Wuhan Lide Electric Power Technology Co., Ltd
Special announcement on investment risk of initial public offering (the third time)
Sponsor (lead underwriter): Central China Securities Co.Ltd(601375)
The application of Wuhan Lide Electric Power Technology Co., Ltd. (hereinafter referred to as "Lide electric technology", "issuer" or "company") for the initial public offering of no more than 21.21 million common shares (A shares) (hereinafter referred to as "this offering") has been approved by China Securities Regulatory Commission (hereinafter referred to as "CSRC") zjxk [2022] No. 737.
After negotiation between the issuer and the sponsor (lead underwriter) Central China Securities Co.Ltd(601375) (hereinafter referred to as " Central China Securities Co.Ltd(601375) " or "sponsor (lead underwriter)"), the number of shares issued this time is 21.21 million, all of which are new shares issued to the public, and the shareholders of the issuer will not transfer their old shares. The shares issued this time are planned to be listed on the main board of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange").
The preliminary inquiry work of this issuance was completed on April 28, 2022. The determined issuance price is 25.48 yuan / share, and the corresponding diluted P / E ratio in 2021 is 21.41 times (earnings per share is calculated by dividing the net profit attributable to the owner of the parent company in 2021 before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total share capital after this issuance), It is 31.64 times lower than the average static P / E ratio of comparable listed companies in the same industry in 2021. According to the industry classification guidelines for listed companies (revised in 2012), the industry of Lide electric technology is "C38 electrical machinery and equipment manufacturing industry" and "F51 wholesale industry". As of April 28, 2022, the average monthly static P / E ratio of "C38 electrical machinery and equipment manufacturing industry" released by China Securities Index Co., Ltd. was 37.17 times, and the average monthly static P / E ratio of "F51 wholesale industry" was 17.88 times. As the diluted P / E ratio of 2021 corresponding to the issue price is higher than the average static P / E ratio of "F51 wholesale industry" released by China Securities Index Co., Ltd. in the recent month, there is a risk that the issuer's valuation level will return to the industry average p / E ratio in the future and the decline of share price will bring losses to new share investors.
According to the measures on strengthening the supervision of the issuance of new shares (CSRC announcement [2014] No. 4) and other relevant provisions, the issuer and the recommendation institution (lead underwriter) shall, within three weeks before the offline and online subscription, submit to China Securities Journal, Shanghai Securities Journal, securities times and securities daily Economic reference network and China Daily successively issued the special announcement on investment risk of initial public offering of shares by Wuhan Lide Power Technology Co., Ltd. (hereinafter referred to as "special announcement on investment risk"), which will be announced on May 6, 2022, May 13, 2022 and May 20, 2022 respectively. The subsequent issuance schedule will be postponed and brought to the attention of investors.
The online roadshow originally scheduled to be held on May 6, 2022 will be postponed to May 27, 2022. The online and offline subscription originally scheduled to be held on May 9, 2022 will be postponed to May 30, 2022, and the publication of the announcement of initial public offering of Wuhan Lide Power Technology Co., Ltd. will be postponed.
The issuance will be implemented through the trading system of Shenzhen Stock Exchange and the offline issuance electronic platform on May 30, 2022 (t day). The issuer and the recommendation institution (lead underwriter) specially draw the attention of investors to the following contents: first, please pay attention to the issuance process, online and offline subscription, payment and suspension of issuance. The specific contents are as follows:
1. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors, and negotiate to determine that the price of this issuance is 25.48 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 May 30, 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 May 30, 2022 (t day), of 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. 2. According to the inquiry results after excluding the invalid quotation, the issuer and the recommendation institution (lead underwriter) shall quote the quotation of the placing object to which all qualified offline investors belong from high to low according to the subscription price, and from small to large according to the proposed subscription quantity of the placing object at the same subscription price For the same purchase price and the same proposed purchase quantity, the order shall be from late to early according to the application time (the application time shall be subject to the record of the offline issuance electronic platform of Shenzhen Stock Exchange). The quotation of the placing object with the highest quotation shall be excluded, and the excluded purchase quantity shall not be less than 10% of the total proposed purchase quantity of offline investors. When the maximum declared price is the same as the determined issue price, the Declaration on the price will not be excluded, and the exclusion ratio can be 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, in accordance with the announcement on the preliminary placement results of offline issuance of initial public offering of shares by Wuhan Lide Electric Power Technology Co., Ltd. (hereinafter referred to as the announcement on the preliminary placement results of offline issuance), pay the subscription funds for new shares in time and in full according to the finally determined issuance price and allocated quantity before 16:00 on June 1, 2022 (T + 2), and ensure that the subscription funds arrive before 16:00.
After the online investors win the lottery in the subscription of new shares, they shall fulfill the obligation of capital delivery in accordance with the announcement on the results of online lottery in the initial public offering of shares by Wuhan Lide Power Technology Co., Ltd., so as to ensure that their capital account will eventually have sufficient capital for the subscription of new shares on June 1 (T + 2) 2022. The transfer of investors' funds shall comply with the relevant provisions of the securities company where the investors are located.
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.
The shares that offline and online investors give up to subscribe for are underwritten by the sponsor (lead underwriter).
5. When the total number of shares paid and subscribed by offline and online investors is less than 70% of the number of public offerings, the issuer and the sponsor (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 full and in time, they will be deemed to have breached the contract and shall be liable for breach of contract. The recommendation institution (lead underwriter) shall report the breach to the CSRC and the China Securities Association for filing. If online investors fail to pay in full after winning the lottery for three times in a row within 12 months, they 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.
The number of times of giving up subscription shall be calculated according to the number of times of investors actually giving up subscription of new shares, depositary receipts, convertible corporate bonds and exchangeable corporate bonds.
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 should carefully read the summary of the letter of intent for the initial public offering of Wuhan Lide Power Technology Co., Ltd. published in China Securities Journal, Shanghai Securities Journal, securities times, Securities Daily, economic reference network and China Daily on April 26, 2022 and disclosed on cninfo.com.cn The full text of the letter of intent for initial public offering of shares of Wuhan Lide Power Technology Co., Ltd. (hereinafter referred to as the "letter of intent"), 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 lock-in period arrangements, and will be circulated from the date when the shares issued this time 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、 According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) have negotiated and determined the issue price of 25.48 yuan / share by comprehensively considering the issuer's industry, market conditions, the valuation level of Listed Companies in the same industry, the demand for raised funds and underwriting risks. The price earnings ratio corresponding to this price is:
(1) 21.41 times (earnings per share is calculated by dividing the net profit attributable to the owner of the parent company in 2021 before and after deducting non recurring profits and losses audited by an accounting firm by the total share capital after this issuance); (2) 16.06 times (earnings per share is calculated by dividing the net profit attributable to the owner of the parent company in 2021 before and after deducting non recurring profits and losses audited by an accounting firm by the total share capital before this issuance). According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is "C38 electrical machinery and equipment manufacturing industry" and "F51 wholesale industry". As of April 28, 2022, the average static P / E ratio of "C38 electrical machinery and equipment manufacturing industry" released by the China Securities Index in the latest month is 37.17 times, and the average static P / E ratio of "F51 wholesale industry" in the latest month is 17.88 times.
The P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
Earnings per share in 2021 for the first 20 months of April 28, 2022 average price of trading day (including the day) (excluding the lower one before and after deduction) P / E ratio (yuan / share) (yuan / share) (Times)
Xianheng International Science&Technology Co.Ltd(605056) .SH Xianheng International Science&Technology Co.Ltd(605056) 13.83 0.4971 27.82
Xuzhou Handler Special Vehicle Co.Ltd(300201) .SZ Xuzhou Handler Special Vehicle Co.Ltd(300201) 2.48 0.1255 19.76
Beijing Creative Distribution Automation Co.Ltd(002350) .SZ Beijing Creative Distribution Automation Co.Ltd(002350) 6.32 0.1335 47.34
Average 31.64
Data source: wind information, data as of April 28, 2022
Note: 1. There may be mantissa difference in the calculation of P / E ratio, which is caused by rounding;
2. The data in the table is calculated based on the share capital of comparable listed companies on April 28, 2022. Earnings per share in 2021 = the lower of the net profit / total share capital attributable to shareholders of the parent company before and after deducting non recurring profits and losses audited by accounting firms in 2021 in accordance with Chinese accounting standards.
The diluted P / E ratio of the net profit attributable to the shareholders of the parent company corresponding to the issuance price of 25.48 yuan / share in 2021 after deducting non recurring profits and losses is 21.41 times, which is lower than the average static P / E ratio of comparable listed companies. According to the guidelines for Industry Classification of listed companies (revised in 2012), the industries of Lide electric technology are "C38 electrical machinery and equipment manufacturing industry" and "F51 wholesale industry". As of April 28, 2022, the average static P / E ratio of "C38 electrical machinery and equipment manufacturing industry" released by China Securities Index Co., Ltd. in the latest month is 37.17 times, and the average static P / E ratio of "F51 wholesale industry" in the latest month is 17.88 times.
Since the diluted P / E ratio of 2021 corresponding to the issue price is higher than the average static P / E ratio of the "F51 wholesale industry" released by China Securities Index Co., Ltd. in the recent month, there is a risk that the issuer's valuation level will return to the industry average p / E ratio in the future, and the decline of share price will bring losses to investors. 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.
6、 Investors are reminded to pay attention to the difference between the issue price and the quotation of offline investors. For the quotation of offline investors, please refer to China Securities Journal, Shanghai Securities News, securities times, Securities Daily, economic reference network, China Daily and cninfo (www.cn. Info. Com. CN) published on May 6, 2022 Preliminary inquiry results and announcement on postponement of IPO of Wuhan Lide Electric Power Technology Co., Ltd.
7、 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 sponsor (lead underwriter) negotiate and determine the offering price according to the preliminary inquiry results and comprehensively considering the issuer's fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors. If any investor participates in the subscription, it shall be deemed that it has accepted the issue price. If there is any objection to the issue pricing method and issue price, it is suggested not to participate in this issue. 8、 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 recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing.
9、 The actual capital demand of the issuer for this project is 475 million yuan, and the total amount of funds raised is expected to be 5 million yuan based on the issuance price of 25.48 yuan / share and the issuance of 21.21 million new shares
