On April 12, the results of Jingwei Hengrun issuance of new shares on the science and innovation board were released. Statistics show that the online purchase amount of the shares is nearly 400 million yuan, the third highest since the implementation of the new share credit purchase system; The proportion of abandonment was 108698%, the highest since the implementation of the credit subscription system for new shares.
Statistics show that the company issued 9.67 million shares online this time, and the number of shares abandoned by online investors this time is as high as 3.26 million. Based on this calculation, the proportion of abandoned shares by online investors is as high as one-third. However, it should be noted that the offline investors of the stock did not abandon the purchase, and the strategic investors also actively participated in the placement.
Data show that since this year, about 30% of new shares have broken on the first day of listing. On April 12, the opening of three new shares listed on the same day, red intelligence, Weijie Chuangxin and Haichuang pharmaceutical, all broke collectively. Among them, red smart rose and became popular in the session, up 5% as of the close. Weijie Chuangxin and Haichuang pharmaceutical closed down 36.04% and 29.87% respectively.
online purchase abandonment of nearly 400 million yuan
Jingwei Hengrun release results released
Jingwei Hengrun announced on April 12 that a large number of new shares of the company were abandoned.
The announcement shows that the number of online investors giving up subscription is 3260949 shares (about 3260900 shares), the amount of online investors giving up subscription is 394574829 yuan (about 395 million yuan), and the amount of abandonment is close to 400 million yuan.
According to the announcement, the number of shares that investors give up subscription is underwritten by the joint lead underwriters. The number of shares underwritten by the joint lead underwriters is 3260949 shares, and the underwriting amount is 394574829 yuan. The proportion of the number of underwritten shares in the number of shares issued this time after deducting the final strategic placement is 132164%, and the proportion of the number of underwritten shares in the total scale of this issuance is 108698%, This proportion is also the proportion of the number of subscription waivers in the total scale of this offering.
According to the data, the 108698% subscription waiver ratio of Jingwei Hengrun is the highest since the implementation of the new share credit subscription system, higher than the previous 6.5139% subscription waiver ratio of Hemai shares. According to statistics, Jingwei Hengrun’s purchase abandonment amount of 395 million yuan reached the third highest since the implementation of the new share credit purchase system, lower than 756 million yuan of China Mobile and 658 the 653 million yuan of .
According to the prospectus data, Jingwei Hengrun is a comprehensive electronic system technology service provider. Its main business focuses on electronic systems, focusing on providing electronic products, R & D services and solutions and overall solutions for high-level intelligent driving for customers in the fields of automobile, high-end equipment and unmanned transportation. The issuer’s business covers all stages from electronic system R & D, production and manufacturing to operation services. Through long-term business accumulation, the company has formed a customer base in the automotive field with FAW Group, Sinotruk Jinan Truck Co.Ltd(000951) , Saic Motor Corporation Limited(600104) , Guangzhou Automobile Group Co.Ltd(601238) , navista and other complete vehicle manufacturers at home and abroad and international well-known first-class automotive suppliers such as inefa, antonglin and borgwana as the core. At the same time, it has won customers in the high-end equipment field such as COMAC, Crrc Corporation Limited(601766) and customers in the unmanned transportation field such as Rizhao Port Co.Ltd(600017) .
In terms of financial data, Jingwei Hengrun realized an operating revenue of 3262364 million yuan in 2021, with a year-on-year increase of 31.61%; The net profit attributable to the owners of the parent company was 1461873 million yuan, a year-on-year increase of 98.37%; After deducting non recurring profits and losses, the net profit attributable to the owners of the parent company was 1113785 million yuan, a year-on-year increase of 87.83%, and the profitability was significantly enhanced.
From January to March 2022, the company’s operating revenue is expected to be 660 million yuan to 720 million yuan, and the net profit attributable to the owner of the parent company is expected to be – 40 million yuan to – 20 million yuan. After deducting non recurring profits and losses, the net profit attributable to the owner of the parent company is expected to be – 80 million yuan to – 60 million yuan, a decrease compared with the same period last year.
Jingwei Hengrun’s offering price is 121.00 yuan. The special announcement on the investment risk of initial public offering and listing on the science and Innovation Board previously released by the company said that the diluted P / E ratio of the issuer corresponding to the offering price before and after deducting non recurring profits and losses in 2020 is 244.87 times, which is higher than the average static P / E ratio of comparable companies in the same industry. There is a risk that the decline of the issuer’s share price will bring losses to investors in the future. The issuer and the co lead underwriter remind investors to focus on investment risks, carefully study and judge the rationality of issuance pricing, and make investment rationally.
offline investors have not abandoned their purchase
However, it is worth noting that the company’s new share issuance has not been abandoned by offline investors.
According to the announcement, the number of offline investors giving up subscription is 0 shares, and the amount of offline investors giving up subscription is 0 yuan.
In addition, there is also a strategic placement in this issuance, with a total of 7 strategic investors. All strategic investors have paid the subscription capital and the corresponding brokerage commission for the placement of new shares in full and on time (except for the shares allocated by the recommendation institution for undertaking the recommendation business of the issuer).
According to the announcement, including Nanfang Industrial Asset Management Co., Ltd., Hefei Weihao Semiconductor Technology Co., Ltd., Citic Securities Company Limited(600030) Jingwei Hengrun employees participating in the No. 1 collective asset management plan of the strategic placement of the science and innovation board, Citic Securities Company Limited(600030) Jingwei Hengrun employees participating in the No. 2 collective asset management plan of the strategic placement of the science and innovation board, Citic Securities Company Limited(600030) Jingwei Hengrun employees participating in the No. 3 collective asset management plan of the strategic placement of the science and innovation board Citic Securities Company Limited(600030) Jingwei Hengrun employees participated in the No. 4 collective asset management plan of the strategic placement of Kechuang board, and seven strategic investors including Citic Securities Company Limited(600030) Investment Co., Ltd. participated in the strategic placement.
Among the above seven strategic investors, two strategic investors, including Nanfang Industrial Asset Management Co., Ltd. and Hefei Weihao Semiconductor Technology Co., Ltd., are subordinate enterprises of large enterprises with strategic cooperation vision in business with the issuer; The four collective asset management plans are the special asset management plans established by the issuer’s senior managers and core employees participating in this strategic placement Citic Securities Company Limited(600030) Investment Co., Ltd. is a subsidiary of the sponsor.
According to the arrangement, on April 13, 2022 (T + 4), the joint lead underwriters will transfer the underwriting funds to the issuer together with the funds paid and subscribed by strategic investors and online and offline investors after deducting the recommendation and underwriting fee and the brokerage commission for the placement of new shares. The issuer will submit a share registration application to China Securities Depository and Clearing Co., Ltd. Shanghai branch and register the underwriting shares to the securities account designated by the joint lead underwriters.
