Company Overview - Full Name: Lianyun Technology (Hangzhou) Co., Ltd [1] - Abbreviation: Lianyun Technology [1] - Stock Code: 688449.SH [1] - IPO Application Date: December 28, 2022 [1] - Listing Date: November 29, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: CITIC Securities [1] - Lead Underwriters: CITIC Securities [1] - Legal Advisor: JunHe LLP [1] - Audit Firm: Deloitte Huayong [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify undisclosed relationships with shareholders, clients, and suppliers; needed to enhance risk factor disclosures [2][3] - Regulatory Penalties: No penalties incurred [2] - Public Supervision: No deductions for public scrutiny [2] - Listing Cycle: 702 days, exceeding the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees totaled 60.875 million, with a commission rate of 5.41%, below the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 353.16% on the first day [4] - Three-Month Performance: Stock price rose by 406.58% within three months post-listing [5] - Issuance P/E Ratio: 166.67 times, significantly higher than the industry average of 57.27 times, representing 291.02% of the average [6] - Actual Fundraising: Expected to raise 1.612 billion, but actual funds raised were 1.125 billion, a decrease of 30.19% [7] Short-Term Performance - Revenue Growth: 2024 revenue increased by 13.55% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders grew by 126.04% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit increased by 41.92% year-on-year [8] - Subscription Rate: Abandonment rate was 0.08% [9] Overall Evaluation - Total Score: 72.5 points, classified as C-level [9] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, high issuance P/E ratio, significant reduction in actual fundraising, and low abandonment rate [9]