深圳市恒运昌真空技术股份有限公司首次公开发行股票并在科创板上市投资风险特别公告

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) on the Sci-Tech Innovation Board, with a total issuance of 16,930,559 shares at a price of RMB 92.18 per share, which corresponds to a total fundraising of approximately RMB 156.07 million [1][4][11]. Group 1: Issuance Details - The IPO application was approved by the Shanghai Stock Exchange on November 14, 2025, and registered by the China Securities Regulatory Commission [1]. - The total number of shares to be issued is 16,930,559, all of which are new shares for public offering [1]. - The online and offline issuance will take place on January 16, 2026, through the Shanghai Stock Exchange trading system and an internet trading platform [1]. Group 2: Pricing and Valuation - The determined issuance price is RMB 92.18 per share, which results in a price-to-earnings (P/E) ratio of 36.29 times based on the 2024 earnings per share (EPS) after deducting non-recurring gains and losses [5][6]. - The issuance price is below the industry average P/E ratio of 39.84 times for the specialized equipment manufacturing sector as of January 13, 2026 [6][9]. - The pricing process involved evaluating the company's investment value, market conditions, and the demand for raised funds, leading to the final price determination [4][10]. Group 3: Subscription Process - The issuance will combine strategic placement, offline inquiry placement, and online public offering, with specific procedures for each type of investor [2][3]. - Investors participating in the strategic placement include subsidiaries of the lead underwriter and large enterprises with strategic cooperation relationships with the issuer [2]. - The subscription process requires investors to express their intentions independently, and they can only choose one method of subscription (either online or offline) [13][16]. Group 4: Fund Utilization - The funds raised from the IPO are expected to be used for projects totaling RMB 146.9 million, with the net amount after deducting issuance costs projected to be RMB 141.38 million [11][12]. - The company anticipates that the increase in net assets from the raised funds will significantly impact its operational model, management, and financial status [11].