulting in brain drain; Or with the continuous expansion and development of business, the company cannot maintain the match between talent growth and business expansion through self-cultivation or external introduction, which will have an adverse impact on the company's future business development. (VI) management risks caused by business expansion
At the same time, the company began to lay out the Beijing Tianjin Hebei region centered on Beijing, the Yangtze River Delta centered on Shanghai, the Dawan District centered on Shenzhen and the western region centered on Chengdu and Chongqing, invested in the establishment of Ophthalmology specialized medical institutions in various investment regions, and initially formed the layout of chain networks in various regions of Liaoning and the strategic layout of national key cities. In each period of the reporting period, the company's operating revenue was 6137277 million yuan, 7455638 million yuan, 8384733 million yuan and 46.62 million yuan respectively, showing a steady growth trend.
Through the group controlled three-level eye health medical service model, the company has achieved rapid business growth and highlighted the scale effect and brand effect. With the continuous expansion of business scale, the company will face great challenges in resource integration, medical management, financial management, talent management, market development and other aspects, and the complexity and difficulty of management will gradually increase. If the company cannot improve its management level and service ability in the future, it will have an adverse impact on the operation of the company. (VII) operational risks of market expansion outside Liaoning Province
Although the company has mature experience in hospital management and operation, has conducted detailed research on the markets outside Liaoning Province and fully demonstrated the feasibility of establishing new medical institutions, due to the time required for local patients to understand and recognize the new brands, the brand popularity has increased
