Qingyan Environmental Technology Co., Ltd. (c527, 5th floor, Tsinghua University Research Institute, No. 019, Gaoxin South seventh Road, high tech Zone community, Yuehai street, Nanshan District, Shenzhen)
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(Building 4, No. 66 Anli Road, Chaoyang District, Beijing)
April, 2002
hot tip
The shares of Qingyan Environment Technology Co., Ltd. (hereinafter referred to as the "company", "issuer" or "Qingyan environment") will be listed on Shenzhen Stock Exchange on April 22, 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 Qingyan Environmental Technology Co., Ltd. for initial public offering and listing on the gem (hereinafter referred to as the "prospectus").
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 (website: www.cn. Info. Com. CN.) The contents of the "risk factors" section of the company's prospectus on the website 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 offering price is 19.09 yuan / share, which does not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund"), the National Social Security Fund (hereinafter referred to as "social security fund"), the basic old-age insurance fund (hereinafter referred to as "pension") established through public offering after excluding the highest quotation The enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund (hereinafter referred to as "insurance fund") 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 China Securities Regulatory Commission, the industry of the company is special equipment manufacturing industry, and the industry code is "C35". As of April 6, 2022 (T-4), the average static P / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month is 35.03 times.
As of April 6, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
T-4 day shares 2020 minus 2020 minus 2020 static 2020 static securities code securities abbreviation closing price non front EPS EPS P / E ratio (minus (yuan / share) (yuan / share) (after minus) (non front))
Jiangxi Jdl Environmental Protection Co.Ltd(688057) .SH Jiangxi Jdl Environmental Protection Co.Ltd(688057) 18.45 1.4010 1.3456 13.17 13.71
T-4 day shares 2020 minus 2020 minus 2020 static 2020 static securities code securities abbreviation closing price non front EPS EPS P / E ratio (minus (yuan / share) (yuan / share) (after minus) (non front))
Suntar Environmental Technology Co.Ltd(688101) .SH Suntar Environmental Technology Co.Ltd(688101) 15.84 0.6643 0.5514 23.84 28.73
Wuxi Delinhai Environmental Technology Co.Ltd(688069) .SH Wuxi Delinhai Environmental Technology Co.Ltd(688069) 41.32 3.2416 3.0656 12.75 13.48
Average 16.59 18.64
Data source: wind information, data as of April 6, 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-4 day.
The diluted P / E ratio of the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses in 2020 corresponding to the issuance price of 19.09 yuan / share is 33.49 times, which is lower than the average static P / E ratio of the issuer's industry in the latest month issued by China Securities Index Co., Ltd; It is 18.64 times higher than the average static P / E ratio of the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses of comparable companies in the same industry in 2020, with an excess range of 79.67%. There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
The pricing rationality of this offering is explained as follows:
First, technical advantages: rpir technology is the core team of the company, which has been developed for many years, and has been continuously improved in the industrialization practice since the establishment of the company. With the characteristics of "low investment, less land occupation, low operation cost, simple management and excellent effluent quality", rpir technology has strong advantages in the field of water treatment;
Second, the advantages of industrial application: the company has an in-depth understanding of the needs of downstream customers, can carry out technology research and development and process design based on the needs of customers, provide customers with targeted and practical rpir process package, and effectively solve the problems of sewage treatment under various complex conditions; The core equipment rpir module and rpir all-in-one machine are highly standardized and equipped, and can flexibly adapt to various types of sewage treatment projects.
The company has obvious advantages in the industrialization of innovative technology and innovative equipment, and the application scale continues to expand, especially in the field of municipal sewage with high technical barriers and large project scale, the company continues to establish successful projects;
Third, the advantages of continuous R & D and Innovation: the company has carried out continuous innovation in many years of industrialization practice and developed a variety of process packages such as s-rpir, a / rpir, A2 / rpir and vertical flow a / rpir, which has effectively solved various problems of customers in sewage treatment projects and met the diversified and personalized needs of customers. As of June 30, 2021, the company has 47 patents, including 7 invention patents. The company actively undertakes the task of scientific research in the industry, and independently undertakes "rpir rapid biochemical sewage treatment technology and equipment" and cooperatively undertakes "application demonstration of low-cost rapid biochemical technology in slaughterhouse wastewater treatment and reuse" and other topics, which have been accepted by Shenzhen Science and technology innovation Commission;
Deal with the core team in the field of technology R & D for many years, actively introduce and cultivate senior expert talents, stimulate employees' innovation consciousness through performance incentive, employee stock ownership plan and other ways, so as to keep the talent team stable and develop together with the company. Ms. Liu Shujie and Mr. Chen fuming, the core technicians of the company, have been working in the field of water treatment for many years, have rich research achievements, have published many papers in important academic journals at home and abroad, and have won many honorary awards issued by the Ministry of environmental protection, Guangdong Provincial People's government, Shenzhen Municipal People's government and other competent departments;
Fifth, brand advantage: since its establishment, the company has deeply cultivated the South China regional market centered on Shenzhen, and gradually formed a brand coverage covering the whole country from point to area. Its customers include state-owned enterprises or listed companies and their subsidiaries such as Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) ( Jiangsu Jiangnan Water Co.Ltd(601199) . SH), Tianjian water environment, Cscec Scimee Sci.&Tech.Co.Ltd(300425) ( Cscec Scimee Sci.&Tech.Co.Ltd(300425) . SZ), as well as local water enterprises such as deepwater consulting and guanghuiyuan environmental water. The company is committed to improving the applicability of technology and products to sewage treatment projects, obtaining market recognition with stable and efficient good operation effect, and gradually establishing brand effect.
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.
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 IPO of the company 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 price limits. For stocks that are IPO and listed on the gem, there is no price limit in the first five trading days after listing, and then the price 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 the increase and decrease limit was 10% from the next trading day. The gem further relaxed the limit on the rise and fall range at the initial stage of stock listing, improving the trading risk.
(II) a small number of tradable shares
After this issuance, the total share capital of the company is 108.01 million shares, of which the number of tradable shares without sale conditions is 23516089 million shares, accounting for 21.77% of the total share capital after 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
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 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. (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. 3、 Special risk tips
The company reminds investors to carefully read the chapter "section IV Risk Factors" of the company's prospectus, and especially reminds investors to pay attention to the following risks in the "risk factors": (I) the risk that the performance cannot grow continuously and rapidly or even decline
The development of the company's business is affected by internal and external factors. In the future, there are risks that the company's business scale cannot grow continuously and rapidly due to the slowdown of downstream demand, the failure of technology promotion to meet expectations, the birth of new technologies, the entry of emerging competitors, the intensification of industry competition and the uncertainty of business growth point cultivation. The details are as follows:
1. Downstream demand slowdown
As the developer of water treatment equipment, the company's downstream customers are the engineering contractors of water environment treatment projects, and the final owners are local governments. Therefore, the company is in the upstream of the industry chain, and its business development is affected by the downstream demand. If the downstream demand slows down, it will have an adverse impact on the company's business development.
2. Technology promotion fails to meet expectations
Rpir technology is independently researched and developed by the company's core team. After the establishment of the company, it has been commercially applied and promoted. The technology promotion time is short and is currently in the initial promotion period. A ² O. MBR, MBBR and other sewage treatment technologies were born abroad and have been verified by long-term practice in sewage treatment projects abroad. They have competitive advantages such as scale advantage, customer advantage, promotion advantage and brand advantage. Although rpir technology has the characteristics of low investment and small land occupation, it also has some technical limitations, such as the cleaning and replacement cost of inclined pipe packing, the control accuracy of suspended solids in single ring section is less than that of MBR membrane filtration technology, and the cost of water distribution in a small amount of pipeline. Due to the cost of technology replacement, obvious first mover advantage of traditional technology, inertia of customer selection, different promotion subjects, long construction cycle of long-term projects, promotion efforts of the company need to be improved, and the technical indicators are only part of the factors considered by customers, rpir technology has a low market share compared with other sewage treatment technologies, and there is a certain gap in brand influence. If the company cannot further promote in the future
