安徽林平循环发展股份有限公司 首次公开发行股票并在主板上市投资风险特别公告

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has received approval for its initial public offering (IPO) of A-shares, with a total issuance of 188.537 million shares priced at 37.88 yuan per share, aiming to raise approximately 71.42 million yuan [1][11]. Group 1: IPO Details - The IPO has been approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1]. - The total number of shares to be issued is 188.537 million, all of which are new shares [1]. - The pricing for the shares is set at 37.88 yuan per share, which corresponds to a price-to-earnings (P/E) ratio of 14.02 times based on the 2024 earnings before non-recurring gains and losses [5][6]. Group 2: Issuance Process - The issuance will combine offline inquiries for qualified investors and online pricing for public investors holding non-restricted A-shares [2]. - The offline issuance will be conducted through the Shanghai Stock Exchange's internet trading platform, while the online issuance will occur via the exchange's trading system [2]. - The final issuance price was determined after excluding certain bids, resulting in a total of 115 bids being eliminated, which accounted for approximately 1.0005% of the total bid volume [3]. Group 3: Financial Metrics - The expected net proceeds from the IPO, after deducting issuance costs, are estimated to be 62.41 million yuan [11]. - The issuance price of 37.88 yuan per share is below the median and weighted average of the remaining bids from offline investors [7]. - The average static P/E ratio for comparable companies in the same industry is reported to be 26.36 times, indicating that the issuance price is lower than the industry average [8]. Group 4: Investor Participation - A total of 583 investors submitted valid bids for the offline issuance, with a total proposed subscription amount of 4,882.99 million shares, which is 4,316.38 times the initial offline issuance scale [9]. - Investors are required to pay the subscription amount by February 3, 2026, and must ensure sufficient funds in their accounts [15]. - The shares issued online will have no restrictions on circulation, while 10% of the shares allocated to offline investors will be subject to a six-month lock-up period [12].