Company Overview - Company Name: Canxin Semiconductor (Shanghai) Co., Ltd. [1] - Abbreviation: Canxin [1] - Stock Code: 688691.SH [1] - IPO Application Date: December 19, 2022 [1] - Listing Date: April 11, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: Haitong Securities [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Regulatory and Performance Evaluation - Disclosure Evaluation: The company was required to clarify the authenticity and completeness of related party transactions and disclose any significant litigation or arbitration matters [1] - Regulatory Penalties: No penalties were imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Canxin's cycle is 479 days, which is below the average [2] - Multiple Applications: The company does not belong to this category and received no deductions [3] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 47.664 million yuan, with a commission rate of 8.00%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 150.25% on the first day of listing [4] - Three-Month Performance: The stock price rose by 168.43% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 25.12 times, significantly lower than the industry average of 53.50 times, representing 46.95% of the industry average [6] - Actual Fundraising: Expected fundraising was 675 million yuan, while actual fundraising was 596 million yuan, a decrease of 11.67% [7] Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's revenue decreased by 18.77% year-on-year, and net profit attributable to shareholders fell by 64.19%, with non-recurring net profit down by 69.84% [8] - Subscription and Underwriting Rates: The abandonment rate was 0.16% [9] Overall Evaluation - Total Score: Canxin's IPO project received a total score of 81.5, classified as Grade B [9] - Negative Factors: The score was impacted by the need for improved disclosure quality, high issuance cost ratio, reduced actual fundraising amount, and declining revenue and net profit in the first accounting year [9]