Hunan aibulu Environmental Protection Technology Co., Ltd
Special announcement on investment risk of initial public offering and listing on GEM
Sponsor (lead underwriter): Western Securities Co.Ltd(002673)
The application of Hunan aibulu Environmental Protection Technology Co., Ltd. (hereinafter referred to as "aibulu", "issuer" or "company") for initial public offering of no more than 30 million common shares (A shares) and listing on the gem (hereinafter referred to as "this offering") has been examined and approved by the members of the GEM Listing Committee of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange"), It has been approved to register by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2022] No. 495).
The sponsor (lead underwriter) of this offering is Western Securities Co.Ltd(002673) (hereinafter referred to as " Western Securities Co.Ltd(002673) " or "sponsor (lead underwriter)").
After negotiation between the issuer and the sponsor (lead underwriter), it is determined that the number of shares issued this time is 30 million shares, all of which are new shares issued to the public, and the issuer's shareholders will not transfer their old shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
This offering is applicable to the special provisions on the issuance and underwriting of initial public offerings on the gem (CSRC announcement [2021] No. 21) issued by the CSRC on September 18, 2021, and the practical implementation rules for the issuance and underwriting of initial public offerings on the gem of Shenzhen Stock Exchange (revised in 2021) (SZS [2021] No. 919) (hereinafter referred to as the "business implementation rules") issued by the Shenzhen Stock Exchange The code for underwriting of initial public offerings under the registration system (zxsf [2021] No. 213) issued by the China Securities Association invites investors to pay attention to the changes of relevant regulations, pay attention to investment risks, carefully study and judge the rationality of issuance pricing and make investment decisions rationally. The issuer and the recommendation institution (lead underwriter) specially draw investors' attention to the following contents:
1. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules agreed in the announcement on preliminary inquiry and promotion of initial public offering of shares by Hunan aibulu Environmental Protection Technology Co., Ltd. and listing on the gem (hereinafter referred to as the "announcement on preliminary inquiry and promotion"), after excluding the preliminary inquiry results of investors who do not meet the requirements, By consensus, all placing objects whose proposed purchase price is higher than 25.00 yuan / share (excluding 25.00 yuan / share) will be eliminated; The proposed subscription price is 25.00 yuan / share, and the placing objects whose subscription quantity is less than 10 million shares are eliminated; The proposed subscription price is 25.00 yuan / share, the number of subscription is equal to 10 million shares, and the subscription time is 14:45:44:335 on April 11, 2022. Among the placing objects, 55 placing objects are excluded from the back to the front according to the order of placing objects automatically generated by the offline issuance electronic platform of Shenzhen Stock Exchange. In the above process, a total of 80 placing objects are excluded, and the total number of shares to be purchased is 773.7 million, accounting for 1.0030% of the total number of 771408 million shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
2. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the fundamentals of the issuer, the number of shares in this public offering, the industry of the issuer, the valuation level of comparable listed companies, market conditions, the demand for raised funds and underwriting risks, and negotiate to determine that the price of this issuance is 18.39 yuan / share, and the offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on April 14, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline issuance and Subscription Date and online subscription date are the same as April 14, 2022 (t day), in which the offline subscription time is 9:30-15:00, and the online subscription time is 9:15-11:30 and 13:00-15:00.
3. The issuing price determined through negotiation between the issuer and the recommendation institution (lead underwriter) is 18.39 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 (hereinafter referred to as "public fund") and the National Social Security Fund (hereinafter referred to as "social security fund") established through public offering after excluding the highest quotation The lower of the median and weighted average quotation of basic endowment insurance fund (hereinafter referred to as "pension"), enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") and insurance fund (hereinafter referred to as "insurance fund") in accordance with the measures for the administration of the use of insurance funds, is 183954 yuan / share. According to item (IV) of Article 39 of the business implementation rules, the relevant subsidiaries of the recommendation institution are not required to participate in this strategic placement.
This offering does not arrange the strategic placement to the senior management and core employees of the issuer, asset management plans and other external investors. According to the issuing price, the relevant subsidiaries of the sponsor need not participate in the strategic placement. Finally, this issuance will not be targeted to strategic investors. The difference between the initial strategic placement and the final strategic placement will be allocated back to the number of 1.5 million.
4. This issuance is finally carried out by a combination of offline inquiry and placement to qualified investors (hereinafter referred to as "offline issuance") and online pricing issuance to social public investors holding non restricted A-share shares or non restricted depositary receipts in Shenzhen market (hereinafter referred to as "online issuance"). The initial inquiry and offline subscription of this issuance are conducted through the offline issuance electronic platform of Shenzhen Stock Exchange; The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription and pricing according to market value.
5. The issue price is 18.39 yuan / share, and the price earnings ratio corresponding to this price is:
(1) 23.43 times (earnings per share shall be audited by the accounting firm in accordance with Chinese accounting standards in 2021)
The net profit attributable to the parent company before deducting non recurring profits and losses divided by the total number of shares before this issuance);
(2) 25.83 times (earnings per share shall be audited by the accounting firm in accordance with Chinese accounting standards in 2021)
Net profit attributable to the parent company after deducting non recurring profits and losses (calculated by dividing the total number of shares before the issuance);
(3) 31.24 times (earnings per share shall be audited by the accounting firm in accordance with Chinese accounting standards in 2021)
Net profit attributable to the parent company before deducting non recurring profits and losses divided by the total number of shares after this issuance);
(4) 34.44 times (earnings per share shall be audited by the accounting firm in accordance with Chinese accounting standards in 2021)
Net profit attributable to the parent company after deducting non recurring profits and losses (calculated by dividing the total number of shares after this issuance).
The final issue price of this offering is 18.39 yuan / share, and the offline investors' quotation after excluding the highest quotation
The median and weighted average of and public funds, social security funds, pensions and enterprises after excluding the highest quotation
The lower of the median and weighted average of the quotation of annuity fund and insurance fund is 183954 yuan / share
The issue price shall not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation
After the highest quotation, the quotation of public funds, social security funds, pensions, enterprise annuity funds and insurance funds is in the middle
The lower of the number and the weighted average.
6. The price of this offering is 18.39 yuan / share. Investors are requested to judge the price of this offering according to the following conditions
rationality.
(1) According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by the CSRC, the issuer
The industry is "(n77) ecological protection and environmental governance". China Securities Index Co., Ltd. in April 2022
The average static P / E ratio of the industry in the latest month released on the 11th (T-3) was 21.92 times.
As of April 11, 2022 (T-3), the valuation levels of comparable A-share listed companies are as follows:
Before deduction in 2021 and after deduction in 2021, the static market securities code corresponding to the static P / E of the stock on the T-3 day after deduction is referred to as EPS. EPS price ratio (Times) - before deduction (Times) - after deduction (yuan / share) (yuan / share) (yuan / share)
Yonker Environmental Protection Co.Ltd(300187) Yonker Environmental Protection Co.Ltd(300187) 0.1102 0.0993 6.63 60.16 66.77
Welle Environmental Group Co.Ltd(300190) Welle Environmental Group Co.Ltd(300190) - - 5.09 - -
Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) -0.3293 -0.4144 6.95 -21.11 -16.77
Beijing Geoenviron Engineering & Technology Inc(603588) Beijing Geoenviron Engineering & Technology Inc(603588) 0.7133 0.6814 15.02 21.06 22.04
Road Environment Technology Co.Ltd(688156) Road Environment Technology Co.Ltd(688156) 0.8381 0.7274 19.36 23.10 26.62
Cecep Guozhen Environmental Protection Technology Co.Ltd(300388) Cecep Guozhen Environmental Protection Technology Co.Ltd(300388) - - 7.05 - -
Jiangxi Jdl Environmental Protection Co.Ltd(688057) Jiangxi Jdl Environmental Protection Co.Ltd(688057) 1.3878 1.3071 17.45 12.57 13.35
Tus Environmental Science And Technology Development Co.Ltd(000826) Tus Environmental Science And Technology Development Co.Ltd(000826) -3.0058 -2.8660 3.47 -1.15 -1.21
Poten Environment Group Co.Ltd(603603) Poten Environment Group Co.Ltd(603603) -3.2565 -3.2517 4.33 -1.33 -1.33
Cecep Techand Ecology&Environment Co.Ltd(300197) Cecep Techand Ecology&Environment Co.Ltd(300197) -0.1169 -0.1226 2.65 -22.67 -21.62
Tianjin Lvyin Landscape And Ecology Construction Co.Ltd(002887) Tianjin Lvyin Landscape And Ecology Construction Co.Ltd(002887) - - 8.88 - -
Average 29.22 32.20
Data source: wind information, data as of April 11, 2022 (T-3).
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 2021 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2021 / total share capital on T-3 day;
Note 3: data sources of net profit attributable to parent company before / after deducting non recurring profit and loss of comparable companies in 2021 are as follows: Jiangxi Jdl Environmental Protection Co.Ltd(688057) from annual report of 2021
Report Road Environment Technology Co.Ltd(688156) from the announcement of 2021 annual performance express Yonker Environmental Protection Co.Ltd(300187) is taken from the intermediate value of the interval disclosed in the 2021 annual performance forecast
Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) is taken from the middle value of the interval disclosed in the 2021 annual performance forecast, Beijing Geoenviron Engineering & Technology Inc(603588) is taken from the interval disclosed in the 2021 annual performance forecast announcement
The intermediate value, Tus Environmental Science And Technology Development Co.Ltd(000826) is taken from the interval intermediate value disclosed in the 2021 annual performance forecast, Poten Environment Group Co.Ltd(603603) is taken from the 2021 annual performance forecast
The interval median value disclosed in the report, Cecep Techand Ecology&Environment Co.Ltd(300197) is taken from the interval median value disclosed in the 2021 annual performance forecast Welle Environmental Group Co.Ltd(300190) , Cecep Guozhen Environmental Protection Technology Co.Ltd(300388) , green
There is no data of the above caliber for ecological and there is no consistent prediction of wind;
Note 4: negative values are excluded from the calculation of the average value of P / E ratio.
Before deduction in 2020 and after deduction in 2020, the static market securities code corresponding to the static P / E of the stock on T-3 days after deduction is referred to as EPS. EPS price ratio (Times) - before deduction (Times) - after deduction (yuan / share) (yuan / share) (yuan / share)
Yonker Environmental Protection Co.Ltd(300187) Yonker Environmental Protection Co.Ltd(300187) 0.0505 0.0409 6.63 131.29 162.10
Welle Environmental Group Co.Ltd(300190) Welle Environmental Group Co.Ltd(300190) 0.4572 0.3861 5.09 11.13 13.18
Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) 0.3863 0.2905 6.95 17.99 23.
