Jingke Energy Co., Ltd
Jinko Solar Co., Ltd.
(No. 1, Jingke Avenue, Shangrao Economic Development Zone, Jiangxi Province)
Initial public offering of shares Kechuang board
Listing announcement
Sponsor (lead underwriter)
(Building 4, No. 66 Anli Road, Chaoyang District, Beijing)
Co lead underwriter
(North block, excellence Times Plaza (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province) January 25, 2002
hot tip
The shares of Jingke Energy Co., Ltd. (hereinafter referred to as "the issuer", "Jingke energy", "the company" or "the company") will be listed on the science and Innovation Board of Shanghai Stock Exchange on January 26, 2022.
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.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee that the information disclosed in the listing announcement is true, accurate and complete, 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 Shanghai 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 and publish on the website of Shanghai Stock Exchange（ http://www.sse.com.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.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same meanings as those in the prospectus of the company.
2、 Special tips on investment risk in the initial stage of IPO of science and Innovation Board
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
On the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange, the increase limit ratio on the first day of listing is 44%, the decrease limit ratio on the first day is 36%, and then the increase and decrease limit ratio is 10%. A wide range of price limits shall be set for the competitive trading of stocks on the science and innovation board. For the stocks listed in the initial public offering, there shall be no price limit within 5 trading days after listing; Five trading days after listing, the price limit ratio is 20%. The Kechuang board further relaxed the restrictions 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
After the issuance of the company, the total share capital of the company is 1000000 shares. At the initial stage of listing, the lock up period of the original shareholders is 36 months, and the lock up period of the sponsor's follow-up shares is 24 months. The restricted period of the shares allocated to other strategic placement investors other than the relevant subsidiaries of the sponsor is 12 months, and the lock up period of some online lower limit shares is 6 months. The company's non tradable shares listed this time are 1321621837, accounting for 13.22% 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) comparison with industry P / E ratio and valuation level of comparable listed companies
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is electrical machinery and equipment manufacturing (C38). As of January 12, 2022 (T-3), the average static P / E ratio of electrical machinery and equipment manufacturing (C38) released by China Securities Index Co., Ltd. in the latest month was 48.80 times.
The P / E ratio of comparable listed companies whose main business is similar to that of the issuer is as follows:
In 2020, deduct the static corresponding static securities code corresponding to the stock on T-3 day in 2020. The securities are referred to as non former EPS and non post EPS closing price P / E ratio (yuan / share) (yuan / share) (yuan / share) (before deduction) (after deduction)
688599.SH Trina Solar Co.Ltd(688599) 0.59 0.54 65.08 109.78 121.34
002459.SZ Ja Solar Technology Co.Ltd(002459) 0.94 0.85 84.88 90.09 99.74
600537.SH Eging Photovoltaic Technology Co.Ltd(600537) -0.55 -0.67 4.71 -8.49 -7.01
601012.SH Longi Green Energy Technology Co.Ltd(601012) 1.58 1.50 80.20 50.76 53.31
Mean value --- 83.55 91.47
Data source: wind information, data as of January 12, 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 (January 12, 2022);
Note 2: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding;
Note 3: Eging Photovoltaic Technology Co.Ltd(600537) the net profit attributable to the parent company in 2020 is negative, so it is not included in the average calculation.
The diluted P / E ratio of the issuer corresponding to the issuance price of 5.00 yuan / share in 2020 before and after deducting non recurring profits and losses is 54.90 times, which is higher than the average static P / E ratio of the issuer's industry in the latest month published by China Securities Index Co., Ltd. and lower than the average static P / E ratio of comparable companies in the same industry, There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
(IV) the shares can be used as the subject matter of margin trading on the first day of listing
According to the special provisions of Shanghai Stock Exchange on the stock trading of science and innovation board, the stock of science and innovation board can be used as the subject matter of margin trading from 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.
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 important matters and risk factors:
(I) risk of performance decline caused by sharp fluctuation of silicon material price
During the reporting period, the net profits attributable to the shareholders of the parent company after deducting non recurring profits and losses were 242.8409 million yuan, 113.23495 million yuan, 910.6748 million yuan and 201.1538 million yuan respectively. From January to June 2021, the company's operating income and net profit attributable to shareholders of the parent company after deducting non recurring profits and losses were 15725530800 yuan and 201153800 yuan respectively, down 0.78% and 56.59% respectively compared with the same period in 2020. The purchase price of silicon materials of the company has gradually increased since July 2020, especially since January 2021. In June 2021, the average purchase price of silicon materials of the company was 166.95 yuan / kg, up 253.63% from the lowest point of 47.21 yuan / kg in July 2020. There is a certain lag in the price rise of component products to the downstream. The average sales price of the company's component products fell to the lowest point of 1.53 yuan / W in November 2020, and then the price gradually rebounded, but it can not fully offset the adverse impact of the price rise of raw materials such as silicon. If the purchase price of silicon materials of the company still keeps a sharp upward trend in the second half of 2021 and subsequent years, it will have a significant adverse impact on the operating performance of the company in 2021 and subsequent years.
(II) risk that the actual controller loses control
The controlling shareholder of the issuer is Jingke energy holdings, a company listed on the New York Stock Exchange. As of June 30, 2021, Li Xiande, Chen Kangping and Li Xianhua jointly held 18.16% of the voting rights of Jingke energy holdings, with a low shareholding ratio. Assuming that Jingke energy holding's stock convertible bonds are converted into shares and all stock options are exercised, the equity ratio of Jingke energy holding held by Li Xiande, Chen Kangping and Li Xianhua will be further diluted to 16.85%. If other shareholders continue to hold more shares of Jingke energy holdings through the secondary market, or a third party initiates an acquisition, Jingke energy holdings may face the transfer of control, which may affect the actual controller's control over the issuer and may have an adverse impact on the issuer's operation and management or business development.
(III) overseas market operation risk
The company actively promotes the globalization of production and sales, has established overseas production bases in Malaysia and the United States, and has established overseas sales subsidiaries in more than 10 countries around the world, basically realizing global operation. During the reporting period, the company's overseas business was concentrated in the United States, Europe, Australia, Japan, South Korea and other countries and regions. The products were sold to more than 160 countries and regions around the world, and the overseas sales revenue accounted for more than 80%.
Since November 2011, the US Department of Commerce has initiated anti-dumping and countervailing investigations on crystalline silicon photovoltaic cells from Chinese mainland, whether or not assembled partially or wholly into components, laminate, battery panels or other products (hereinafter referred to as "dual anti investigation products"). Finally, the anti-dumping and countervailing duties were imposed on the dual anti investigation products from Chinese mainland. Paid by the importer who imports the double anti investigation products to the United States. In addition to the above double counter deposit, in January 2018, the United States passed the "act 201" and announced that it would impose a four-year safeguard tariff on global photovoltaic products, with a tax rate of 30% in the first year and a reduction of 5% every year thereafter. From February 2021, the tax rate will be reduced from 20% to 18%; In June 2018, affected by the Sino US trade friction, Chinese photovoltaic products (batteries, modules and inverters) were included in the tax list.
During the reporting period, the annual impact of the above double anti investigation and 201 special tariff on the company's performance is as follows:
Unit: 10000 yuan
Project: January to June 2021, 2020, 2019, 2018
Net profit 56513.25 104252.67 139652.11 27463.54
Double reverse and 201 tariff impact on cost 47982.81 111381.34 83138.62 18049.37
Including: Double opposition cost impact -22.56 -16122.88 -23203.30 -18272.68
201 impact of tariff on cost 48005.37 127504.22 106341.92 36322.04
Net profit of 104496.06 215634.02 222790.73 45512.90 after excluding the influence of double reverse and 201 tariff
If the company's overseas production and sales are affected by international political relations, international market environment, legal environment, tax environment, regulatory environment and other factors, and may also be affected by uncertain risk factors such as changes in international relations and irrational competition strategies of relevant countries, the company will face the risk of failure of overseas business operation or loss of overseas operation.
(IV) performance decline risk caused by exchange rate fluctuation
From January to June in 2018, 2019, 2020 and 2021, the company's overseas sales revenue was 18556.6758 million yuan, 24459.5714 million yuan, 2738.46071 million yuan and 13181.6717 million yuan respectively, accounting for 76.50%, 83.50%, 82.51% and 85.92% of the main business revenue respectively. The company's overseas sales are usually settled in foreign currencies such as US dollars and euros. There are short-term fluctuations in the exchange rate of RMB against US dollars and euros during the reporting period, which will have an impact on the company's exchange gains and losses
