Company Overview - Company Name: Xingdesheng Technology (Suzhou) Co., Ltd. [1] - Stock Code: 603344.SH [1] - IPO Application Date: July 1, 2022 [1] - Listing Date: March 20, 2024 [1] - Underwriter: Haitong Securities [1] - Legal Advisor: Shanghai Tongli Law Firm [1] - Audit Firm: Tianjian Accounting Firm [1] Regulatory and Performance Evaluation - The company was required to analyze the reasons for lower fee rates and improve the prospectus disclosures [1] - The average listing period for A-share companies in 2024 is 629.45 days, while Xingdesheng's listing period is 628 days, which is below the average [2] - Underwriting and sponsorship fees amount to 71.8238 million yuan, with a commission rate of 7.70%, slightly below the average of 7.71% [3] - On the first day of trading, the stock price increased by 82.48% compared to the issue price [4] - After three months, the stock price rose by 32.53% compared to the issue price [7] Financial Metrics - The company's issue price-to-earnings ratio is 20.44 times, which is 127.35% of the industry average of 16.05 times [8] - Expected fundraising amount is 1.061 billion yuan, while the actual amount raised is 933 million yuan, indicating a decrease of 12.07% [9] - For the year 2024, the company reported a 19.48% year-on-year increase in revenue, while net profit attributable to shareholders grew by 1.60%, and non-recurring net profit decreased by 1.75% year-on-year [10] Overall Assessment - The total score for Xingdesheng's IPO project is 89.5, classified as B-level [11] - Negative factors affecting the score include the need for improved disclosure quality, reduced actual fundraising amount, decline in non-recurring net profit in the first accounting year, and a subscription abandonment rate of 0.50% [11]