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中金公司保荐合合信息IPO项目质量评级B级 实际募集金额缩水 上市周期达三年
Xin Lang Zheng Quan·2025-09-19 08:01

Company Overview - Company Name: Shanghai Hehe Information Technology Co., Ltd [1] - Stock Code: 688615.SH [1] - IPO Application Date: September 27, 2021 [1] - Listing Date: September 26, 2024 [1] - Industry: Software and Information Technology Services [1] - Underwriter: China International Capital Corporation (CICC) [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify undisclosed relationships with clients and suppliers, simplify repetitive disclosures, and verify the accuracy of claims regarding industry leadership [1] - Regulatory Penalties: No penalties incurred [2] - Public Supervision: No penalties incurred [2] - Listing Cycle: The company's listing cycle is 1,095 days, significantly longer than the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Underwriting Fees: Total underwriting and sponsorship fees amount to 86.1674 million yuan, with a commission rate of 6.25%, lower than the industry average of 7.71% [3] - Initial Listing Performance: Stock price increased by 105.91% on the first day of trading [4] - Three-Month Performance: Stock price increased by 287.91% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 18.55, which is 48.02% of the industry average of 38.63 [6] - Actual Fundraising: Expected fundraising was 1.6 billion yuan, but actual fundraising was 1.38 billion yuan, a decrease of 13.78% [7] Short-term Performance - Revenue Growth: The company reported a 21.21% year-on-year increase in revenue for 2024 [8] - Net Profit Growth: The net profit attributable to shareholders increased by 23.93% year-on-year [8] - Non-recurring Net Profit Growth: The non-recurring net profit attributable to shareholders increased by 23.35% year-on-year [8] Overall Assessment - Total Score: The IPO project received a total score of 83, classified as B-level [9] - Negative Factors: Issues include the need for improved disclosure quality, a lengthy listing cycle, reduced actual fundraising, and a subscription rate of 0.27% [9]