Core Viewpoint - Shanghai Yufan Environmental Technology Co., Ltd. (Yufan Technology) has initiated its subscription with an issue price of 22.29 yuan per share, corresponding to a price-to-earnings ratio of 19.77 times, aiming to raise a net amount of 515 million yuan for various projects and working capital [1] Company Overview - Yufan Technology is recognized as a high-tech enterprise providing smart city underground pipeline repair services for government departments and pipeline ownership units, and is classified as a national-level specialized and innovative "little giant" enterprise [1] - The company aims to establish a complete industrial chain in the field of underground pipeline repair [1] Market Position - According to the China Industry Research Institute, Yufan Technology is projected to achieve a market share of 4.8% in the drainage pipeline inspection and non-excavation repair industry by 2024, ranking first in the market [1] - The company holds the leading position in the subsector of drainage pipeline inspection, repair, and maintenance, with an overall market share of approximately 2.10%, surpassing large general contractors and various specialized service providers [1]