Zhejiang Chengchang Technology Co., Ltd
IPO announcement
Lead underwriter: Guosen Securities Co.Ltd(002736)
hot tip
Zhejiang Chengchang Technology Co., Ltd. (hereinafter referred to as "Chengchang technology", "issuer" or "company") in accordance with the measures for the administration of securities issuance and underwriting (CSRC order [No. 144], hereinafter referred to as the "administrative measures") and the measures for the administration of initial public offering and listing (CSRC order [No. 196]) The code for underwriting business of initial public offering (zxsf [2018] No. 142, hereinafter referred to as the "business code"), the detailed rules for placing initial public offering shares (zxsf [2018] No. 142, hereinafter referred to as the "detailed rules for placing") and the detailed rules for the Administration of offline investors in initial public offering shares (zxsf [2018] No. 142, hereinafter referred to as the "detailed rules for the administration of investors") Rules for the implementation of online IPO in Shenzhen market (SZS [2018] No. 279, hereinafter referred to as "rules for the implementation of online IPO") and rules for the implementation of offline IPO in Shenzhen market (revised in 2020) (SZS [2020] No. 483, hereinafter referred to as "rules for the implementation of offline IPO") and other relevant provisions.
This preliminary inquiry and offline issuance are conducted through the offline issuance electronic platform of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") and the registration and settlement platform of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as "China Clearing Shenzhen Branch"). Offline investors are requested to carefully read this announcement. Please refer to the website of Shenzhen stock exchange for details on the electronic issuance of offline shares（ http://www.szse.cn. ）The relevant provisions of the published detailed rules for the implementation of offline issuance.
Investors are kindly requested to focus on the issuance process, online and offline subscription and payment, as follows:
1. The issuer and the lead underwriter Guosen Securities Co.Ltd(002736) (hereinafter referred to as " Guosen Securities Co.Ltd(002736) " and "lead underwriter") negotiated and determined the issue price of 21.68 yuan / share based on the preliminary inquiry results and taking into account the issuer's fundamentals, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors.
Investors are requested to make online and offline subscription at this price on May 24, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline Subscription Date and online subscription date are the same as May 24, 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.
2. After the preliminary inquiry, the issuer and the lead underwriter shall, according to the inquiry results after excluding the invalid quotation, sort the quotation of all the placing objects participating in the preliminary inquiry from high to low according to the subscription price, from small to large according to the subscription quantity of the placing objects at the same subscription price, from last to first according to the subscription time at the same subscription price and the same subscription quantity, and exclude the quotation of the placing objects with the highest quotation, The excluded subscription amount shall not be less than 10% of the total subscription amount, and then the issuance price shall be determined through negotiation according to the remaining quotation and the proposed subscription amount. 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 proportion will 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. According to the announcement of preliminary placement results of offline issuance, offline investors shall timely and fully pay the subscription funds for new shares according to the final issuance price and allocated quantity before 16:00 on May 26, 2022 (T + 2). If the same placing object receives multiple new shares on the same day, it is necessary to 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 online investors win the subscription of new shares, they shall fulfill the obligation of capital settlement according to the announcement of online winning results, so as to ensure that their capital account will have sufficient new share subscription funds on May 26 (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. See "VI. suspension of issuance" for specific suspension terms.
6. If the shortlisted offline investors fail to participate in the subscription or the offline allocated investors fail to pay the subscription amount in time and in full, they will be deemed to be in breach of contract and shall be liable for breach of contract. The lead underwriter will announce and disclose the breach of contract and report the breach to the China Securities Association for the record. If online investors have won the lottery three times in a row but failed to pay in full within 12 months, they shall not participate in the subscription of new shares, depositary receipts, convertible bonds and convertible bonds within 6 months (calculated as 180 natural days, including the next day) from the next day when CSDCC Shenzhen Branch receives the purchase abandonment declaration. 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 bonds and exchangeable bonds.
Please carefully read this announcement and the special announcement on investment risk of initial public offering of Zhejiang Chengchang Technology Co., Ltd. published on the same day, fully understand the market risk and prudently participate in this IPO.
Valuation and investment risk tips
The investment of new shares has great market risks. Investors need to fully understand the investment risks of new shares, carefully study the risks disclosed in the issuer's prospectus, and prudently participate in the quotation and subscription of this offering.
1. According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of the issuer is "C39 computer, communication and other electronic equipment manufacturing industry". As of May 18, 2022 (T-4), the average static P / E ratio of "C39 computer, communication and other electronic equipment manufacturing industry" released by China Securities Index in the latest month is 28.96 times. Please refer to it when making decisions. The issuer's audited diluted P / E ratio of net profit before and after deducting non recurring profits and losses in 2021 corresponding to the issuance price of 21.68 yuan / share is 22.99 times, which is lower than the average static P / E ratio of the industry in the latest month released by the China Securities Index.
2. According to the preliminary inquiry results, after negotiation between the issuer and the lead underwriter, 279535 million new shares will be issued in this public offering, and there will be no transfer of old shares in this offering.
Based on the issue price of 21.68 yuan / share and the issue of 279535 million new shares, the total amount of funds raised is expected to be 60 Jiangsu Yabang Dyestuff Co.Ltd(603188) 0 yuan. After deducting the issue cost of 9692598 million yuan, the net amount of funds raised is expected to be 5091059 million yuan, which is equal to the amount of funds raised by the issuer for the project disclosed in the prospectus.
3. If the issuer's raised funds are not used properly or the business cannot grow synchronously in the short term, it will have an adverse impact on the issuer's profitability or there is a risk of a significant decline in the issuer's return on net assets, resulting in a decline in the issuer's valuation level and stock price, resulting in the risk of investment loss to investors.
Key tips
1. The application of Zhejiang Chengchang Technology Co., Ltd. for the initial public offering of no more than 279535 million RMB common shares (A shares) (hereinafter referred to as "this offering") has been approved by the CSRC in document zjxk [2022] No. 946. The lead underwriter of this offering is Guosen Securities Co.Ltd(002736) . The stock is abbreviated as "Chengchang technology" and the stock code is "001270". This code is also used for preliminary inquiry, online subscription and offline subscription of this issuance. The shares issued this time are planned to be listed on the main board of Shenzhen Stock Exchange.
2. This offering is conducted through a combination of offline inquiry and placement to investors (hereinafter referred to as "offline issuance") and online pricing issuance to social public investors holding non restricted A-Shares and the market value of non restricted depositary receipts in Shenzhen market (hereinafter referred to as "online issuance"). The preliminary inquiry and offline issuance shall be organized by the lead underwriter Guosen Securities Co.Ltd(002736) and implemented through the electronic platform of Shenzhen Stock Exchange; Online issuance is implemented through the trading system of Shenzhen Stock Exchange. The issuer negotiated with the lead underwriter to determine the number of shares to be issued this time as 279535 million shares. The initial offline issuance amount is 167725 million yuan, which is 60.00% of the issuance amount; The initial number of shares issued online was 11.181 million, accounting for 40.00% of the number of shares issued this time.
3. The preliminary inquiry work of this offering was completed on May 18, 2022 (T-4). The issuer and the lead underwriter negotiated and determined that the offering price of this offering is RMB 21.68/share according to the quotation of offline investors and taking into account the issuer's fundamentals, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors. The price earnings ratio corresponding to this issue price is:
(1) 22.99 times (earnings per share is calculated by dividing the lower of 2021 net profit before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total number of shares after this public offering); (2) 17.24 times (earnings per share is calculated by dividing the lower of 2021 net profit before and after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards by the total number of shares before the public development). 4. If the issuance is successful, the total amount of funds raised by the issuer is 60 Jiangsu Yabang Dyestuff Co.Ltd(603188) 0 yuan. The use plan of the raised funds and other relevant information have been posted on the website of cninfo (www.cn. Info. Com. CN.) on May 16, 2022 (T-6) The full text of the letter of intent for offering shall be published in China Securities Journal, securities times, Shanghai Securities News, securities daily and economic reference daily on the same day.
5. The offline and online subscription date of this offering is t day (May 24, 2022). Any placing object can only choose offline or online subscription.
(1) Offline subscription
① Investors participating in offline subscription shall enter subscription information through the offline issuance electronic platform at 9:30-15:00 on May 24, 2022 (t day), including subscription price, subscription quantity and other information specified in this announcement.
② The shortlisted placing objects in the preliminary inquiry stage (hereinafter referred to as "shortlisted placing objects") must participate in the offline subscription of this offering. For the list of shortlisted placing objects, see "attached table: preliminary inquiry and shortlisted quotation". Placing objects who have not submitted shortlisted quotations shall not participate in this offline subscription. When participating in offline subscription, investors do not need to pay subscription funds. The subscription price is the determined issuance price, and the subscription quantity must be the shortlisted subscription quantity reported in the preliminary inquiry.
All placing objects who participate in the preliminary inquiry and quotation, whether they are "shortlisted quotation" or not, shall not participate in this online subscription. If they participate in offline and online subscription at the same time, the online subscription part is invalid.
③ The placing object shall abide by relevant laws and regulations and relevant provisions of the CSRC in terms of subscription and shareholding, and bear corresponding legal liabilities by itself. The relevant information of the placing object managed by offline investors (including the full name of the placing object, the name of the securities account (Shenzhen), the securities account number (Shenzhen), the bank collection and payment account, etc.) shall be subject to the information registered and filed with the China Securities Association. The offline investors shall be responsible for the consequences caused by the inconsistency between the filling of the placing object information and the filing information.
Investors are reminded that the lead underwriter will further check whether there are prohibitions for offline investors after the preliminary inquiry deadline and before the placement, and the investors shall cooperate accordingly as required by the lead underwriter (including but not limited to providing industrial and commercial registration materials such as the articles of association, arranging interviews with the actual controller, truthfully providing the list of main social relations of relevant natural persons, cooperating with the investigation of other related relations, etc.), If it refuses to cooperate or the materials provided by it are not enough to exclude the above prohibited circumstances, the recommendation institution (lead underwriter) will refuse to place the placement to it.
(2) Online subscription
① The online subscription time is: 9:15-11:30 and 13:00-15:00 on May 24, 2022 (t day). ② Investors who open securities accounts in CSDCC Shenzhen Branch before May 24, 2022 and hold non restricted A-Shares and non restricted depositary receipts in Shenzhen market with a market value of more than 10000 yuan (including 10000 yuan) in the 20 trading days before May 20, 2022 (T-2, inclusive).
All investors participating in the offline quotation, subscription and placement shall no longer participate in online subscription.
Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares on their behalf.
③ Investors determine their online subscription quota according to the market value they hold. The market value held by investors is in units of investors, and is calculated according to the average daily market value of 20 trading days before May 20, 2022 (T-2, inclusive). If the opening time of an investor's relevant securities account is less than 20 trading days, the average daily holding market value shall be calculated according to 20 trading days. The market value of the relevant securities accounts held by investors shall be calculated by the product of the number of shares included in the market value calculation range in their securities accounts and the corresponding closing price. Investors with a market value of more than 10000 yuan (including 10000 yuan) can participate in the subscription of new shares. One subscription unit can be subscribed for every 5000 yuan market value, and the part less than 5000 yuan is not included in the subscription amount. Each subscription unit is 500 shares, and more than 500 shares must be an integral multiple of 500 shares, and the maximum subscription amount shall not exceed one thousandth of the initial number of shares issued online, i.e. 11000 shares. If an investor's subscription amount exceeds the online subscription amount corresponding to its market value, it is invalid. If the subscription amount exceeds the online subscription amount calculated according to the market value, CSDCC Shenzhen Branch will invalidate the excess. For the purchase quantity exceeding the purchase price
