Listing Overview - Moer Technology (Beijing) Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025 [1] - The total share capital after the issuance will be 470,028,217 shares, with 70,000,000 new shares being issued [4] - The initial circulating shares will be 29,382,386 shares, representing 6.25% of the total share capital post-issuance [5] Financial Metrics - The issuance price corresponds to a price-to-sales (P/S) ratio of 122.51 times based on the diluted revenue per share for 2024 [9] - This P/S ratio is higher than the average P/S ratio of comparable companies in the industry, indicating potential risks of stock price decline for investors [9][8] Lock-up Periods - Original shareholders will have a lock-up period of 36 months or 12 months, while certain strategic investors will have a lock-up period of 24 months [3] - The company’s actual controller and related parties have committed to extending their lock-up periods, which may affect liquidity [3] Trading Risks - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days, leading to potential volatility [2] - The limited number of circulating shares may result in liquidity risks during the initial trading period [5]
摩尔线程智能科技（北京）股份有限公司首次公开发行股票科创板上市公告书提示性公告