Company Overview - Company Name: Shanghai Hejing Silicon Materials Co., Ltd [1] - Stock Code: 688584.SH [1] - IPO Application Date: December 29, 2022 [1] - Listing Date: February 8, 2024 [1] - Industry: Manufacturing of computers, communications, and other electronic devices [1] - IPO Underwriters: CITIC Securities, China International Capital Corporation [1] Disclosure and Regulatory Evaluation - Disclosure Issues: The company was required to explain inconsistencies regarding its top five customers prior to 2019 and to improve its information disclosure in the prospectus [1][2] - Regulatory Penalties: No penalties were imposed [1] - Public Supervision: No deductions for public scrutiny [1] - Listing Cycle: The company’s listing cycle was 406 days, shorter than the average of 629.45 days for 2024 A-share listings [1] Financial Performance - Underwriting Fees: The underwriting and sponsorship fees amounted to 87.2673 million yuan, with a commission rate of 5.82%, lower than the average of 7.71% [2] - First Day Performance: The stock price fell by 6.31% on the first day of trading [3] - Three-Month Performance: The stock price decreased by 27.05% within three months post-listing [4] - Issuance Price-Earnings Ratio: The issuance P/E ratio was 42.05 times, significantly higher than the industry average of 30.02 times [5] - Actual Fundraising: Expected fundraising was 1.674 billion yuan, but actual funds raised were 1.5 billion yuan, a decrease of 10.36% [6] Short-term Performance Post-Listing - Revenue Decline: The company’s revenue decreased by 17.76% year-on-year [7] - Net Profit Decline: The net profit attributable to shareholders fell by 51.07% year-on-year, while the non-recurring net profit dropped by 49.58% [7] - Subscription Rate: The abandonment rate was 0.24% [8] Overall Evaluation - Total Score: The IPO project received a total score of 70, classified as Grade C [8] - Negative Factors: Key issues affecting the score include the need for improved disclosure quality, repeated applications, declines in stock price, high issuance P/E ratio, reduced actual fundraising, and decreased revenue and net profit in the first accounting year [8]