Hangzhou Heshun Technology Co., Ltd
Hangzhou Heshun Technology Co., Ltd.
(room 512, floor 5, building 1, No. 11, Liangzhan Road, Renhe street, Yuhang District, Hangzhou, Zhejiang Province)
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
(address: floor 12 and 15, Xinsheng building, No. 5, Financial Street, Xicheng District, Beijing)
March, 2002
hot tip
The shares of Hangzhou Heshun Technology Co., Ltd. (hereinafter referred to as “Heshun technology”, “the company” or “the issuer”) will be listed on the gem of Shenzhen Stock Exchange (hereinafter referred to as “Shenzhen Stock Exchange”) on March 23, 2022. Investors should be fully aware of the risks of the company’s stock speculation and new stock market in the initial stage, and should not follow the market blindly.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the announcement of the company’s initial public offering and listing on the gem.
Section I important statements and tips
1、 Important statement
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.com.cn China Securities Network (www.cs. Com. CN.) China Securities Network (www.cn. Stock. Com.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. CN.) And economic reference network (www.jjckb. CN.) The contents of the “risk factors” chapter of the company’s listing announcement on the, pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors that investors are invited to consult the full text of the company’s listing announcement for relevant contents not involved in this listing announcement. 2、 Special tips on investment risk at the initial stage of gem IPO
The offering price is 56.69 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, etc., whichever is lower, so the relevant subsidiaries of the recommendation institution do not participate in the strategic placement.
According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of the company belongs to the category of “C29 rubber and plastic products industry”; As of March 9, 2022 (T-3), the average static P / E ratio of “C29 rubber and plastic products industry” released by China Securities Index Co., Ltd. in the latest month was 25.20 times. 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 non front EPS non rear EPS. The closing price of the ticket (Times) – deduction rate (Times) – deduction rate (Times) – deduction before (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 issue price is 56.69 yuan / share, which is lower before and after deducting non recurring profits and losses of the issuer in 2020
The diluted P / E ratio of is 62.39 times, which is higher than the industry average in the latest month released by China Securities Index Co., Ltd
The static P / E ratio is higher than the average static P / E ratio of comparable companies before / after deduction in 2020, but it still exists
The risk that the issuer’s future share price decline will bring losses to investors.
The issuer’s production was affected by the substantial increase in the scale of net assets due to the acquisition of raised funds
Business model, business management and risk control ability, financial status, profitability and long-term interests of shareholders
Risk of significant impact. The issuer and the recommendation institution (lead underwriter) shall draw investors’ attention to investment risks and review
Carefully study and judge the rationality of issue pricing and make investment decisions rationally.
The company reminds investors to pay attention to the initial public offering of shares (hereinafter referred to as “new shares”)
The majority of investors should fully understand the risk and rationally participate in the trading of new shares.
Specifically, the risks at the initial stage of IPO of the company include but are not limited to the following:
(I) relaxation of price limit
Gem stock auction trading set a wide range of price limits, initial public offering and listing on the gem
Within the first five trading days after listing, the stock trading price shall not be subject to rise or fall restrictions; Listed for 5 months
In the future, the limit ratio of rise and fall is 20%.
Limit ratio of the first day’s increase of new shares listed on the main board of Shenzhen Stock Exchange
For example, 44%, the limit ratio of decline on the first day of listing is 36%, and the limit ratio of rise and decline on the next trading day 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
After this issuance, the total share capital of the company is 80 million shares, of which the number of tradable shares without sale conditions is 189676 million shares, accounting for 23.71% of the total share capital after issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
(III) risk of margin trading
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 risks caused by the change of the original stock price, but also the risks caused by the change of the new investment stock price, and pay the corresponding interest; Margin call 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 refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of the sale of securities, the sale of financed securities or the repayment of the purchase of securities may be blocked, resulting in greater liquidity risk.
(IV) there may be a risk of falling below the issue price after listing
Investors should pay full attention to the risk factors contained in the pricing marketization, know 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 recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 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” of the company’s listing announcement, and pay special attention to the following risk factors:
(I) innovation risk
The company is mainly engaged in the R & D, production and sales of differentiated and functional polyester films. The terminal field of product application is mainly the consumer electronics industry. The consumer electronics industry has the characteristics of technology intensive and diversified material demand. Therefore, the market requirements for the performance and quality of polyester film are constantly improving. Continuously optimize the performance of new products and ensure the continuous upgrading of new products in the industry. If the company’s R & D capability cannot match the technological innovation of customers in downstream industries, the company will face innovation risk, which will have a great adverse impact on the company’s profitability and competitiveness.
(II) technical risks
1. Risks of failure to realize industrialization of new technologies
With the continuous development of downstream consumer electronics industry, electrical industry and automobile industry, customers put forward higher requirements for product function and quality. The company needs to continuously invest in R & D and improve the technical level of products in order to meet the performance requirements of downstream industries for polyester film materials. During the reporting period, the main R & D projects carried out by the company include the development of black flame retardant film, the development of full UV proof and high thermal insulation window film, the development of bright film, etc. In the future, if the company’s technology reserve or new technology development direction does not conform to the industry development trend and cannot meet the changes of customer demand, the company will face the risk of failure to realize the industrialization of new technology.
2. Risk of technical disclosure and loss of technicians
Core technology and high-quality R & D personnel are the foundation of the company’s survival and development. The technology for which the company has not applied for patent or has not obtained patent approval cannot be protected by the patent law and may be leaked or stolen. Although such circumstances have not occurred since the establishment of the company, the possibility of disclosure by technicians in violation of professional ethics cannot be ruled out and the risk of misappropriation of patented technology by others cannot be avoided.
Various patented and non patented technologies accumulated in the process of production and service are one of the key factors determining the core competitiveness of the enterprise. Therefore, the company has a certain dependence on the existing technical team and core technicians. Once the core technicians flow to the company’s competitors, it will have a certain negative impact on the company’s R & D strength and business activities. Therefore, the company has the risk of technical disclosure and loss of technicians.
(III) business risk
1. Raw material price fluctuation risk
During the reporting period, the main business cost of the company’s self-produced products and the cost of raw materials accounted for 78.03%, 77.52%, 72.17% and 75.55% respectively. According to the proportion of direct materials, direct labor and manufacturing expenses in the operating costs of various products of the company, the sensitivity coefficient of gross profit margin of various products to the price of raw materials in each period of the reporting period is as follows:
Product category January June 20212020 20192018
Colored photoelectric base film -0.97 -1.03 -1.45 -1.73
Product category January June 20212020 20192018
Transparent film -1.57 -2.10 -9.12 -6.90
Other functional films -1.55 -1.13 -1.30 -1.51
The sensitivity coefficient of the gross profit margin of various products of the company to the price of raw materials is greater than or close to 1. The price of raw materials has a great impact on the gross profit margin of products, among which the gross profit margin of transparent film has the greatest impact, mainly because the technical content of transparent film is relatively low, the gross profit margin is relatively low, and the impact of the purchase price change of polyester chips, the main raw material, on the cost and gross profit margin is higher than that of other products. Polyester chip, the main raw material of the company’s products, belongs to petrochemical products, and its price fluctuates to varying degrees due to the influence of crude oil price and market supply and demand. In each period of the reporting period, the average purchase price of polyester chips of the company was 7.66 yuan / kg, 6.41 yuan / kg, 4.28 yuan / kg and 5.23 yuan / kg respectively. By the end of June 2021, the ccfei price index of polyester chips had increased from 4.80 yuan / kg at the end of 2020 to 6.30 yuan / kg, an increase of 31.25%. If the price of raw materials rises sharply and the company cannot effectively transfer the pressure of rising raw material prices, the gross profit margin of the company’s products will decline sharply, which will have an adverse impact on the company’s sustainable profitability.
2. Risk of high concentration of raw material procurement
During the reporting period, the company’s polyester chips were mainly purchased from wankai new materials and Sanjiang Chemical fiber. The procurement amount of the above two suppliers accounted for 62.59%, 57.94%, 59.54% and 46.18% of the company’s total procurement respectively, with high procurement concentration. As a petrochemical product, polyester chip has a relatively high industrial concentration in China, and there are relatively few polyester chip suppliers who can provide the company’s product technology and quality. Therefore, there are polyester chips
