Venture(US:VEMLY) Shang Hai Zheng Quan Bao·2025-09-17 19:54Core Viewpoint - Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. has received approval for its initial public offering (IPO) of 16.279025 million shares on the ChiNext board, with the issuance price set at 27.00 yuan per share, resulting in a diluted price-to-earnings (P/E) ratio of 20.91 times for 2024, which is lower than the industry average [1][2][7]. Group 1: IPO Details - The IPO will consist of 16.279025 million shares, accounting for 25.00% of the total shares post-issuance, with all shares being newly issued and no existing shares being sold [1]. - The final issuance price of 27.00 yuan per share corresponds to a diluted P/E ratio of 20.91 times, which is below the recent average static P/E ratio of 25.98 times for the wholesale industry [2][7]. - The issuance will be conducted through a combination of strategic placement, offline inquiry, and online issuance to public investors [2][3]. Group 2: Strategic Placement and Pricing - The strategic placement will involve the company's senior management and core employees, with the final strategic placement quantity being 1.559259 million shares, approximately 9.58% of the total issuance [6]. - The initial strategic placement was set at 2.441853 million shares, but the final amount was adjusted, with the difference being allocated to offline issuance [6]. - The pricing process considered various factors, including remaining bids, subscription amounts, effective subscription multiples, industry conditions, and fundraising needs [4][5]. Group 3: Competitive Advantages - The company possesses significant advantages in big data resources and application capabilities, having accumulated extensive data since its online marketplace launch in 2011, including 44.489 million SPU product data and 9.30231 million parameter replacement relationships [8][9]. - The company has developed a leading business middle platform information system to enhance operational efficiency and support rapid business growth [9]. - The internet service capabilities are strong, with a search matching rate of around 90% from 2022 to 2024, providing a seamless procurement experience for users [9].