Shipu Testing Technology (Shanghai) Co., Ltd
(room 2f306 and 1f106, building 2, No. 2059, Duhui Road, Minhang District, Shanghai)
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
(No. 689, Guangdong Road, Shanghai)
January, 2002
hot tip
The shares of Shipu Testing Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Shipu testing", "issuer", "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on January 28, 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.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company's initial public offering of shares.
The value of this listing announcement is usually reserved to two decimal places. If the total number is inconsistent with the mantissa of the sum of the values of each sub item, it is caused by rounding.
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 (www.cn. Info. 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. 2、 Special tips on investment risks at the initial stage of IPO
The company's shares will be listed on the growth enterprise market of Shenzhen Stock Exchange, 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 company, and make investment decisions prudently.
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of Shipu testing is "M74 professional and technical service industry". As of January 14, 2022 (T-3), the average static P / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month was 33.73 times. The issuance price of 20.08 yuan / share corresponds to the lower net profit diluted P / E ratio before and after deducting extraordinary profits and losses in 2020, which is 56.42 times higher than the static average p / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on January 14, 2022 (T-3), with an excess range of 67.27%; It is 86.36 times lower than the average static P / E ratio of comparable companies after deducting non-profit in 2020.
As of January 14, 2022 (T-3), the valuation levels of comparable listed companies are as follows:
2020-2020 T-3 day shares corresponding to static market corresponding to static market securities code securities simple deduction non front deduction non back ticket closing price earnings ratio deduction non front earnings ratio deduction non back call EPS (yuan / EPS (yuan / (yuan / share) (2020A) (2020A) shares)
300012.SZ Centre Testing International Group Co.Ltd(300012) 0.3453 0.2865 23.50 68.05 82.01
300887.SZ Pony Testing International Group Co.Ltd(300887) 1.1949 0.9997 79.03 66.14 79.06
002967.SZ Guangzhou Grg Metrology&Test Co.Ltd(002967) 0.4092 0.2570 25.19 61.57 98.03
Mean 65.25 86.36
Data source: wind information, data as of January 14, 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-3 day. The issuance price of 20.08 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 56.42 times higher than the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd., and the excess range is 67.27%; It is 86.36 times lower than the average static P / E ratio of comparable companies after deducting non-profit in 2020, but there is still a risk that the decline of the issuer's share price will bring losses to investors in the future.
The issuer and the recommendation institution (lead underwriter) remind investors to 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, avoid blind speculation, carefully study and judge the rationality of the issue pricing, and make rational investment decisions.
The company's shares will be listed on the gem of Shenzhen Stock Exchange on January 28, 2022. The company specially reminds investors to fully understand the investment risks in the initial stage of IPO (hereinafter referred to as "new shares") and rationally participate in the trading of new shares. Investment risks include but are not limited to the following:
1. Stock trading risk caused by the relaxation of price limit
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%. On the first day of the listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit proportion is 44%, the decrease limit proportion is 36%, and the increase and decrease limit is 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 and improved the trading risk.
2. Risk of a small number of circulating shares
At the initial stage of listing, the lock-in period of directional placement of strategic investors (hereinafter referred to as "strategic placement") is 12 months, the lock-in period of original shareholders is 12 to 36 months, and the lock-in period of online lower limit share sale is 6 months. The total share capital of the company after the issuance is 120000000 shares, of which the number of non tradable shares in the initial stage of the IPO is 25993596 shares, accounting for 21.66% of the total share capital after the issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
3. The risk that can be regarded as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call 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.
4. 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. 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 risk factors: (I) the risk of negative impact on credibility and brand
As a third-party testing organization, credibility and brand are the core competitiveness of the company and the basis of long-term and stable development. If the business quality is not controlled properly and adverse events that damage the company's brand and credibility occur, it will affect the company's business expansion and business performance, and even risk the suspension of business qualification, which will have an adverse impact on the company's sustainable operation ability.
(II) risk of single main business
Since its establishment, the company has been focusing on the environmental testing business with soil and groundwater testing as the core. In each period of the reporting period, the proportion of the company's soil and groundwater detection income in the main business income was 98.15%, 95.69%, 94.73% and 91.81% respectively. During the reporting period, although the company's testing business expanded to other fields such as water quality, gas and food safety, due to the short time to enter the above business fields, and the comprehensive coverage of testing parameter qualification and sales network and high-quality talent reserve need to be accumulated for a long time, the company is difficult to establish social credibility in the above subdivided fields in the short term, and has not formed a scale. Therefore, if the development of soil and groundwater testing business is blocked, it will have an adverse impact on the operation and development of the company.
(III) risk of intensified market competition
China's testing industry has large market space and fast development speed. By the end of 2020, there were 48919 inspection and testing institutions in China, with a year-on-year increase of 11.16%; There were 1411900 employees, a year-on-year increase of 9.90%; 567 million inspection and testing reports were issued throughout the year, with a year-on-year increase of 7.59%; The annual revenue was 358.592 billion yuan, a year-on-year increase of 11.19%. With the deepening of the marketization of China's testing industry and the increasing number of testing institutions, the market competition in the testing industry is becoming increasingly fierce. In the face of fierce market competition, the company may have the risk of increasing the difficulty of developing new markets and the existing market share being occupied by competitors, which will have an adverse impact on the company's operation and development.
(IV) risk of gross profit margin decline
The issuer's soil and groundwater testing business is one of the relatively emerging market fields in the testing industry. In recent years, with the promulgation of relevant laws and regulations on soil pollution prevention and control, the detection of soil and groundwater has risen rapidly and the market scale has increased rapidly.
In each period of the reporting period, the gross profit margin of the company's main business was 62.90%, 60.44%, 45.03% and 40.04% respectively, showing a downward trend. On the one hand, the rapid development of the soil and groundwater testing industry has attracted the participation of competitors, resulting in a decrease in the market price. The issuer has adjusted the testing price in line with the industry trend; On the other hand, in order to seize the opportunity of the rapid development of the industry, the issuer set up new laboratories in many places, and the laboratory capacity has not been released, which correspondingly increased the operating cost. The decline of testing price and the rise of operating cost led to the decline of the issuer's gross profit margin during the reporting period. In the future, if the market space of soil and groundwater testing industry is significantly narrowed and the market competition is increasingly fierce, the testing price of the issuer may further decline; If the issuer loses its core competitiveness and obtains orders less than expected, the cost will rise further. The above factors expose the issuer to the risk of decline in gross profit margin in the future. (V) risk of performance decline
The operating income of the issuer in 2020 was 359.8999 million yuan, an increase of 61.9414 million yuan or 20.79% over the previous year, and the net profit in 2020 was 50.9203 million yuan, a decrease of 25.1841 million yuan or 33.09% over the same period of the previous year. The main reasons for the year-on-year decline of the issuer's performance in 2020 are: the price decline caused by the intensification of market competition; Newly built and expanded laboratories, the insufficient scale effect in the initial stage of laboratory construction leads to the short-term rise of sample testing cost, which is caused by the comprehensive impact.
The issuer focuses on the environmental testing business with soil and groundwater testing as the core. If there are major adverse changes in the industrial policies of soil and groundwater testing, the market competition is further intensified, the testing price is further reduced, or the issuer loses its competitive advantage, the order is less than expected, and the cost rises sharply, The above factors pose a risk of further decline in the issuer's performance in 2021.
(VI) risk of changes in policies and industry standards
The policy orientation of the testing industry is strong, and the government's industrial policy affects the development speed and direction of the industry. With the gradual liberalization of the government's administrative supervision over the testing service market and the introduction of a series of laws, regulations and industrial policy documents, the company has developed rapidly in recent years. However, if there are adverse changes in the existing industrial policies, market access rules and qualification certification standards, it may have an adverse impact on the operation and development of the company.
(VII) covid-19 pneumonia epidemic risk
Since the outbreak of covid-19 pneumonia, in order to timely control the spread of the epidemic and the increase of the number of infections, China has urgently launched a first-class response to major public health emergencies, resulting in the delay of the company's resumption of work and business stagnation in the first quarter. At present, the epidemic situation in China has been effectively controlled, but there are still a few imported cases in China due to the spread of the epidemic abroad. If the epidemic situation further repeats or intensifies, it may have a certain adverse impact on the operation of the company. On January 3, 2021, as the epidemic situation became more severe, Shijiazhuang, Hebei Province announced that it had entered a "wartime state", and the city implemented closed-loop control. Affected by quarantine measures, traffic control and other epidemic prevention and control measures, the issuer's son company
