Stock abbreviation: wankai new material stock code: 301216 wankai New Material Co., Ltd
Wankai New Materials Co., Ltd.
(No. 15, Wenlan Road, Jianshan new area, Haining City, Jiaxing City, Zhejiang Province)
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(27th and 28th floors, building 2, international trade building, No. 1 Jianguomenwai street, Chaoyang District, Beijing)
March, 2002
hot tip
The shares of wankai New Material Co., Ltd. (hereinafter referred to as "wankai new material", "the company", "the company" or "the issuer") will be listed on the gem of Shenzhen Stock Exchange on March 29, 2022. This market has high investment risk. GEM companies have the characteristics of unstable performance, high operation risk and high delisting risk, and investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
Investors should be fully aware of the risks of the company's initial IPO Trading, and should be fully aware of the risks of the company's rational investment in the new stock market.
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.
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.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.) 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 risk at the initial stage of gem IPO
The issue price of this offering is 35.68 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 industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is "chemical raw materials and chemical products manufacturing" (C26). As of March 14, 2022 (T-3), the average static P / E ratio of chemical raw materials and chemical products manufacturing industry (C26) released by China Securities Index Co., Ltd. in the latest month was 41.46 times. The valuation levels of comparable listed companies are as follows:
The static securities code corresponding to T-3 day in 2020 is the abbreviation of securities, excluding the former and the latter. Stock price earnings ratio - price earnings ratio - EPS EPS closing price excluding the former and the latter
(yuan / share) (yuan / share) (yuan / share) (2020) (2020)
The static securities code corresponding to T-3 day in 2020 is the abbreviation of securities, excluding the former and the latter. Stock price earnings ratio - price earnings ratio - EPS EPS closing price excluding the former and the latter
(yuan / share) (yuan / share) (yuan / share) (2020) (2020)
China Resources Chemical Innovative Materials Co.Ltd(301090) .SZ China Resources Chemical Innovative Materials Co.Ltd(301090) 0.4252 0.3922 11.38 26.01 28.20
Jiangsu Sanfame Polyester Material Co.Ltd(600370) .SH Jiangsu Sanfame Polyester Material Co.Ltd(600370) 0.1435 0.0708 2.78 19.37 39.28
Average 22.69 33.74
Data source: wind information, data as of March 14, 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 35.68 yuan / share corresponds to the issuer's audited diluted P / E ratio of net profit attributable to the parent before and after deducting non recurring profits and losses in 2020, which is 68.21 times higher than the static P / E ratio of comparable listed companies and the average static P / E ratio of "C26 chemical raw materials and chemical products manufacturing industry" published by China Securities Index Co., Ltd. on March 14, 2022 (T-3), There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
New share investment has great market risks. Investors should pay full attention to the risk factors contained in the marketization of pricing, know that the stock may fall below the issue price after listing, effectively improve risk awareness, strengthen the concept of value investment and avoid blind speculation.
Regulators, issuers and sponsors (lead underwriters) cannot guarantee that the shares will not fall below the issue price after listing.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which 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, the main board of Shenzhen Stock Exchange was limited to 44%, 36% and 10% respectively. 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, because the lock-in period of the original shareholders is 36 months or 12 months and the lock-in period of the online lower limit is 6 months, the number of A-share tradable shares with unlimited sales conditions of the company after this issuance is 71498735, accounting for 20.82% 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 risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, 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 securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. 3、 Special risk tips
The company specially reminds investors to carefully read all the contents of "section IV Risk Factors" in the prospectus, and reminds investors to pay special attention to the following risk factors: (I) fluctuation risk of operating performance
From January to June in 2018, 2019, 2020 and 2021, the net profits attributable to the owners of the parent company were 195971600 yuan, 367151500 yuan, 202567100 yuan and 18819100 yuan respectively. The decline in performance in 2020 was mainly caused by the trade loss of raw materials in other businesses. The specific reason was that the prices of raw materials PTA and MEG fluctuated sharply due to the sharp decline in international oil prices at the beginning of 2020, The company purchased more raw materials to control costs; Subsequently, the company sold some surplus raw materials based on factors such as storage cost, delivery time, covid-19 epidemic and shutdown of boiler transformation production line; Due to the large decline in raw material prices in 2020, the company's raw material trade has formed a large loss, resulting in a decline in performance in 2020.
The company has established a stable cooperative relationship with its main customers, but the changes in the demand of downstream industries, raw material prices, product prices and other factors have an important impact on the company's operating performance. If the future macroeconomic fluctuations lead to increased price fluctuations of main raw materials, the company cannot respond to extreme emergencies in a timely and effective manner, or the relationship between product supply and demand and product sales price are affected, there is a risk of decline in the company's operating performance and shortage of short-term funds. (II) risk of price fluctuation of raw materials
The main raw materials of the company are PTA, Meg, etc. during the reporting period, the direct material cost of the company accounted for more than 90%. The price of main raw materials of the company is affected by the price of basic raw materials such as crude oil and the relationship between market supply and demand, and the fluctuation is obvious. Since 2020, the international crude oil price has continued to fluctuate sharply, and the impact of the international covid-19 epidemic is not clear, resulting in great uncertainty in the company's raw material purchase price.
On the premise that other factors remain unchanged, if the issuer's raw material price increases or decreases by 20 percentage points during the reporting period, the impact on the company's gross profit margin will be 16-17 percentage points. Therefore, although the sales price of the company's pet products is linked to the purchase price of raw materials, due to the high proportion of raw materials in the operating cost of the issuer, if the prices of PTA, MEG and other raw materials rise sharply in the future, and the company cannot take timely measures to transfer the pressure of rising raw materials, or fails to do a good job in inventory management in the downward trend of raw material prices, the operating performance of the company will be adversely affected. (III) risk of being subject to anti-dumping measures
In recent years, the international trade friction of polyester industry has shown a rapid growth trend. Especially since the financial crisis, many countries and regions have significantly increased trade protection under the pressure of China's economic downturn. Japan, India, South Africa and other countries and regions have implemented anti-dumping against China, increasing the export cost of Chinese bottle grade PET manufacturers. During the reporting period, the company's income from countries implementing anti-dumping measures accounted for a relatively small proportion. In the future, if more countries / regions take anti-dumping investigations or measures against the relevant products sold by the company, the company's overseas sales business may be adversely affected.
(IV) risk of low gross profit margin
In 2018, 2019, 2020 and January June 2021, the company's comprehensive gross profit margin was 6.05%, 7.76%, 4.95% and 7.59% respectively. The gross profit margin was generally at a low level, which was mainly caused by the characteristics of the company's industry and product structure. If the gross profit margin decreased due to the fluctuation of product price and raw material price in the future, the company's operating performance would be affected to some extent. (V) loss risk of raw material Trade
In 2018, 2019, 2020 and January June 2021, the profits and losses of the company's raw material trade were -278514 million yuan, 325673 million yuan, - 293771 million yuan and -129354 million yuan respectively, with large overall fluctuations. During the reporting period, on the premise of meeting its own production needs, the company sold some raw materials to meet the needs of inventory management. Although raw material trade can effectively avoid raw material inventory backlog, alleviate capital pressure, control raw material price risk and storage cost, due to many special factors, the profit and loss of raw material trade is closely related to the fluctuation of purchase price and PTA and MEG market price at the time of sales, and because PTA and MEG are bulk commodities, the price fluctuation is large, which may lead to the failure of stable profit in raw material trade, Even a large amount of losses may have an adverse impact on the company's performance.
Section 2 stock listing
1、 Review of stock registration and listing (I) legal basis for preparing listing announcement
This listing announcement is made in accordance with the company law of the people's Republic of China (hereinafter referred to as the "company law"), the securities law of the people's Republic of China and the
