Venture(US:VEMLY) Shang Hai Zheng Quan Bao·2025-08-28 20:07Core Viewpoint - Jiangxi Aifenda Heating Technology Co., Ltd. has received approval for its initial public offering (IPO) of up to 21.67 million shares on the ChiNext board, with the issuance price set at 27.69 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 20.35 times for 2024 [1][2][12]. Summary by Sections Company Overview - Aifenda is recognized as a provincial-level enterprise technology center and has a strong research and design capability, holding 662 domestic patents, including 87 invention patents [12]. - The company has a production capacity of over 200,000 sets of bathroom towel racks annually and is a major supplier in the European heating market [13]. Financial Metrics - The issuance price of 27.69 yuan per share results in a diluted P/E ratio of 20.35, which is lower than the industry average of 31.41 times and the comparable companies' average of 21.05 times for 2024 [2][11]. - The total expected fundraising amount is approximately 600.04 million yuan, which is below the stated fundraising requirement of 664.68 million yuan [18]. Market Position and Competitive Advantages - Aifenda has established long-term cooperative relationships with major European companies, enhancing its market competitiveness and ensuring a stable demand for its products [15][16]. - The company is strategically positioned to capitalize on the domestic market's growth potential, leveraging online sales platforms and partnerships with real estate companies [17]. Issuance Details - The IPO will involve a combination of strategic placements, offline inquiries, and online offerings, with the strategic placement accounting for 19.67% of the total issuance [4][7]. - The final strategic placement includes 209,461.8 shares allocated to the employee asset management plan, representing 9.67% of the total issuance [7]. Regulatory Compliance - The issuance adheres to the regulations set forth by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring compliance with the relevant guidelines [3][19].