JieChuang Intelligent Technology Co., Ltd
Unit 301, building B3, No. 162, Keke Avenue, Guangzhou high tech Industrial Development Zone
Nexwise Intelligence China Limited
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
No. 618, Shangcheng Road, China (Shanghai) pilot Free Trade Zone
April, 2002
hot tip
The shares of JieChuang Intelligent Technology Co., Ltd. (hereinafter referred to as "the issuer" or "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on April 20, 2022.
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.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of JieChuang Intelligent Technology Co., Ltd. for initial public offering and listing on 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.) 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 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) relaxation of price limit
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 the listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit was 44%, the decrease limit ratio was 36%, and then the increase and decrease limit was 10%. The gem further relaxed the limit 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, the lock up period of the original shareholders is 36 months or 12 months, and the lock up period of the online lower limit share sale is 6 months. This public offering of 25.62 million shares, with a total share capital of 102.47 million shares, of which 22729013 shares are tradable without restrictions, accounting for 22.18% of the total share capital after the issuance. At the initial stage of listing, the number of tradable shares of the company is small, and there is a risk of insufficient liquidity.
(III) the P / E ratio is different from the average level of the same industry
According to the industry classification guidelines of listed companies (revised in 2012) issued by China Securities Regulatory Commission (hereinafter referred to as "CSRC"), the industry of the issuer is "I65 software and information technology service industry". As of April 6, 2022 (T-3), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 50.95 times.
The valuation levels of comparable listed companies disclosed in the prospectus are as follows:
In 2020, deduct the static securities code corresponding to the stock deducted from T-3 in 2020. The securities are referred to as non front EPS and non rear EPS closing price P / E ratio (yuan / share) (yuan / share) (yuan / share) (after deduction)
Hengfeng Information Technology Co.Ltd(300605) Hengfeng Information Technology Co.Ltd(300605) 0.3581 0.3174 14.71 41.07 46.34
Enjoyor Technology Co.Ltd(300020) Enjoyor Technology Co.Ltd(300020) 0.2405 0.2083 9.27 38.55 44.51
Inesa Intelligent Tech Inc(600602) Inesa Intelligent Tech Inc(600602) 0.1818 0.1510 8.16 44.88 54.03
Taiji Computer Corporation Limited(002368) Taiji Computer Corporation Limited(002368) 0.6361 0.5176 21.26 33.42 41.08
Pci Technology Group Co.Ltd(600728) Pci Technology Group Co.Ltd(600728) 0.0522 0.0443 7.43 142.27 167.65
Mean value --- 39.48 46.49
Data source: wind information, data as of April 6, 2022 (T-3). Note 1: calculation criteria of EPS before / after deduction of non recurring profit and loss in 2020: net profit attributable to the parent company before / after deduction of non recurring profit and loss in 2020 / total share capital on T-3 (April 6, 2022). Note 2: the abnormal value ( Pci Technology Group Co.Ltd(600728) ) is excluded from the calculation of the mean value of static P / E ratio.
The issuance price of 39.07 yuan / share corresponds to the issuer's diluted P / E ratio of net profit before and after deducting non recurring profits and losses in 2020, which is 38.48 times, which is lower than the average static P / E ratio of the industry in the latest month on April 6, 2022 (T-3) released by China Securities Index Co., Ltd. and 46.49 times lower than that of comparable companies in 2020, However, there is still a risk that the decline of the issuer's share price will bring losses to investors in the future.
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.
(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.
(V) the shares can be used as the subject matter of margin trading on the first day of listing
The stock can be used as the subject matter of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin increase risk and liquidity risk. Price fluctuation risk means 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 increase 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 is that when the index stock fluctuates violently, the financing purchase of securities or the repayment of securities sale, the sale of securities lending or the repayment of securities purchase may be blocked, resulting in greater liquidity risk.
(VI) risk of dilution of immediate return
After the funds raised in this public offering are in place, especially in the case of over raised funds in this offering, the net asset scale of the company will be greatly improved. However, due to the certain construction period of the investment project with raised funds, it takes a certain time and process to reflect the investment benefits. The investment project of the raised funds issued this time will not produce economic benefits until it is implemented and reached. At the same time, the construction project of JieChuang Research Institute is a project implemented to improve the company's R & D technology level and core competitiveness, which itself does not directly produce economic benefits. Therefore, after the completion of this offering, the company's earnings per share and return on net assets and other indicators will have a certain degree of risk of decline in the short term. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of the section "section IV Risk Factors" of the company's prospectus, and pay special attention to the following risk factors:
(I) risk of intensified market competition
During the reporting period, the smart city and smart security markets where the company's main business is located developed rapidly, the number of new market competitors increased, and the competition pattern in the industry became more and more intense. The competition of the company's industry is mainly in terms of technology, qualification, experience, capital strength and so on. At present, the company has a number of professional qualifications and certifications, such as special grade A for building intelligent system design, grade I for professional contracting of electronic and intelligent engineering, and grade 5 for CMMI, which provide favorable support for the company's business development. If the company cannot maintain or increase or upgrade the existing qualification and certification according to the needs of market development, and give full play to the advantages of technology and experience to develop rapidly, it will face the risk of increasingly fierce competition in the industry.
The intensification of industry competition will promote market price competition. In order to consolidate the existing market or enter new market segments, the company may adopt a lower quotation strategy, and the company will face the risk of decline in the gross profit margin of its main business, which will have an adverse impact on the profitability of the company; In addition, the impact of intensified industry competition will also lead to the company's inability to continuously obtain orders, and the company will face the risk of operating income fluctuation, which will have an adverse impact on the company's profitability. The above factors may lead to the risk that the company's operating profit will decline by more than 50% or even loss in the year of listing and future fiscal years.
(II) risk of seasonal fluctuation of performance
During the reporting period, the company's main business income had obvious seasonal fluctuations, with less income in the first half of the year and higher income in the second half of the year, especially in the fourth quarter. Similar seasonal fluctuations also exist in companies in the same industry, such as Hengfeng Information Technology Co.Ltd(300605) , Enjoyor Technology Co.Ltd(300020) and so on. As the final users of the company's products and services are mainly government departments, public institutions and large and medium-sized enterprises, they implement strict budget management system and procurement approval system. Affected by the project initiation, approval, implementation schedule and capital budget management of the above customers, generally speaking, the company's annual sales show a situation of less in the first half of the year and more in the second half of the year.
In each period of the reporting period, the company's main business income by quarter is as follows:
January June 20212020 20192018
project
Proportion of income proportion of income proportion of income proportion of income proportion of income
Q1 919632 30.54% 352176 4.75% 788912 10.74% 651220 15.42%
Q22091697 69.46% 728028 9.82% 1124519 15.31% 1062685 25.16%
January June 20212020 20192018
project
Proportion of income proportion of income proportion of income proportion of income proportion of income
Third quarter -- 2074856 27.99% 2785946 37.93% 947470 22.44%
Fourth quarter -- 4259095 57.45% 2645317 36.02% 1561711 36.98%
Total 3011329 100.00% 7414156 100.00% 7344694 100.00% 4223086 100.00%
Note: the quarterly data in the above table has not been audited.
As the company's human cost, R & D investment and other expenses are relatively balanced in the year, the seasonal fluctuation of the company's net profit is obvious, and the net profit in the first half of the year is generally significantly less than that in the second half of the year. The company's performance has significant seasonal fluctuation risk.
(III) the risk of New Coronavirus pneumonia affecting the operation of the company
Currently, this New Coronavirus pneumonia
