Yongtaiyun Chemical Logistics Co., Ltd
Special announcement on investment risk of initial public offering
Sponsor (lead underwriter): Anxin Securities Co., Ltd
The application of yongtaiyun Chemical Logistics Co., Ltd. (hereinafter referred to as the "issuer") for the initial public offering of no more than 25.97 million common shares (A shares) (hereinafter referred to as the "issuance") has been approved by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") zjxk [2022] No. 707. The shares issued this time are planned to be listed on the main board of Shenzhen Stock Exchange.
After negotiation between the issuer and Anxin Securities Co., Ltd. (hereinafter referred to as the "lead underwriter"), 25.97 million new shares are issued this time. The issuance will be implemented through the trading system of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") and the offline issuance electronic platform on April 20, 2022 (t day).
The issuer and the lead underwriter specially draw investors' attention to the following contents:
1、 Investors are kindly requested to focus on the issuance process, online and offline subscription and payment, disposal of share abandonment, etc. the specific contents are as follows:
1. Based on the preliminary inquiry results, the issuer and the lead underwriter negotiated and determined the offering price of 30.46 yuan / share by comprehensively considering the issuer's fundamentals, industry, valuation level of comparable listed companies, market conditions, demand for raised funds, underwriting risk and other factors.
Investors are requested to make online and offline subscription at the price of 30.46 yuan / share on April 20, 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 20, 2022 (t day). Among them, the offline subscription time is 9:30-15:00, and the online subscription time is 9:15-11:30 and 13:00-15:00.
2. After the offline investors quote, the issuer and the lead underwriter will exclude the part with the highest quotation in the total amount to be purchased, and the excluded part will not be less than 10% of the total amount to be purchased by all offline investors (when the maximum declared price is the same as the determined issuance price, the declaration of the price will not be excluded, and the excluded proportion is less than 10%). The excluded part shall not participate in offline subscription.
3. Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
4. Offline investors shall, according to the announcement on the preliminary placement results of offline issuance of initial public offering of shares by yongtaiyun Chemical Logistics Co., Ltd., timely and fully pay the subscription capital for new shares according to the final issuance price and allocated quantity before 16:00 on April 22 (T + 2) 2022. Offline investors, like the same placing object, are allocated multiple new shares on the same day. They must pay for each new share in full and fill in the remarks in accordance with the specifications. If the placing object has insufficient funds for a single new share, all the new shares allocated to the placing object on that day will be invalid, and the resulting consequences shall be borne by the investors themselves.
After the online investors win the lottery in the subscription of new shares, they shall fulfill their payment obligations according to the announcement on the results of online lottery in the initial public offering of shares by yongtaiyun Chemical Logistics Co., Ltd., so as to ensure that their capital account will eventually have sufficient new share subscription funds on April 22 (T + 2) 2022. The transfer of investors' funds shall comply with the relevant provisions of the securities company where the investors are located.
The shares that offline and online investors give up to subscribe for are underwritten by the lead underwriter.
5. When the total number of shares subscribed by offline and online investors is less than 70% of the number of public offerings, the lead underwriter will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
6. If the offline investors with valid quotation fail to participate in the subscription or obtain the preliminary placement, and the offline investors fail to pay the subscription amount in time and in full, it will be deemed as a breach of contract and shall bear the liability for breach of contract. The lead underwriter shall report the breach to the China Securities Association for the record. If an online investor has won the lottery for 3 times but failed to pay in full within 12 consecutive months, it shall not participate in the online subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds within 6 months (calculated as 180 natural days, including the next day) from the next day of the settlement participant's latest declaration of abandonment of subscription.
2、 Any decision or opinion made by the CSRC and other government departments on this issuance does not indicate that they have made substantive judgment or guarantee on the investment value of the issuer's shares or the income of investors. Any statement to the contrary is a false statement. Investors are invited to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
3、 Investors who intend to participate in this offering and subscription must carefully read the summary of the letter of intent for initial public offering of Yongtai Chemical Logistics Co., Ltd. published in China Securities News, Shanghai Securities News, securities times and Securities Daily on April 12, 2022 (T-6) and disclosed on cninfo (website: www.cn. Info. Com. CN) The full text of the prospectus, especially the chapters of "tips on major matters" and "risk factors", fully understand the risk factors of the issuer, judge its operation status and investment value by itself, and make investment decisions prudently. The issuer's operating conditions may change due to the influence of politics, economy, industry and operation and management level, and the possible investment risks shall be borne by the investors themselves.
4、 The shares issued offline this time have no circulation restrictions and locking arrangements, and the circulation of the shares issued this time will begin from the date when they are listed and traded on the Shenzhen Stock Exchange. Investors should pay attention to the investment risk caused by the increase of stock circulation on the first day of listing.
5、 The issue price is 30.46 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
1. According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the issuer belongs to the "L72 business service industry". As of April 14, 2022 (T-4), the static average p / E ratio of "L72 business service industry" released by China Securities Index Co., Ltd. in the latest month is 23.42 times. The business of the issuer is similar to that of Shanghai Shine-Link International Logistics Co.Ltd(603648) , Milkyway Chemical Supply Chain Service Co.Ltd(603713) , Jiangsu Wanlin Modern Logistics Co.Ltd(603117) , Beijing Changjiu Logistics Corp(603569) , Bondex Supply Chain Management Co.Ltd(603836) 5 listed companies. Based on the earnings per share in 2020 and the average price of 20 trading days before April 14, 2022 (T-4, inclusive), the average value of the latest static P / E ratio of comparable listed companies is 51.82 times.
The issue price is 30.46 yuan / share, which corresponds to the lower of the issuer before and after deducting non recurring profits and losses in 2021. The P / E ratio after net profit dilution is 19.88 times, which is lower than the static average p / E ratio of the industry in the latest month and the average p / E ratio of comparable companies. However, there is still a risk that the decline of the issuer's share price will bring losses to investors in the future. The issuer and the lead underwriter remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
For the specific analysis of this pricing, please refer to the announcement of initial public offering of yongtaiyun Chemical Logistics Co., Ltd. published on the same day.
2. Investors are reminded to pay attention to the difference between the issuance price and the quotation of offline investors. For the quotation of offline investors, see the announcement on IPO of yongtaiyun Chemical Logistics Co., Ltd. published on the same day.
3. The pricing of this offering follows the market-oriented pricing principle. In the preliminary inquiry stage, offline investors quote based on the real subscription intention. The issuer and the lead underwriter negotiate and determine the price of this offering according to the preliminary inquiry results and comprehensively considering the issuer's fundamentals, industry, valuation level of comparable listed companies, market conditions, demand for raised funds, underwriting risk and other factors. Any investor who participates in the subscription shall be deemed to have accepted the issue price; If there is any objection to the issue pricing method and issue price, it is recommended not to participate in this issue.
4. This offering may have the risk of falling below the offering 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 lead underwriters cannot guarantee that the stock will not fall below the issue price after listing.
6、 The issuer plans to use the raised funds for this project, and the investment amount is 6717018 million yuan. After the total amount of capital raised and the operating cost of the issuer's shares increased by RMB 25794400 yuan, the net amount of capital raised and the operating cost of the issuer's shares is expected to be RMB 1.7946 million yuan, which is calculated according to the issuer's financial scale and operating condition Risks that have an important impact on profitability and long-term interests of shareholders. 7、 For the subscription of this issuance, any placing object can only choose offline or online, and all placing objects participating in offline quotation, subscription and placement shall no longer participate in online subscription; A single investor can only use one qualified account for subscription, and any subscription contrary to the above provisions is invalid. 8、 After the completion of this offering, it can only be publicly listed and traded in the exchange after being approved by Shenzhen Stock Exchange. If the approval is not obtained, the shares issued this time will not be listed, and the issuer will return them to the investors participating in the subscription according to the issue price plus the bank deposit interest in the same period.
9、 All shares of the issuer are negotiable. For the limited sale period of shares before this offering, please refer to the prospectus for the relevant commitment and arrangement of the limited sale period. The above share restriction arrangement is a voluntary commitment made by relevant shareholders in accordance with relevant laws and regulations based on the needs of corporate governance and the stability of operation and management.
10、 Investors are requested to pay attention to investment risks. In case of the following circumstances, the issuer and the lead underwriter will negotiate to take measures to suspend the issuance:
1. The actual offline subscription amount is less than the initial offline issuance amount;
2. If the online subscription is insufficient, the offline investors fail to subscribe in full after the insufficient part is dialed back to the offline;
3. The total number of shares subscribed by offline and online investors is less than 70% of the number of this public offering;
4. The issuer's major post meeting events in the issuance process affect the issuance;
5. The CSRC conducts in-process and post event supervision over the process of securities issuance and underwriting, and orders the suspension of issuance if it is suspected of violating laws and regulations or there are abnormal circumstances.
In case of the above circumstances, the issuer and the lead underwriter will timely announce the reasons for suspension of issuance, resumption of issuance arrangements and other matters. After the suspension of issuance, the issuer and the lead underwriter shall choose the opportunity to restart the issuance within the validity period of the issuance approval document and after filing with the CSRC.
11、 This special risk announcement does not guarantee to reveal all the investment risks of this issuance. It prompts and recommends investors to fully and deeply understand the risks contained in the securities market and make an independent decision on whether to participate in the subscription of this issuance according to their own economic strength, investment experience, risk and psychological tolerance.
Issuer: sponsor (lead underwriter) of yongtaiyun Chemical Logistics Co., Ltd.: Anxin Securities Co., Ltd. April 19, 2022
