Jiangsu Juncheng Electronic Technology Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (lead underwriter): Haitong Securities Company Limited(600837)
The application of Jiangsu Juncheng Electronic Technology Co., Ltd. (hereinafter referred to as "Juncheng technology" or "the issuer") for the initial public offering of RMB common shares (A shares) (hereinafter referred to as "this offering") has been examined and approved by the GEM Listing Committee of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange"), It has been approved for registration by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2021] No. 4030).
After negotiation between the issuer and the recommendation institution (lead underwriter) Haitong Securities Company Limited(600837) (hereinafter referred to as " Haitong Securities Company Limited(600837) " or "recommendation institution (lead underwriter)"), this issuance adopts the method of direct pricing issuance to online investors (hereinafter referred to as "online issuance"), without offline inquiry and placement. The number of shares issued this time is 1814666700, of which 18146500 are issued online, accounting for 99.9991% of the total. The remaining 167 shares that do not reach the online subscription unit of 500 new shares in Shenzhen are underwritten by the sponsor (lead underwriter). All the shares issued this time are new shares, and the old shares are not transferred. The shares issued this time have no circulation restrictions and locking arrangements. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
This offering will be implemented through the trading system of Shenzhen Stock Exchange on January 18, 2022 (t day). The issuer and the recommendation institution (lead underwriter) specially draw investors' attention to the following contents:
1. Investors are kindly requested to pay attention to the issuance process, subscription, payment, disposal of share abandonment and other links of this issuance. The specific contents are as follows:
(1) This issuance adopts the direct pricing method, and all shares are issued online to the social public investors holding the market value of non restricted A-Shares and non restricted depositary receipts in Shenzhen market, without offline inquiry and placement.
(2) The issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's 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 the issuance price of this online offering as 37.75 yuan / share. Investors are requested to make online subscription at this price on January 18, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The subscription date of this offering is January 18, 2022 (t day), and the subscription time is 9:15-11:30 and 13:00-15:00. The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription pricing according to market value.
(3) Online investors shall independently express their purchase intention and shall not fully entrust securities companies to purchase new shares.
(4) After winning the lot in the subscription of new shares, online investors shall fulfill the obligation of capital settlement in accordance with the announcement on the results of winning the lot in the online pricing issuance of Jiangsu Juncheng Electronic Technology Co., Ltd. for initial public offering and listing on the gem, so as to ensure that their capital account will eventually have sufficient capital for the subscription of new shares on January 20 (T + 2) 2022, and the insufficient part shall be deemed as abandoning the subscription, The resulting consequences and relevant legal liabilities shall be borne by the investors themselves. The investor's fund transfer shall comply with the relevant provisions of the securities company where the investor is located.
The shares abandoned by the online winning investors shall be underwritten by the sponsor (lead underwriter). When the total number of shares paid and subscribed by online investors is less than 70% of the number of public offerings, the issuer and the recommendation institution (lead underwriter) will suspend the issuance of new shares and disclose the reasons for the suspension and subsequent arrangements.
(5) If the online investor fails to make full payment after winning the lottery for 3 times in a row within 12 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 China Securities Regulatory Commission, Shenzhen Stock Exchange and other government departments on this issuance does not indicate that they make 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. After this issuance, it is planned to be listed on the gem, which has high investment risk. 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 issuer, and make investment decisions prudently. There are some differences between the GEM market and the main board market in terms of systems and rules, including but not limited to the issuance and listing conditions, information disclosure rules, delisting system design, etc. if these differences are not recognized in place, they may cause investment risks to investors.
4. Investors who intend to participate in this online subscription must carefully read the information disclosed on the website designated by the CSRC on January 14, 2022 (T-2) (http://www.cn.info.com.cn; www.cs.com.cn; www.cn.stock.com; www.stcn.com; and www.zqrb.cn) The full text of the prospectus, especially the chapters of "tips on major matters" and "risk factors", fully understand the issuer's risk factors, 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 management level, and the possible investment risks shall be borne by the investors themselves.
5. Among the shares issued this time, the shares issued online have no circulation restrictions and restricted sales period arrangements, and can be circulated from the date of listing of the shares issued this time on the Shenzhen Stock Exchange. Investors must pay attention to the investment risk caused by the increase of stock circulation on the first day of listing.
For the limited sale period of shares before this offering, please refer to the prospectus for the relevant commitment and arrangement of the restricted 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.
6. The issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's 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 the issuance price of this online offering as 37.75 yuan / share. 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.
The issue price is 37.75 yuan / share, and the price earnings ratio corresponding to this price is:
(1) 30.00 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issuance);
(2) 31.96 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before this issuance);
(3) 40.00 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance
Calculation);
(4) 42.61 times (earnings per share in accordance with Chinese accounting standards approved by accounting firms in 2020)
The audited net profit attributable to shareholders of the parent company before deducting non recurring profits and losses is divided by the total share capital after the issuance
Calculate).
7. The issue price is 37.75 yuan / share. Investors are requested to judge the issue price according to the following conditions
The rationality of.
(I) comparison with industry P / E ratio and valuation level of comparable listed companies
According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by China Securities Regulatory Commission in October 2012
According to the industry catalogue and classification principle of the revised version, the company's industry currently belongs to C39 computer, communication and other industries
Electronic equipment manufacturing. As of January 13, 2022 (T-3), the bank issued by China Securities Index Co., Ltd
The average static P / E ratio of the industry in the latest month was 49.39 times, and the average rolling P / E ratio in the latest month was 35.23
Times.
The P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
January 13, 2022 2020 2020 corresponding static P / E ratio 2021 dynamic rolling P / E ratio 20 transactions before the date of deduction non pre deduction non post deduction (Times) (Times)
Stock code securities abbreviation daily average price (including 1 EPS EPS) (RMB yuan, no deduction, no deduction)
March 13) (RMB (yuan / share) not before and after deduction, not before and after deduction, not after deduction (share)
300120.SZ Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) 9.65 0.1714 0.0798 56.30 120.86 68.80 81.07 88.54 173.05
000823.SZ Guangdong Goworld Co.Ltd(000823) 13.23 0.5773 0.5092 22.91 25.97 18.03 18.41 17.98 18.56
002952.SZ Yes Optoelectronics (Group) Co.Ltd(002952) 18.06 0.5249 0.3204 34.41 56.36 59.46 106.83 60.13 108.75
300939.SZ Shenzhen Av-Display Co.Ltd(300939) 56.50 1.0418 0.7961 54.23 70.97 41.86 52.11 43.98 54.97
Arithmetic average p / E ratio 41.96 68.54 47.04 64.60 52.66 88.83
Arithmetic average p / E ratio (excluding Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) ) 37.18 51.10 39.78 59.12 40.69 60.76
Market capitalization weighted average p / E ratio 35.14 46.04 31.86 35.37 32.87 37.93
Market capitalization weighted average p / E ratio (excluding Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) ) 32.04 39.42 27.85 30.71 28.08 31.22
301106.sz Juncheng technology 37.75 (issue price) 0.8860 0.9437 42.61 40.00 34.28 36.35 35.48 37.73
Data source: wind, as of January 13, 2022 (T-3)
Note 1: the average price and corresponding P / E ratio of comparable companies in the first 20 trading days (including the current day) are the data on January 13, 2022 (T-3);
Note 2: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding;
Note 3: 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 (January 13, 2022)
(T-3 days);
Note 4: dynamic P / E ratio before / after deduction in 2021 = average price of the first 20 trading days / (earnings per share before / after deduction in the third quarter of 2021) * 4 / 3); Note 5: rolling P / E ratio before / after deduction = average price of the first 20 trading days / (net profit attributable to the parent before / after deducting non recurring profits and losses from October to December 2020 and January to September 2021 / total share capital (January 13, 2022 (T-3));
Note 6: market value weighted average p / E ratio = ∑ market value of comparable companies on January 13, 2022 (T-3) ÷∑ net profit attributable to parent company;
Note 7: Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) products are mainly liquid crystal display devices and touch modules, electromagnetic wires, reactors, etc. affected by the global epidemic, rising raw material prices, Sino US trade frictions, exchange rate fluctuations and other factors, the net profit of Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) in 2020 decreased by 42.11% year-on-year, the net profit deducting non net profit decreased by 71.11% year-on-year, and the net profit for the half year of 2021 decreased by 37.70% year-on-year. Affected by this change in operating conditions, its P / E ratio, especially after deducting non earnings, is significantly higher than that of other comparable companies in the same industry.
The issue price is 37.75 yuan / share, corresponding to the issuer's deduction in 2020
