The issue price of all 25 first batch of Cochabank companies has been finalized.
On the evening of July 10, the first batch of the last 7 companies of the KCB - Hanchuan Intelligence (688022), Jiayuan Technology (688388), Jiaoyuan Technology (688015), Jiaoyuan Technology (688015), Tianyi Shangjia (688033), Warde (688028), Aerospace Hongtu (688066), Fangbang shares (688020) have announced the issue price.
According to the issuance arrangements, the above seven companies will be scheduled for July 12 (this Friday) for online and offline subscription. July 16 announced the results of the preliminary placement of the offline and the online results of the announcement of the results of the lottery, July 18 published "Prospectus".
On July 22, these 25 first batch of companies on the KTC will have their listing ceremony.
Points of view, 25 average price-earnings ratio: 49.21 times
Senior investment banker Wang Ji Yue that the difference in price-earnings ratios in different industries is also quite huge, for example, the software and information services industry in the A-share more than 40 times, financial real estate less than 10 times, and can not be simply said that the software and information services industry price-earnings ratio is high! Unreasonable. At the same time, we also have to consider that some of the companies on the KVM board are in a fast-growing period, high investment or loss, which is not suitable for using the P/E method of valuation.
The second point, the total **** raised 37.017 billion yuan
Compared with the latest data, most of the companies to determine the issue price corresponding to the funds raised more than the original plan of the capital requirements (commonly known as "oversubscription"). For example, the issue price of Ruichuang Micro-Nano should raise 1.2 billion yuan, the original plan to raise 450 million yuan; South Micro-Medicine issue price should raise 1.749 billion yuan, the original plan to raise 894 million yuan, and so on.
But there is also the issue price corresponding to the fund-raising did not meet the target, for example, Rong Bai technology originally planned to raise 1.6 billion yuan, the issue price should be raised amounted to 1.197 billion yuan; Western superconductor originally planned to raise 800 million yuan, the issue price should be raised amounted to 663 million yuan.
People's Daily commented that some investors questioned the so-called "oversubscription" of companies listed on the KTB, that is, the traditional way of thinking to judge, understand and view the KTB, presenting the incompatibility of the water and the soil.
"The biggest feature of the KTB is market-based pricing. Since it is market-based pricing, it will not limit the size and price of the issue - these dynamic changes are precisely the basic guarantee of effective pricing in the market. Market investors facing the new system and new environment of the Science and Innovation Board need a process of adaptation, which means that investors can not be cured thinking, with the previous thinking to understand the process of pricing the listing of Science and Innovation Board companies, can not be regarded as a new gain as a matter of course the norm, otherwise it is easy to water and soil." The comment noted.
Look at point three, computers, communications and special equipment accounted for a high proportion
According to the SEC industry classification standards, the 25 first batch of enterprises, computers, communications and other electronic equipment manufacturing accounted for 9; special equipment manufacturing industry, there are 8; railroads, ships, aerospace and other transportation equipment manufacturing industry, 3; software and Information technology services industry has 2; general equipment manufacturing, instrumentation manufacturing and non-ferrous metal smelting and rolling processing industry 1 each.
Point four, Beijing and Shanghai in the forefront
From the registered places, Beijing and Shanghai in the forefront, each with 5, Jiangsu 4, Zhejiang, Guangdong 3 each, Shaanxi 2, Fujian, Heilongjiang, Shandong 1 each.
Attachment: the evening of July 10, the 7 KTC companies, the issue price, strategic placement, etc.:
1, Aerospace Hongtu: Issue price of 17.25 yuan / share
Online subscription code: 787066
Corresponding market value: 2.863 billion yuan
Price-earnings ratio: 45.02 times (calculated by dividing 2018 pre-deduction net profit by total share capital after issuance, the same below)
Proceeds: if the issuance is successful, it is expected to raise a total of 716 million yuan
The original plan was to raise 567 million yuan for the upgrade of the PIE basic platform project, the construction project of the Beidou integrated application platform, and the project of the atmospheric and oceanic application service platform.
Subscription time: July 12
Top subscription: The maximum number of shares that can be subscribed online is 11,500 shares, and the top subscription requires 115,000 yuan of market capitalization
Strategic placement: The final number of shares to be strategically placed in this issue is 2,075,000 shares, which accounts for 5% of the number of shares to be issued in this issue
Basic information:
Aerospace Hondo was founded in 2008, with a registered capital of 120 million yuan, and the company has been in operation for over 20 years. The company was founded in 2008 with a registered capital of 120 million yuan. The company is a leading remote sensing and BeiDou navigation satellite application service provider, dedicated to the localization of satellite application software, industrialization of industry applications, commercialization of application services, research and development and mastered the basic software platform and core technology with completely independent intellectual property rights, for the government, the military, enterprises to provide basic software products, system design and development and data analysis and application services. The company's remote sensing image processing basic software platform PIE was selected for the software agreement supply list of the central state organs in 2017, and was the only product selected in the remote sensing category. Financial data show that in 2016-2018, the performance of aerospace macroscope has steadily increased, respectively, to achieve revenue of 191 million yuan, 288 million yuan, 416 million yuan; mother net profit of 31.5861 million yuan, 45.3791 million yuan, 61.6787 million yuan.
2, Fangbang shares: the issue price of 53.88 yuan / share
Online application code: 787020
Corresponding to the market capitalization: 4.31 billion yuan
P/E ratio: 36.79 times
Proceeds: If the issuance of the success of the project, is expected to raise a total of 1.078 billion yuan.
The original plan was to raise 1.058 billion yuan for investment in construction projects such as the production base for disturbed copper-clad laminates, the production base for shielding film, and the research and development center, as well as to replenish liquidity
Top-up subscription: the maximum number of shares that can be subscribed online is 5,500 shares, and top-up subscription requires a market capitalization of 55,000 yuan
Strategic placing: the final number of shares to be strategically placed in this issuance is 0.8 million shares, which accounts for 4% of the total issuance. The total number of shares to be issued is 4% of the total number of shares.
Basic information:
Founded in December 2010, the company is a specialized manufacturer of electronic materials integrating R&D, production, sales and service. The company's main products include electromagnetic shielding film, conductive adhesive film, very thin flexible copper cladding board and ultra-thin copper foil, which are high-performance composite materials. The company's operating revenue from 2016-2018 was RMB 190 million, RMB 226 million and RMB 275 million respectively, and its net profit attributable to the mother was RMB 79.9987 million, RMB 96.2911 million and RMB 117 million respectively, and the proportion of R&D investment in revenue was 9.69%, 8.59% and 7.88% respectively. The company's consolidated gross profit margin remained at a high level, at 72.11%, 73.17% and 71.67% respectively.
3, Tianyi Shangjia: issue price of 20.37 yuan / share
Online application code: 787033
Corresponding to the market capitalization: 9.141 billion yuan
P/E ratio: 34.74 times
Proceeds: If the issuance of the success of the issue is expected to correspond to the proceeds of 975 million yuan.
Original plan.
The original plan to raise funds of 646 million yuan, to be invested in the annual output of 600,000 pieces of rail transit rolling stock brake pads and brake tile project, 160 km per hour power concentrated electric locomotive brake pads research and development and intelligent manufacturing demonstration production line project, marketing and service network construction project.
Top subscription: online subscription limit of 9,000 shares Top subscription requires a market value of 90,000 yuan
Strategic placement: the final number of strategic placement of 1,963,700 shares, accounting for 4.1% of the total number of shares issued
Basic information:
Tianyi Shangjia was founded in 2009, is the leading supplier of high speed rail rolling stock with powder metallurgy brake pads. The company successfully achieved import substitution in 2013, which has strongly promoted the localization of core components of China's high-speed rail moving train sets. Financial data show that in 2016, 2017 and 2018, the company's operating income was 468 million yuan, 507 million yuan and 557 million yuan, and its net profit was 194 million yuan, 222 million yuan and 263 million yuan.
4, Wold: issue price of 26.68 yuan / share
Online application code: 787028
Corresponding to the market capitalization: 2.134 billion yuan
P/E ratio: 32.19 times
Proceeds: If the issuance of the issue is successful, the total amount of funds raised is expected to be 534 million yuan <
The original plan to raise funds of 407 million yuan, to be invested in ultra-high-precision cutting tool industrialization and upgrading project, high-precision cutting tool industrialization and upgrading project, high-precision cutting tool expansion project, R & D center project and supplementary working capital project
Top-up subscription: online subscription limit of 5,500 shares top-up subscription requires a market value of 55,000
Strategic placement: the final strategic placement The number of shares is 1 million shares, accounting for 5% of the total size of the issue
Basic information:
Wold was founded in 2006, mainly engaged in ultra-high-precision and high-precision superhard cutting tools and superhard material products research and development, production and sales business.
The company's key products include all kinds of ultra-high precision and high precision superhard cutting tools, CVD diamond and other superhard material products. Financial data show that from 2016 to 2018, Wold realized operating income of 175 million yuan 233 million yuan as well as 262 million yuan, respectively; and net profit of 42,086,900 yuan, 58,141,200 yuan as well as 66,297,900 yuan, respectively. It is expected to realize operating income of 122 million yuan in 2019, a year-on-year increase of 3.98%.
5, PTI: issue price of 16.18 yuan / share
Online subscription code: 787015
Corresponding to the market capitalization: 2.589 billion yuan
Price-earnings ratio: 38.99 times
Issue proceeds: 647 million yuan (the original plan is 550 million yuan)
Top-up subscription: The maximum number of shares that can be subscribed online is 10,000, and the top-up subscription requires a Shanghai market capitalization of 100,000 yuan
Strategic placement: The final number of shares for strategic placement is 5,456,000 shares, which is about 13.64% of the total number of shares to be issued
Basic information:
The company was founded in 2009, with a registered capital of 120 million yuan.
The main business of the company is to take CBTC technology with independent intellectual property rights as the core, specializing in the research and development of urban rail transit signaling system, the development of key equipments, system integration, and general contracting of signaling system.
The company's main products include three kinds: basic CBTC system, CBTC interconnected train operation control system (I-CBTC system), and fully automatic operation system (FAO system). The application markets for the Company's products include the new line market, the existing line upgrade market and the heavy railroad market.
In 2017 and 2018, the operating income of Jiaocong Technology was 87,961.98 million yuan and 1,162.52 million yuan, respectively, and the net profit attributable to the owners of the parent company (the lower of before and after the deduction of non-recurring gains and losses) was 36,721.4 million yuan and 60,159.6 million yuan, respectively.
The listing of the proposed fund-raising 550 million yuan, mainly for the construction of rail transit train control system high technology industrial park, a new generation of rail transit train control system research and development and application, train intelligent network control and health management information system construction and application, supplementing the working capital and so on.
6, Hanchuan Intelligence: the issue price of 25.79 yuan / share
Online subscription code: 787022
Corresponding to the market value: 2.785 billion yuan
P/E ratio: 39.65 times
Proceeds: 696 million yuan (the original plan 468 million yuan)
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Top-up subscription: maximum of 7,500 shares online, top-up subscription requires a Shanghai market capitalization of 75,000 yuan
Strategic placement: the final number of strategic placements is the same as the initial number of strategic placements is 1.35 million shares, accounting for 5.00% of the total number of shares issued.
Basic information:
Hanchuan Intelligence was founded in 2012, with a registered capital of 81 million yuan. The main products are assembly and testing automation equipment. The company's products are mainly used in the intelligentization of advanced production lines of global famous enterprises, and the downstream application industries include automotive electronics, medical and healthcare, and new energy batteries.
The company has been y engaged in the intelligent manufacturing equipment industry for many years, and has accumulated a large number of globally renowned customers. In the automotive electronics industry, seven of the world's top ten component manufacturers are customers of the company, and in the connector segment, the world's top two manufacturers are important customers of the company. In the medical and health industry, the company has Medtronic, Baxter, 3M and other customers. In the new energy battery industry, the company has a billion lithium-ion, Xinwangda and other high-quality customers.
Financial data show that in 2016-2018, Hanchuan Intelligence's operating income was 150 million yuan, 244 million yuan, 436 million yuan, and the net profit was 2,427,100 yuan, 32,826,800 yuan, 71,136,000 yuan. 2018 net profit was nearly 30 times the 2016 net profit.
It is worth mentioning that Hanchuan Intelligence adheres to the development strategy of globalization layout, and actively expands overseas markets, in 2016, 2017 and 2018, the company's overseas operating income accounted for the proportion of the main business income of 15.98%, 15.99%, and 20.66%, respectively, which mainly comes from the Philippines, the United States, Mexico, Hungary, Lithuania and other countries.
7, Jiayuan technology: issue price of 28.26 yuan / share
Online subscription code: 787388
Corresponding to the market capitalization: 6.525 billion yuan
P/E ratio: 36.98 times
Issue proceeds: 1.633 billion yuan (the original plan is 969 million yuan)
The top of the application form is the same as the original plan. p>
Top-up subscription: The maximum number of online subscription is 16,000 shares, and the top-up subscription requires a Shanghai market capitalization of 160,000 yuan
Strategic placement:
The final number of strategic placement is 2,123,142,000 shares, which accounts for about 3.67% of the total amount of the issue.
Basic information:
Founded in 2001, the company is mainly engaged in the research, production and sales of various types of high-performance electrolytic copper foil, the main products are ultra-thin lithium copper foil and very thin lithium copper foil, which are mainly used for anode collector of lithium-ion batteries, and is an important basic material for lithium-ion battery industry. They are mainly used in the anode collector of lithium-ion batteries, which is an important basic material for the lithium-ion battery industry. They are ultimately used in the end-use fields of new energy automobiles, 3C digital products, energy storage systems, telecommunication equipments, and automobile electronics. At the same time, the company produces a small amount of standard copper foil products for PCB.
The company's main products are ultra-thin lithium copper foil and very thin lithium copper foil, which are mainly used in lithium-ion battery industry, and ultimately used in new energy automobile power battery, energy storage equipment and electronic products. The company's other products are standard copper foils, mainly used in the PCB industry.
It is worth mentioning that the company is one of the leading enterprises in the domestic high-performance lithium copper foil industry, and has established long-term cooperative relationships with well-known battery manufacturers such as Ningde Times, Ningde New Energy, BYD, etc., and has become the core supplier of its lithium copper foil. The company and its subsidiaries have a total of 106 patents.
Financial data show that from 2016 to 2018, Jiayuan Technology realized operating income of 419 million yuan, 566 million yuan and 1.153 billion yuan, respectively, and achieved net profit of 62.5298 million yuan, 85.1925 million yuan and 176 million yuan, with a compound annual average growth rate of 65.95% and 65.53% for revenue and net profit, respectively.