Listing Overview - The company, Jiyuan Group Co., Ltd., is set to list its ordinary shares on the Shanghai Stock Exchange on July 23, 2025, following approval from the Shanghai Stock Exchange [1] - The total number of shares issued is 50.01 million, with a total share capital of 400.01 million shares post-issuance [2] Initial Public Offering (IPO) Details - The IPO price is set at 10.88 CNY per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 25.51 times based on the lower of the 2024 earnings before and after non-recurring gains and losses [5] - The average static P/E ratio for the food manufacturing industry, as of July 9, 2025, is 27.69 times [3] Share Lock-up Periods - Original shareholders will have a lock-up period of 36 months or 12 months, while strategic placement investors will have a lock-up period of 12 months, and offline restricted shares will have a lock-up period of 6 months [2] Market Comparisons - The average static P/E ratio for comparable listed companies in the same industry is 33.10 times (before non-recurring gains and losses) and 36.78 times (after non-recurring gains and losses) [4] Liquidity Risks - The proportion of tradable shares post-IPO is relatively low, with only 3.88 million shares available for trading, accounting for 9.70% of the total share capital, which poses liquidity risks [2]