Venture(US:VEMLY) Shang Hai Zheng Quan Bao·2025-12-10 17:29Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. is conducting its initial public offering (IPO) and listing on the ChiNext board, adhering to various regulatory guidelines and procedures set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2]. Group 1: IPO Details - The IPO price is set at 36.80 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 21.78 times based on the company's net profit for 2024, lower than the industry average P/E ratio of 35.72 times [3][12]. - The issuance will involve a combination of strategic placement, offline inquiry pricing, and online public offering, with specific procedures outlined for each method [2][5]. - The strategic placement will account for 10% of the total issuance, with the final number of shares allocated to the employee asset management plan being 163.0434 thousand shares [6]. Group 2: Subscription Process - Investors are required to submit their subscription intentions on December 12, 2025, with specific time slots for offline and online subscriptions [5]. - The offline investors will have a lock-up period of 6 months for 10% of their allocated shares, while the online shares will have no restrictions [6][7]. - A mechanism for adjusting the allocation between online and offline subscriptions will be activated based on the demand observed during the subscription period [7][9]. Group 3: Regulatory Compliance - The company and its underwriter, China Merchants Securities, emphasize the importance of adhering to the subscription guidelines and the consequences of failing to meet payment obligations [10][11]. - Investors must ensure that their accounts have sufficient funds for the subscription, as any shortfall will result in the invalidation of their allocated shares [8][9]. - The company will halt the IPO if the total subscriptions do not meet 70% of the offering after accounting for the strategic placement [9].